New Hampshire Revised Statutes 404-F:5 – Authorized Control Level Event
Current as of: 2023 | Check for updates
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I. “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 in subparagraph (a), provided the insurer does not challenge the adjusted RBC report under N.H. Rev. Stat. § 404-F:7;
(c) If, pursuant to N.H. Rev. Stat. § 404-F:7, the insurer challenges an adjusted RBC report that indicates the event in subparagraph (a), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer’s challenge;
(d) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order under N.H. Rev. Stat. § 404-F:7; or
(e) If the insurer has challenged a corrective order under N.H. Rev. Stat. § 404-F:7 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, 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.
II. In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(a) Take such actions as are required under N.H. Rev. Stat. § 404-F:4 regarding an insurer with respect to which a regulatory action level event has occurred; or
(b) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under RSA 402-C. In the event the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under RSA 402-C, and the commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in RSA 402-C. In the event the commissioner takes actions under this paragraph pursuant to an adjusted RBC report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of N.H. Rev. Stat. § 402-C:11-14 pertaining to summary proceedings.
(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;
Terms Used In New Hampshire Revised Statutes 404-F:5
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
(b) The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in subparagraph (a), provided the insurer does not challenge the adjusted RBC report under N.H. Rev. Stat. § 404-F:7;
(c) If, pursuant to N.H. Rev. Stat. § 404-F:7, the insurer challenges an adjusted RBC report that indicates the event in subparagraph (a), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer’s challenge;
(d) The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order, provided the insurer has not challenged the corrective order under N.H. Rev. Stat. § 404-F:7; or
(e) If the insurer has challenged a corrective order under N.H. Rev. Stat. § 404-F:7 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, 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.
II. In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(a) Take such actions as are required under N.H. Rev. Stat. § 404-F:4 regarding an insurer with respect to which a regulatory action level event has occurred; or
(b) If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under RSA 402-C. In the event the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under RSA 402-C, and the commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in RSA 402-C. In the event the commissioner takes actions under this paragraph pursuant to an adjusted RBC report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of N.H. Rev. Stat. § 402-C:11-14 pertaining to summary proceedings.