Indiana Code 27-1-36-41. “Mandatory control level event”
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Sec. 41. As used in this chapter, “mandatory control level event” means any of the following events:
(2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates that the insurer’s total adjusted capital is less than its mandatory control level RBC unless the insurer challenges the adjusted RBC report under section 44 of this chapter.
(1) The filing of an RBC report that indicates that the insurer‘s total adjusted capital is less than its mandatory control level RBC.
Terms Used In Indiana Code 27-1-36-41
- 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
- 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
- insurer: includes :
Indiana Code 27-1-36-9.6
- mandatory control level RBC: means , with respect to an insurer, the product of seven-tenths (. See Indiana Code 27-1-36-12
- RBC: refers to risk based capital. See Indiana Code 27-1-36-16
- RBC report: means the report required by section 25 of this chapter. See Indiana Code 27-1-36-20
- total adjusted capital: means the sum of:
Indiana Code 27-1-36-24
(3) 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.
As added by P.L.186-1996, SEC.1.