A. "Mandatory Control Level Event" means any of the following events:
1. The filing of an RBC Report which indicates that the licensee's TotalAdjusted Capital is less than its Mandatory Control Level RBC;
2. The notification by the Commission to the licensee of an Adjusted RBCReport that indicates the event in subdivision A 1, provided the licenseedoes not challenge the Adjusted RBC Report under § 38.2-5507; or
3. If, pursuant to § 38.2-5507, the licensee challenges an Adjusted RBCReport that indicates the event in subdivision A 1, notification by theCommission to the licensee that the Commission has, after a hearing, rejectedthe licensee's challenge.
B. In the event of a Mandatory Control Level Event:
1. With respect to a life and health insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.). In thatevent, the Mandatory Control Level Event shall be deemed an indication of ahazardous financial condition which serves as sufficient grounds for theCommission to commence delinquency proceedings, and the receiver appointed inconjunction with such proceedings, shall have the rights, powers and dutieswith respect to the insurer as are set forth in Chapter 15 or any order ofliquidation, rehabilitation or conservation entered thereunder. If theCommission takes actions pursuant to an Adjusted RBC Report, the insurershall be entitled to such protections as are afforded to insurers under theappropriate provisions of this title pertaining to summary proceedings.Notwithstanding any of the foregoing, the Commission may forego action for upto ninety days after the Mandatory Control Level Event if the Commissionfinds there is a reasonable expectation that the Mandatory Control LevelEvent may be eliminated within the ninety-day period.
2. With respect to a property and casualty insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15, or, in the case of an insurer whichis writing no business and which is running-off its existing business, mayallow the insurer to continue to run-off under the supervision of theCommission. In either event, the Mandatory Control Level Event shall bedeemed an indication of a hazardous financial condition which serves assufficient grounds for the Commission to commence delinquency proceedings,and the receiver appointed in conjunction with such proceedings, shall havethe rights, powers and duties with respect to the insurer as are set forth inChapter 15 or any order of liquidation, rehabilitation, or conservationentered thereunder. If the Commission takes actions pursuant to an AdjustedRBC Report, the insurer shall be entitled to such protections as are affordedto insurers under the appropriate provisions of this title pertaining tosummary proceedings. Notwithstanding any of the foregoing, the Commission mayforego action for up to ninety days after the Mandatory Control Level Eventif the Commission finds there is a reasonable expectation that the MandatoryControl Level Event may be eliminated within the ninety-day period.
3. With respect to a health organization, the Commission shall take actionsas are necessary to place the health organization under regulatory controlpursuant to and in accordance with applicable provisions in Chapter 15 (§38.2-1500 et seq.) and §§ 38.2-4214.1, 38.2-4317, or § 38.2-4509.1 of thistitle. In that event, the Mandatory Control Level Event shall be deemed anindication of a hazardous financial condition which serves as sufficientgrounds for the Commission to commence delinquency proceedings, and thereceiver appointed in conjunction with such proceedings shall have therights, powers and duties with respect to the licensee as are set forth inChapter 15, or any order of liquidation, rehabilitation or conservationentered thereunder. If the Commission takes actions pursuant to an adjustedRBC Report, the health organization shall be entitled to such protections asare afforded to the licensee under the appropriate provisions of this titlepertaining to summary proceedings. Notwithstanding any of the foregoing, theCommission may forego action for up to ninety days after the MandatoryControl Level Event if the Commission finds there is a reasonable expectationthat the Mandatory Control Level Event may be eliminated within theninety-day period.
A. "Mandatory Control Level Event" means any of the following events:
1. The filing of an RBC Report which indicates that the licensee's TotalAdjusted Capital is less than its Mandatory Control Level RBC;
2. The notification by the Commission to the licensee of an Adjusted RBCReport that indicates the event in subdivision A 1, provided the licenseedoes not challenge the Adjusted RBC Report under § 38.2-5507; or
3. If, pursuant to § 38.2-5507, the licensee challenges an Adjusted RBCReport that indicates the event in subdivision A 1, notification by theCommission to the licensee that the Commission has, after a hearing, rejectedthe licensee's challenge.
B. In the event of a Mandatory Control Level Event:
1. With respect to a life and health insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.). In thatevent, the Mandatory Control Level Event shall be deemed an indication of ahazardous financial condition which serves as sufficient grounds for theCommission to commence delinquency proceedings, and the receiver appointed inconjunction with such proceedings, shall have the rights, powers and dutieswith respect to the insurer as are set forth in Chapter 15 or any order ofliquidation, rehabilitation or conservation entered thereunder. If theCommission takes actions pursuant to an Adjusted RBC Report, the insurershall be entitled to such protections as are afforded to insurers under theappropriate provisions of this title pertaining to summary proceedings.Notwithstanding any of the foregoing, the Commission may forego action for upto ninety days after the Mandatory Control Level Event if the Commissionfinds there is a reasonable expectation that the Mandatory Control LevelEvent may be eliminated within the ninety-day period.
