Vermont Statutes Title 8 Sec. 8305
Terms Used In Vermont Statutes Title 8 Sec. 8305
- Adjusted risk-based capital report: means a risk-based capital report that has been adjusted by the Commissioner in accordance with subsection 8302(e) of this title. See
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Authorized control level risk-based capital: means the number determined under the risk-based capital formula in accordance with the risk-based capital instructions. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Corrective order: means an order issued by the Commissioner specifying corrective actions that the Commissioner has determined are required under this chapter. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Mandatory control level risk-based capital: means , with respect to any insurer, the product of 0. See
- Risk-based capital report: means the report required in section 8302 of this title. See
- Total adjusted capital: means the sum of:
§ 8305. Authorized control level event
(a) The following are deemed to be authorized control level events and subject to the requirements of this section:
(1) A risk-based capital report or final adjusted risk-based capital report that indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control level risk-based capital but less than its authorized control level risk-based capital.
(2) The failure of the insurer to comply with a corrective order after it is no longer subject to appeal under section 8307 of this title.
(b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner shall take such actions as he or she deems necessary to protect policyholders and creditors of the insurer, including those actions permitted under section 8304 and chapter 145 of this title. In the event the Commissioner seeks an order under chapter 145 of this title, the authorized control level event shall be deemed sufficient grounds for the Commissioner’s order, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in that chapter. In the event the Commissioner takes actions under this subsection pursuant to an adjusted risk-based capital report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of section 7041 of this title pertaining to summary proceedings. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)