Delaware Code Title 18 Sec. 5829 – Foreign health organizations
(a) (1) A foreign health organization shall, upon the written request of the Commissioner, submit to the Commissioner an RBC report as of the end of the calendar year just ended the later of:
a. The date an RBC report would be required to be filed by a domestic health organization under this subchapter II; or
b. Fifteen days after the request is received by the foreign health organization.
(2) A foreign health organization shall, at the written request of the Commissioner, promptly submit to the Commissioner a copy of any RBC plan that is filed with the insurance commissioner of any other state.
Terms Used In Delaware Code Title 18 Sec. 5829
- domestic health organization: means a health organization domiciled in this State. See Delaware Code Title 18 Sec. 5820
- foreign health organization: means a health organization that is licensed to do business in this State under this title but is not domiciled in this State. See Delaware Code Title 18 Sec. 5820
- health organization: means a health maintenance organization, limited health service organization, health service corporation, dental or vision plan, hospital, medical and dental indemnity or service corporation or other managed care organization licensed under this title. See Delaware Code Title 18 Sec. 5820
- RBC plan: means a comprehensive financial plan containing the elements specified in § 5803(b) of this title. See Delaware Code Title 18 Sec. 5801
- RBC report: means the report required in § 5802 of this title. See Delaware Code Title 18 Sec. 5801
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Statute: A law passed by a legislature.
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) In the event of a company action level event, regulatory action level event or authorized control level event with respect to a foreign health organization as determined under the RBC statute applicable in the state of domicile of the health organization (or, if no RBC statute is in force in that state, under the provisions of this subchapter II), if the insurance commissioner of the state of domicile of the foreign health organization fails to require the foreign health organization to file an RBC plan in the manner specified under that state’s RBC statute (or, if no RBC statute is in force in that state, under § 5822 of this title), the Commissioner may require the foreign health organization to file an RBC plan with the Commissioner. In such event, the failure of the foreign health organization to file an RBC plan with the Commissioner shall be grounds to order the health organization to cease and desist from writing new insurance business in this State.
(c) In the event of a mandatory control level event with respect to a foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign health organization, the Commissioner may make application to the Court of Chancery permitted under Chapter 59 of this title with respect to the liquidation of property of foreign health organizations found in this State, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.