Connecticut Administrative Code
Title 38a - Insurance Department
72 - Risk Based Capital For Insurers
Section 38a-72-5 - Authorized control level event
Universal Citation: CT Reg of State Agencies 38a-72-5
Current through March 14, 2024
(a) "Authorized Control Level Event" means any of the following events:
(1) 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;
(2) The
notification by the commissioner to the insurer of an Adjusted RBC Report that
indicates the event in subdivision (1) of this subsection, provided the insurer
does not challenge the Adjusted RBC Report under Section
38a-72-7;
(3) If, pursuant to section
38a-72-7, the insurer
challenges an Adjusted RBC Report that indicates the event in subdivision (1)
of this subsection, notification by the commissioner to the insurer that the
commissioner has, after a hearing, rejected the insurer's challenge;
(4) The failure of the insurer to respond, in
a manner satisfactory to the commissioner, to a Corrective Order under section
38a-72-7; or
(5) If the insurer has challenged a
Corrective Order under section
38a-72-7 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.
(b) In 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
38a-72-4
regarding an insurer with respect to which a Regulatory Action Level Event has
occurred; or
(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 such actions as are necessary
to cause the insurer to be placed under regulatory control under Chapter 704c
of the General Statutes. 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 Chapter 704c of the General Statutes, and the
commissioner shall have the rights, powers and duties with respect to the
insurer as are set forth in Chapter 704c of the General Statutes. In the event
the commissioner takes actions under this subsection pursuant to an Adjusted
RBC Report, the insurer shall be entitled to such protections as are afforded
to insurers under the provisions of Chapter 704c, pertaining to summary
proceedings.
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