Indiana Code 27-1-36-39. “Authorized control level event”
(1) The filing of an RBC report by an insurer that indicates that the insurer’s total adjusted capital is:
Terms Used In Indiana Code 27-1-36-39
- 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
- authorized control level RBC: means , with respect to an insurer, the number determined under the risk-based capital formula in accordance with the RBC Instructions. See Indiana Code 27-1-36-4
- 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
- corrective order: means an order issued by the commissioner that specifies the corrective actions that the commissioner determines are required. See Indiana Code 27-1-36-7
- 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
(B) less than its authorized control level RBC.
(2) The notification by the commissioner to the insurer of an adjusted RBC report that indicates that the insurer’s total adjusted capital is:
(A) greater than or equal to its mandatory control level RBC; but
(B) less than its authorized control level RBC;
unless the insurer challenges the adjusted RBC report under section 44 of this chapter.
(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.
(4) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, unless the insurer has challenged the corrective order under section 44 of this chapter.
(5) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order if, after a challenge and a hearing under section 44 of this chapter, the commissioner has:
(A) rejected the challenge; or
(B) modified the corrective order.
As added by P.L.186-1996, SEC.1.