A. Any foreign licensee shall, upon the written request of the Commission,submit to the Commission an RBC Report as of the end of the calendar yearjust ended not later than the later of:
1. The date an RBC Report would be required to be filed by a domesticlicensee under this Act; or
2. Fifteen days after the request is received by the foreign licensee.
Any foreign licensee shall, at the written request of the Commission,promptly submit to the Commission a copy of any RBC Plan that is filed withthe insurance commissioner of any other state.
B. In the event of a Company Action Level Event, Regulatory Action LevelEvent or Authorized Control Level Event with respect to any foreign licenseeas determined under the RBC statute applicable in the state of domicile ofthe licensee, or, if no RBC provision is in force in that state, under theprovisions of this Act, if the insurance commissioner of the state ofdomicile of the foreign licensee fails to require the foreign licensee tofile an RBC Plan in the manner specified under the RBC statute, or, if no RBCprovision is in force in the state, under § 38.2-5503 hereof, the Commissionmay require the foreign licensee to file an RBC Plan with the Commission. Insuch event, the failure of the foreign licensee to file an RBC Plan with theCommission shall be grounds to order the licensee to cease writing newinsurance business in this Commonwealth or to suspend, revoke or refuse toissue a license pursuant to § 38.2-1040.
C. In the event of a Mandatory Control Level Event with respect to anyforeign licensee, if no domiciliary receiver has been appointed with respectto the foreign licensee under the rehabilitation and liquidation statuteapplicable in the state of domicile of the foreign licensee, the Commissionmay deem such licensee in a condition where any further transaction ofbusiness will be hazardous to its policyholders, creditors, members,subscribers, stockholders, or to the public, and an action may be institutedand conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.)and, if applicable, §§ 38.2-4214.1, 38.2-4317, or 38.2-4509.1, and theoccurrence of the Mandatory Control Level Event shall be considered adequategrounds for the application for such action.
A. Any foreign licensee shall, upon the written request of the Commission,submit to the Commission an RBC Report as of the end of the calendar yearjust ended not later than the later of:
1. The date an RBC Report would be required to be filed by a domesticlicensee under this Act; or
2. Fifteen days after the request is received by the foreign licensee.
Any foreign licensee shall, at the written request of the Commission,promptly submit to the Commission a copy of any RBC Plan that is filed withthe insurance commissioner of any other state.
B. In the event of a Company Action Level Event, Regulatory Action LevelEvent or Authorized Control Level Event with respect to any foreign licenseeas determined under the RBC statute applicable in the state of domicile ofthe licensee, or, if no RBC provision is in force in that state, under theprovisions of this Act, if the insurance commissioner of the state ofdomicile of the foreign licensee fails to require the foreign licensee tofile an RBC Plan in the manner specified under the RBC statute, or, if no RBCprovision is in force in the state, under § 38.2-5503 hereof, the Commissionmay require the foreign licensee to file an RBC Plan with the Commission. Insuch event, the failure of the foreign licensee to file an RBC Plan with theCommission shall be grounds to order the licensee to cease writing newinsurance business in this Commonwealth or to suspend, revoke or refuse toissue a license pursuant to § 38.2-1040.
C. In the event of a Mandatory Control Level Event with respect to anyforeign licensee, if no domiciliary receiver has been appointed with respectto the foreign licensee under the rehabilitation and liquidation statuteapplicable in the state of domicile of the foreign licensee, the Commissionmay deem such licensee in a condition where any further transaction ofbusiness will be hazardous to its policyholders, creditors, members,subscribers, stockholders, or to the public, and an action may be institutedand conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.)and, if applicable, §§ 38.2-4214.1, 38.2-4317, or 38.2-4509.1, and theoccurrence of the Mandatory Control Level Event shall be considered adequategrounds for the application for such action.
A. Any foreign licensee shall, upon the written request of the Commission,submit to the Commission an RBC Report as of the end of the calendar yearjust ended not later than the later of:
1. The date an RBC Report would be required to be filed by a domesticlicensee under this Act; or
2. Fifteen days after the request is received by the foreign licensee.
Any foreign licensee shall, at the written request of the Commission,promptly submit to the Commission a copy of any RBC Plan that is filed withthe insurance commissioner of any other state.
B. In the event of a Company Action Level Event, Regulatory Action LevelEvent or Authorized Control Level Event with respect to any foreign licenseeas determined under the RBC statute applicable in the state of domicile ofthe licensee, or, if no RBC provision is in force in that state, under theprovisions of this Act, if the insurance commissioner of the state ofdomicile of the foreign licensee fails to require the foreign licensee tofile an RBC Plan in the manner specified under the RBC statute, or, if no RBCprovision is in force in the state, under § 38.2-5503 hereof, the Commissionmay require the foreign licensee to file an RBC Plan with the Commission. Insuch event, the failure of the foreign licensee to file an RBC Plan with theCommission shall be grounds to order the licensee to cease writing newinsurance business in this Commonwealth or to suspend, revoke or refuse toissue a license pursuant to § 38.2-1040.
C. In the event of a Mandatory Control Level Event with respect to anyforeign licensee, if no domiciliary receiver has been appointed with respectto the foreign licensee under the rehabilitation and liquidation statuteapplicable in the state of domicile of the foreign licensee, the Commissionmay deem such licensee in a condition where any further transaction ofbusiness will be hazardous to its policyholders, creditors, members,subscribers, stockholders, or to the public, and an action may be institutedand conducted pursuant to the provisions of Chapter 15 (§ 38.2-1500 et seq.)and, if applicable, §§ 38.2-4214.1, 38.2-4317, or 38.2-4509.1, and theoccurrence of the Mandatory Control Level Event shall be considered adequategrounds for the application for such action.
