§431:3-410  Foreign insurers.  (a)  Anyforeign insurer, upon the written request of the commissioner, shall submit tothe commissioner a risk-based capital report as of the end of the calendar yearjust ended by the later of:

(1)  The date a risk-based capital report would berequired to be filed by a domestic insurer under this part; or

(2)  Fifteen days after the request is received by theforeign insurer.

Any foreign insurer, at the written request of thecommissioner, shall promptly submit to the commissioner a copy of anyrisk-based capital plan that is filed with the insurance commissioner of anyother state.

(b)  In the event of a company action levelevent, regulatory action level event, or authorized control level event withrespect to any foreign insurer as determined under the risk-based capitalstatute applicable in the state of domicile of the insurer, or if no risk-basedcapital provision is in force in that state, under this part, if the insurancecommissioner of the state of domicile of the foreign insurer fails to requirethe foreign insurer to file a risk-based capital plan in the manner specifiedunder the risk-based capital law of that state, or if no risk-based capitalprovision is in force in that state, under section 431:3-403, the commissionermay require the foreign insurer to file a risk-based capital plan with thecommissioner. In this event, the failure of the foreign insurer to file arisk-based capital plan with the commissioner shall be grounds to order theinsurer to cease and desist from writing new insurance business in this State.

(c)  In the event of a mandatory control levelevent with respect to any foreign insurer, if no domiciliary receiver has beenappointed with respect to the foreign insurer under the rehabilitation andliquidation statute applicable in the state of domicile of the foreign insurer,the commissioner may make application to the circuit court of the firstjudicial circuit of this State under article 15 with respect to the liquidationof property of foreign insurers found in this State, and the occurrence of themandatory control level event shall be considered adequate grounds for theapplication. [L 1994, c 190, pt of §1; am L 1995, c 61, §2 as superseded by c232, §4; am L 1997, c 75, §13; am L 1999, c 128, §2]