For risk-based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of N.C. Gen. Stat. § 58-12-11:

(1) In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.

Terms Used In North Carolina General Statutes 58-12-55

  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3

(2) In the event of a regulatory action level event under N.C. Gen. Stat. § 58-12-16(a)(1), (2), or (3) the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-11.

(3) In the event of a regulatory action level event under N.C. Gen. Stat. § 58-12-16(a)(4), (5), (6), (7), (8), or (9) or an authorized control level event, the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-16 with respect to the insurer.

(4) In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under N.C. Gen. Stat. § 58-12-21 with respect to the insurer. (1993 (Reg. Sess., 1994), c. 678, s. 1.)

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