40-2c15. Authorized control level event; defined. - Kansas Statutes

40-2c15

Chapter 40.--INSURANCE Article 2c.--RISK-BASED CAPITAL REQUIREMENTS

      40-2c15.   Authorized control level event;defined."Authorized control level event" means any of the followingevents:

      (a)   The filing of an RBC report by the insurer which indicates that theinsurer's total adjusted capital is greater than or equal to its mandatorycontrol level RBC but less than its authorized control level RBC;

      (b)   the notification by the commissioner to the insurer of an adjusted RBCreport that indicates the event described in subsection (a) if:

      (1)   The insurer does not challenge the adjusted RBC report pursuant toK.S.A. 40-2c19, and amendments thereto; or

      (2)   the commissioner has rejected such challenge;

      (c)   the failure of the insurer to respond, in a manner satisfactory to thecommissioner, to a corrective order if the insurer has not challenged thecorrective order under K.S.A. 40-2c19, and amendments thereto;or

      (d)   if the commissioner has rejected the challenge to the correctiveorder or modified thecorrective order pursuant to K.S.A. 40-2c19, and amendmentsthereto, the failure of the insurer to respond, in a mannersatisfactory to the commissioner, to the corrective order subsequent torejection or modification by the commissioner.

      History:   L. 1994, ch. 138, § 15;L. 1996, ch. 134, § 6; July 1.