Statutes, codes, and regulations
North Dakota Century Code
Title 26.1 - INSURANCE
Chapter 26.1-03.1 - RISK-BASED CAPITAL REPORTS
Section 26.1-03.1-13 - Phasein provision

N.D. Cent. Code § 26.1-03.1-13

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Current through 2024 Legislative Session
Section 26.1-03.1-13 - Phasein provision
1. For risk-based capital reports required to be filed by life insurers with respect to 1993, the following requirements apply in lieu of the provisions of sections 26.1-03.1-03, 26.1-03.1-04, 26.1-03.1-05, and 26.1-03.1-06:
a. In the event of a company action level event with respect to a domestic insurer, the commissioner may take no regulatory action hereunder.
b. In the event of a regulatory action level event under subdivision a, b, or c of subsection 1 of section 26.1-03.1-04, the commissioner shall take the actions required under section 26.1-03.1-03.
c. In the event of a regulatory action level event under subdivision d, e, f, g, h, or i of subsection 1 of section 26.1-03.1-04 or an authorized control level event, the commissioner shall take the actions required under section 26.1-03.1-04 with respect to the insurer.
d. In the event of a mandatory control level event with respect to an insurer, the commissioner shall take the actions required under section 26.1-03.1-05 with respect to the insurer.
2. For risk-based capital reports required to be filed by property and casualty insurers with respect to 1994, the following requirements apply in lieu of the provisions of sections 26.1-03.1-03, 26.1-03.1-04, 26.1-03.1-05, and 26.1-03.1-06:
a. In the event of a company action level event with respect to a domestic insurer, the commissioner shall take no regulatory action hereunder.
b. In the event of a regulatory action level event under subdivision a, b, or c of subsection 1 of section 26.1-03.1-04, the commissioner shall take the actions required under section 26.1-03.1-03.
c. In the event of a regulatory action level event under subdivision d, e, f, g, h, or i of subsection 1 of section 26.1-03.1-04 or an authorized control level event, the commissioner shall take the action required under section 26.1-03.1-04 with respect to the insurer.
d. In the event of a mandatory control level event with respect to an insurer, the commissioner shall take the actions required under section 26.1-03.1-05 with respect to the insurer.

N.D.C.C. § 26.1-03.1-13

Amended by S.L. 2015 , ch. 205( SB 2129 ), § 8, eff. 8/1/2015.