Or. Admin. Code § 836-011-0340

Current through Register Vol. 63, No. 11, November 1, 2024

Section 836-011-0340 - Authorized Control Level Event

(1)Authorized control level event" means any of the following events:

(a) The filing of an RBC report by the insurer indicating 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) Notification by the Director to the insurer of an adjusted RBC report indicating the event in subsection (a) of this section, if the insurer does not challenge the adjusted RBC report under OAR 836-011-0360;

(c) If, pursuant to OAR 836-011-0360, the insurer challenges an adjusted RBC report that indicates the event in subsection (a) of this section, notification by the Director to the insurer that the Director has, after a hearing, rejected the insurer's challenge;

(d) The failure of the insurer to respond to a corrective order, in a manner satisfactory to the Director, if the insurer has not challenged the corrective order under OAR 836-011-0360; or

(e) If the insurer has challenged a corrective order under OAR 836-011-0360 and the Director has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond to the corrective order in a manner satisfactory to the Director subsequent to rejection or modification by the Director.

(2) In the event of an authorized control level event with respect to an insurer, the Director shall:

(a) Take such actions as are required under OAR 836-011-0330 regarding an insurer with respect to which an regulatory action level event has occurred; or

(b) If the Director determines it to be in the best interests of the policyholders and creditors of the insurer and of the public, take actions necessary to cause the insurer to be placed under regulatory control under ORS 734.059 to 734.440. If the Director takes such actions, the authorized control level event is sufficient grounds for the Director to take action under 734.150(1) or (4) or 734.170, and the Director shall have the rights, powers and duties with respect to the insurer as are set forth in 734.059 to 734.440.

Or. Admin. Code § 836-011-0340

ID 7-1995, f. & cert. ef. 11-15-95

Stat. Auth.:ORS 731.244, ORS 731.554 & 733.210

Stats. Implemented: ORS 731.554 & 731.574