S.D. Admin. R. 20:06:36:13

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:06:36:13 - Regulatory action level event

A regulatory action level event, for any insurer or health organization, is any of the following:

(1) The filing of an RBC report by the insurer or health organization which indicates that the insurer's or health organization's total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC;

(2) The notice by the director to an insurer or health organization of an adjusted RBC report that indicates the event in subdivision (1) of this section, and the insurer or health organization does not challenge the adjusted RBC report under § 20:06:36:21;

(3) If, pursuant to § 20:06:36:21, the insurer or health organization challenges an adjusted RBC report that indicates the event in subdivision (1) of this section, the notice by the director to the insurer or health organization that the director has, after a hearing, rejected the insurer's or health organization's challenge;

(4) The failure of the insurer or health organization to file an RBC report by the filing date, unless the insurer or health organization has provided an explanation for the failure which is satisfactory to the director and has cured the failure within 10 days after the filing date;

(5) The failure of the insurer or health organization to submit an RBC plan to the director within the time required in § 20:06:36:09;

(6) Notice by the director to the insurer or health organization that the RBC plan or revised RBC plan submitted by the insurer or health organization is, in the judgment of the director, unsatisfactory, and the notice constitutes a regulatory action level event for the insurer or health organization, and the insurer or health organization has not challenged the determination under § 20:06:36:21;

(7) If, pursuant to § 20:06:36:21, the insurer or health organization challenges a determination by the director under subdivision (6) of this section, the notice by the director to the insurer or health organization that the director has, after a hearing, rejected the challenge;

(8) Notice by the director to the insurer or health organization that the insurer or health organization has failed to adhere to its RBC plan or revised RBC plan, and the failure has a substantial adverse effect on the ability of the insurer or health organization to eliminate the company action level event in accordance with its RBC plan or revised RBC plan and the insurer or health organization has not challenged that determination under § 20:06:36:21; or

(9) If, pursuant to § 20:06:36:21, the insurer or health organization challenges a determination by the director under subdivision (8) of this section, the notice by the director to the insurer or health organization that the director has, after a hearing, rejected the challenge.

S.D. Admin. R. 20:06:36:13

23 SDR 228, effective 7/3/1997; 41 SDR 93, effective 12/3/2014.

General Authority: SDCL 58-4-48.

Law Implemented: SDCL 58-4-48.