§ 58-12-60. Property or casualty phase-in provision. - North Carolina Statutes

§58‑12‑60.  Property or casualty phase‑in provision.

For risk‑based capitalreports required to be filed by property or casualty insurers with respect to1995, the following requirements apply in lieu of the provisions of G.S. 58‑12‑11,58‑12‑16, 58‑12‑21, and 58‑12‑25:

(1)        In the event of acompany action level event with respect to a domestic insurer, the Commissionershall take no regulatory action under this Article.

(2)        In the event of aregulatory action level event under G.S. 58‑12‑16(a)(1), (2), or(3), the Commissioner shall take the actions required under G.S. 58‑12‑11.

(3)        In the event of aregulatory action level event under G.S. 58‑12‑16(a)(4), (5), (6),(7), (8), or (9), or an authorized control level event, the Commissioner shalltake the actions required under G.S. 58‑12‑16 with respect to theinsurer.

(4)        In the event of amandatory control level event with respect to an insurer, the Commissionershall take the actions required under G.S. 58‑12‑21 with respect tothe insurer. (1995, c. 318, s. 7.)