40-2d18. Mandatory control level event; commissioner's actions. - Kansas Statutes

40-2d18

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

      40-2d18.   Mandatory control level event;commissioner's actions.In the event of a mandatory control level event thecommissioner shall take actions as are necessary to cause the healthorganization to be placed under regulatory control under K.S.A. 40-3605 etseq., and amendments thereto. In that event, the mandatory control leveleventshall be deemed sufficient grounds for the commissioner to take action underK.S.A. 40-3605 et seq., and amendments thereto, and the commissionershall have the rights,powersand duties with respect to the health organization as are set forth in K.S.A.40-3605et seq., and amendments thereto. In the event the commissioner takesactionspursuant to an adjusted RBC report, the health organization shall be entitledto suchprotections as are afforded to health organizations under the provisions ofK.S.A. 77-501et seq. and amendments thereto, pertaining to summary proceedings.Notwithstandingany of the foregoing, the commissioner may forego action for up to 90 daysafter the mandatory control level event if there is a reasonable expectationthat the mandatory control level event may be eliminated within the 90-dayperiod.

      History:   L. 2000, ch. 147, § 19; July 1.