Indiana Code 27-1-36-35. “Regulatory action level event”
(1) The filing of an RBC report by the insurer that indicates that the insurer’s total adjusted capital is:
Terms Used In Indiana Code 27-1-36-35
- adjusted RBC report: means an RBC report that has been adjusted by the commissioner under section 28 of this chapter. See Indiana Code 27-1-36-2
- authorized control level RBC: means , with respect to an insurer, the number determined under the risk-based capital formula in accordance with the RBC Instructions. See Indiana Code 27-1-36-4
- capital: means the aggregate amount paid in on the shares of capital stock of a corporation issued and outstanding. See Indiana Code 27-1-2-3
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- company action level event: has the meaning set forth in section 29 of this chapter. See Indiana Code 27-1-36-5
- insurer: includes :
Indiana Code 27-1-36-9.6
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
- RBC plan: means a comprehensive financial plan containing the elements specified in section 30 of this chapter. See Indiana Code 27-1-36-19
- RBC report: means the report required by section 25 of this chapter. See Indiana Code 27-1-36-20
- regulatory action level RBC: means , with respect to an insurer, the product of one and five-tenths (1. See Indiana Code 27-1-36-22
- revised RBC plan: means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan. See Indiana Code 27-1-36-23
- total adjusted capital: means the sum of:
Indiana Code 27-1-36-24
(B) less than its regulatory action level RBC.
(2) The notification by the commissioner to an insurer of an adjusted RBC report that indicates that the insurer’s total adjusted capital is:
(A) greater than or equal to its authorized control level RBC; but
(B) less than its regulatory action level RBC;
unless the insurer challenges the adjusted RBC report under section 44 of this chapter.
(3) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer’s challenge to an adjusted RBC report.
(4) The failure of the insurer to file an RBC report by the filing date, unless the insurer:
(A) has provided an explanation for the failure that is satisfactory to the commissioner; and
(B) has cured the failure not more than ten (10) days after the March 1 filing date.
(5) The failure of the insurer to submit an RBC plan to the commissioner within the period prescribed in section 31 of this chapter.
(6) Notification by the commissioner to the insurer under section 33 of this chapter, unless the insurer challenges the notification under section 44 of this chapter.
(7) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the challenge to a determination by the commissioner under section 33 of this chapter.
(8) Notification by the commissioner to the insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan, but only if:
(A) the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event in accordance with its RBC plan or revised RBC plan; and
(B) the commissioner has so stated in the notification;
unless the insurer challenges the determination under section 44 of this chapter.
(9) The notification by the commissioner to the insurer that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer’s challenge to the determination made under subdivision (8).
As added by P.L.186-1996, SEC.1.