40-2d16. Authorized control level event; commissioner's duties. - Kansas Statutes

40-2d16

Chapter 40.--INSURANCE Article 2d.--HEALTH ORGANIZATION RISK-BASED CAPITAL REQUIREMENTS

      40-2d16.   Authorized control level event;commissioner's duties.In the event of an authorized control level event withrespect to a health organization, the commissioner:

      (a)   Shall take such actions as are required under K.S.A. 40-2d11 through40-2d14, andamendments thereto, regarding a health organization with respect to which aregulatory action level event has occurred; or

      (b)   if the commissioner deems it to be in the best interests of thepolicyholders and creditors of the health organization and of the public, shalltakesuch actions as are necessary to cause the health organization to be placedunder regulatory control pursuant to K.S.A. 40-3605 et seq., andamendments thereto. In the event the commissioner takes such actions, theauthorized control level event shall be deemed sufficient grounds for thecommissioner to take action under K.S.A. 40-3605 et seq., andamendments thereto, and the commissioner shall have the rights, powers andduties with respect to the health organization as are set forth in K.S.A.40-3605 et seq., and amendments thereto. In the event thecommissioner takes actions underthis subsection pursuant to an adjusted RBC report, the health organizationshall be entitled to such protections as are afforded to health organizationsunder theprovisions of K.S.A. 77-501 et seq., and amendments thereto,pertaining to summary proceedings.

      History:   L. 2000, ch. 147, § 17; July 1.