“Mandatory control event” means any of the following events:

(a) The filing of an RBC report by the health organization which indicates that the health organization’s total adjusted capital is less than its mandatory control level RBC;

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(b) the notification by the commissioner to the health organization of an adjusted RBC report that indicates the event described in subsection (a) if:

(1) The health organization does not challenge the adjusted RBC report pursuant to Kan. Stat. Ann. § 40-2d19, and amendments thereto; or

(2) the commissioner has rejected such challenge.