§ 58-12-65. Health organization phase-in provision. - North Carolina Statutes

§ 58‑12‑65. Health organization phase‑in provision.

For risk‑based capitalreports required to be filed by health organizations with respect to calendaryear 2001, 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. (2001‑223,s. 12.9.)