Kansas Statutes 40-2c17. Mandatory control event; defined
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Terms Used In Kansas Statutes 40-2c17
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-2c01
- RBC: means risk-based capital. See Kansas Statutes 40-2c01
- RBC report: means the report required by Kan. See Kansas Statutes 40-2c01
- Total adjusted capital: means the sum of:
(1) An insurer's capital and surplus or surplus only if a mutual insurer; and
(2) such other items, if any, as the RBC instructions may provide. See Kansas Statutes 40-2c01
“Mandatory control event” means any of the following events:
(a) The filing of an RBC report which indicates that the insurer’s total adjusted capital is less than its mandatory control level RBC;
(b) notification by the commissioner to the insurer of an adjusted RBC report that indicates the event described in subsection (a) if:
(1) The insurer does not challenge the adjusted RBC report pursuant to Kan. Stat. Ann. § 40-2c19; or
(2) the commissioner has rejected such challenge.