20-488. Definitions In this article, unless the context otherwise requires: 1. " Adjusted RBC report" means a report that has been adjusted by the director in accordance with section 20-488.01. 2. " Authorized control level event" means any of the following events: (a) The filing of an RBC report by the insurer indicating that the […]
20-488.01. Risk-based capital reports A. On or before the later of March 1 or its annual statement filing due date, each domestic insurer shall annually prepare and submit to the director a report of the insurer’s RBC levels as of the end of the previous calendar year. The RBC report shall be in a form […]
20-488.02. Company action level event A. If a company action level event occurs, the insurer shall prepare and submit to the director an RBC plan. The plan shall: 1. Identify the conditions in the insurer that contribute to the company action level event. 2. Propose corrective actions that the insurer intends to take and that […]
20-488.03. Regulatory action level event A. If a regulatory action level event occurs, the director shall: 1. Require the insurer to submit an RBC plan or, if applicable, a revised RBC plan. 2. Perform an examination or analysis, as the director deems necessary, of the assets, liabilities and operations of the insurer, including a review […]
20-488.04. Authorized control level event If an authorized control level event occurs with respect to an insurer, the director shall either: 1. Take those actions that are required under section 20-488.03 regarding an insurer to whom a regulatory action level event has occurred. 2. If the director deems it to be in the best interests […]
20-488.05. Mandatory control level event A. If a mandatory control level event occurs, the director shall take any actions that are necessary to place the insurer under regulatory control pursuant to chapter 1, article 2 and chapter 3, article 4 of this title. The mandatory control level event shall be deemed to be sufficient grounds […]
20-488.06. Hearings A. An insurer has the right to a hearing to challenge any determination or action made or taken by the director on the occurrence of any of the following: 1. The notification by the director to the insurer of an adjusted RBC report. 2. The notification by the director to the insurer that […]
20-488.07. Confidentiality; information sharing A. With respect to a domestic insurer or foreign insurer, the director shall keep confidential all information that is contained in RBC reports and that is not required to be set forth in a public annual statement schedule and all RBC plans that are filed with the director, including the results […]
20-488.08. Supplemental provisions; rules; exemption A. This article is supplemental to any other laws of this state and does not preclude or limit any other powers or duties of the director. B. The director may adopt rules to implement this article. C. The director may exempt from the application of the RBC requirements of this […]
20-488.09. Foreign insurers A. On request of the director, a foreign insurer shall submit an RBC report to the director as of the end of the previous calendar year within the later of: 1. The date that an RBC report would be required to be filed by a domestic insurer. 2. Fifteen days after the […]
20-488.10. Notice All notices by the director under this article to an insurer that may result in regulatory action are effective on mailing if they are transmitted by certified mail. Notice that is transmitted in any other way is effective on receipt by the insurer.
20-488.11. Immunity In addition to any other immunity provided by law, the director, the department or the employees or agents of the department are not liable for any acts when acting in good faith within the scope of their authority under this article.
