Kansas Statutes 40-2c15. Authorized control level event; defined
Terms Used In Kansas Statutes 40-2c15
- authorized control level RBC: means the number determined under the risk-based capital formula in accordance with the RBC instructions; and
(4) "mandatory control level RBC" means the product of 0. See Kansas Statutes 40-2c01
- Commissioner: means the commissioner of insurance. See Kansas Statutes 40-2c01
- Corrective order: means an order issued by the commissioner specifying corrective actions that the commissioner has determined are required to address an RBC level event. 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
“Authorized control level event” means any of the following events:
(a) The filing of an RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(b) the 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, and amendments thereto; or
(2) the commissioner has rejected such challenge;
(c) the failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order if the insurer has not challenged the corrective order under Kan. Stat. Ann. § 40-2c19, and amendments thereto; or
(d) if the commissioner has rejected the challenge to the corrective order or modified the corrective order pursuant to Kan. Stat. Ann. § 40-2c19, and amendments thereto, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.