38.2-5514 - Phase-in provision. - Virginia Statutes

§ 38.2-5514. Phase-in provision.

For RBC Reports required to be filed by insurers with respect to 1994, thefollowing requirements shall apply in lieu of the provisions of §§ 38.2-5503,38.2-5504, 38.2-5505 and 38.2-5506:

1. In the event of a Company Action Level Event with respect to a domesticinsurer, the Commission shall take no regulatory action hereunder.

2. In the event of a Regulatory Action Level Event under subdivision A 1, A 2or A 3 of § 38.2-5504, the Commission shall take the actions required under §38.2-5503.

3. In the event of a Regulatory Action Level Event under subdivision 4, 5, 6,7, 8 or 9 of subsection A of § 38.2-5504 or an Authorized Control LevelEvent, the Commission shall take the actions required under § 38.2-5504 withrespect to the insurer.

4. In the event of a Mandatory Control Level Event with respect to aninsurer, the Commission shall take the actions required under § 38.2-5505with respect to the insurer.

(1995, c. 789.)