2. With respect to a property and casualty insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15, or, in the case of an insurer whichis writing no business and which is running-off its existing business, mayallow the insurer to continue to run-off under the supervision of theCommission. In either event, the Mandatory Control Level Event shall bedeemed an indication of a hazardous financial condition which serves assufficient grounds for the Commission to commence delinquency proceedings,and the receiver appointed in conjunction with such proceedings, shall havethe rights, powers and duties with respect to the insurer as are set forth inChapter 15 or any order of liquidation, rehabilitation, or conservationentered thereunder. If the Commission takes actions pursuant to an AdjustedRBC Report, the insurer shall be entitled to such protections as are affordedto insurers under the appropriate provisions of this title pertaining tosummary proceedings. Notwithstanding any of the foregoing, the Commission mayforego action for up to ninety days after the Mandatory Control Level Eventif the Commission finds there is a reasonable expectation that the MandatoryControl Level Event may be eliminated within the ninety-day period.
3. With respect to a health organization, the Commission shall take actionsas are necessary to place the health organization under regulatory controlpursuant to and in accordance with applicable provisions in Chapter 15 (§38.2-1500 et seq.) and §§ 38.2-4214.1, 38.2-4317, or § 38.2-4509.1 of thistitle. In that event, the Mandatory Control Level Event shall be deemed anindication of a hazardous financial condition which serves as sufficientgrounds for the Commission to commence delinquency proceedings, and thereceiver appointed in conjunction with such proceedings shall have therights, powers and duties with respect to the licensee as are set forth inChapter 15, or any order of liquidation, rehabilitation or conservationentered thereunder. If the Commission takes actions pursuant to an adjustedRBC Report, the health organization shall be entitled to such protections asare afforded to the licensee under the appropriate provisions of this titlepertaining to summary proceedings. Notwithstanding any of the foregoing, theCommission may forego action for up to ninety days after the MandatoryControl Level Event if the Commission finds there is a reasonable expectationthat the Mandatory Control Level Event may be eliminated within theninety-day period.
A. "Mandatory Control Level Event" means any of the following events:
1. The filing of an RBC Report which indicates that the licensee's TotalAdjusted Capital is less than its Mandatory Control Level RBC;
2. The notification by the Commission to the licensee of an Adjusted RBCReport that indicates the event in subdivision A 1, provided the licenseedoes not challenge the Adjusted RBC Report under § 38.2-5507; or
3. If, pursuant to § 38.2-5507, the licensee challenges an Adjusted RBCReport that indicates the event in subdivision A 1, notification by theCommission to the licensee that the Commission has, after a hearing, rejectedthe licensee's challenge.
B. In the event of a Mandatory Control Level Event:
1. With respect to a life and health insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.). In thatevent, the Mandatory Control Level Event shall be deemed an indication of ahazardous financial condition which serves as sufficient grounds for theCommission to commence delinquency proceedings, and the receiver appointed inconjunction with such proceedings, shall have the rights, powers and dutieswith respect to the insurer as are set forth in Chapter 15 or any order ofliquidation, rehabilitation or conservation entered thereunder. If theCommission takes actions pursuant to an Adjusted RBC Report, the insurershall be entitled to such protections as are afforded to insurers under theappropriate provisions of this title pertaining to summary proceedings.Notwithstanding any of the foregoing, the Commission may forego action for upto ninety days after the Mandatory Control Level Event if the Commissionfinds there is a reasonable expectation that the Mandatory Control LevelEvent may be eliminated within the ninety-day period.
2. With respect to a property and casualty insurer, the Commission shall takeactions as are necessary to place the insurer under regulatory controlpursuant to the provisions of Chapter 15, or, in the case of an insurer whichis writing no business and which is running-off its existing business, mayallow the insurer to continue to run-off under the supervision of theCommission. In either event, the Mandatory Control Level Event shall bedeemed an indication of a hazardous financial condition which serves assufficient grounds for the Commission to commence delinquency proceedings,and the receiver appointed in conjunction with such proceedings, shall havethe rights, powers and duties with respect to the insurer as are set forth inChapter 15 or any order of liquidation, rehabilitation, or conservationentered thereunder. If the Commission takes actions pursuant to an AdjustedRBC Report, the insurer shall be entitled to such protections as are affordedto insurers under the appropriate provisions of this title pertaining tosummary proceedings. Notwithstanding any of the foregoing, the Commission mayforego action for up to ninety days after the Mandatory Control Level Eventif the Commission finds there is a reasonable expectation that the MandatoryControl Level Event may be eliminated within the ninety-day period.
3. With respect to a health organization, the Commission shall take actionsas are necessary to place the health organization under regulatory controlpursuant to and in accordance with applicable provisions in Chapter 15 (§38.2-1500 et seq.) and §§ 38.2-4214.1, 38.2-4317, or § 38.2-4509.1 of thistitle. In that event, the Mandatory Control Level Event shall be deemed anindication of a hazardous financial condition which serves as sufficientgrounds for the Commission to commence delinquency proceedings, and thereceiver appointed in conjunction with such proceedings shall have therights, powers and duties with respect to the licensee as are set forth inChapter 15, or any order of liquidation, rehabilitation or conservationentered thereunder. If the Commission takes actions pursuant to an adjustedRBC Report, the health organization shall be entitled to such protections asare afforded to the licensee under the appropriate provisions of this titlepertaining to summary proceedings. Notwithstanding any of the foregoing, theCommission may forego action for up to ninety days after the MandatoryControl Level Event if the Commission finds there is a reasonable expectationthat the Mandatory Control Level Event may be eliminated within theninety-day period.
