Section 221.8-A - Authorized control level eventIn the event of an authorized control level event with respect to an insurer, the commissioner shall:
(1) Take such actions as are required under section 507-A regarding an insurer with respect to which a regulatory action level event has occurred.(2) If the commissioner deems 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 Article V. In the event the commissioner takes action under Article V, the authorized control level event shall be deemed sufficient grounds for the commissioner to take that action.1921, May 17, P.L. 789, No. 285, § 508-A, added 1997, June 25, P.L. 349, No. 40, § 1, imd. effective.