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27-2B-8
Section 27-2B-8 Right to departmental hearing; notification of request for hearing. (a) An
insurer shall have the right to a departmental hearing, on the record, at which the insurer
may challenge a determination or action by the commissioner upon any of the following: (1)
Notification to an insurer by the commissioner of an adjusted RBC report. (2) Notification
to an insurer by the commissioner that: a. The insurer's RBC plan or revised RBC plan is unsatisfactory.
b. The notification constitutes a regulatory action level event with respect to the insurer.
(3) Notification to any insurer by the commissioner that the insurer has failed to adhere
to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect
on the ability of the insurer to eliminate the company action level event with respect to
the insurer in accordance with its RBC plan or revised RBC plan. (4) Notification to an insurer
by the commissioner of a corrective order with respect to the insurer....
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27-2B-4
Section 27-2B-4 Company action level event; preparation and submission of RBC plan or revised
RBC plan; notification of unsatisfactory filing; copies of plans. (a) Company action level
event means any of the following events: (1) The filing of an RBC report by an insurer which
indicates any of the following: a. The insurer's total adjusted capital is greater than or
equal to its regulatory action level RBC, but less than its company action level RBC. b. If
a life or health insurer or fraternal benefit society, the insurer has total adjusted capital
which is greater than or equal to its company action level RBC but less than the product of
its authorized control level RBC and 3.0 and has a negative trend. c. If a property and casualty
insurer or a health organization, the insurer has total adjusted capital which is greater
than or equal to its company action level RBC, but less than the product of its authorized
control level RBC and 3.0, and triggers the trend test determined in...
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27-2B-5
Section 27-2B-5 Regulatory action level event; commissioner's duties; determination of corrective
actions; retention of consultants. (a) "Regulatory action level event" means, with
respect to any insurer, 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 authorized control level RBC but less than its regulatory action level RBC. (2) The
notification by the commissioner to an insurer of an adjusted RBC report that indicates the
event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), the 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 file an RBC report by the filing date, unless...
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27-2B-11
Section 27-2B-11 Foreign insurers; submission of RBC report or plan; application for liquidation
of property. (a) Any foreign insurer shall, upon the written request of the commissioner,
submit to the commissioner an RBC report, as of the end of the calendar year just ended, the
later of either: (1) The date an RBC report would be required to be filed by a domestic insurer
under this chapter. (2) Fifteen days after the request is received by the foreign insurer.
Any foreign insurer shall, at the written request of the commissioner, promptly submit to
the commissioner a copy of any RBC plan that is filed with the insurance commissioner of any
other state. (b) In the event of a company action level event, regulatory action level event,
or authorized control level event with respect to any foreign insurer, as determined under
the RBC statute applicable in the state of domicile of the insurer or, if no RBC statute is
in force in that state, pursuant to this chapter, or if the insurance...
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27-2B-7
Section 27-2B-7 Mandatory control level event; commissioner's duties. (a) "Mandatory control
level event" means any of the following events: (1) The filing of an RBC report which
indicates that the insurer's total adjusted capital is less than its mandatory control level
RBC. (2) Notification by the commissioner to the insurer of an adjusted RBC report that indicates
the event in subdivision (1), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), notification by the commissioner to
the insurer that the commissioner has, after a hearing, rejected the insurer's challenge.
(b) In the event of a mandatory control level event: (1) With respect to a life insurer, health
organization, or fraternal benefit society, the commissioner shall take actions as necessary
to place the insurer under regulatory control pursuant to Chapter 32....
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27-2B-6
Section 27-2B-6 Authorized control level event; commissioner's duties. (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), provided the insurer does not challenge the adjusted RBC report
under Section 27-2B-8. (3) If, pursuant to Section 27-2B-8, the insurer challenges an adjusted
RBC report that indicates the event in subdivision (1), 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, provided the insurer has not challenged the corrective order...
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27-2B-2
Section 27-2B-2 Definitions. As used in this chapter, these terms shall have the following
meanings: (1) ADJUSTED RBC REPORT. An RBC report which has been adjusted by the commissioner
in accordance with subsection (e) of Section 27-2B-3. (2) CORRECTIVE ORDER. An order issued
by the commissioner specifying corrective actions which the commissioner has determined are
required. (3) DOMESTIC INSURER. Any insurer domiciled in this state. (4) FOREIGN INSURER.
Any insurer which is licensed to do business in this state but not domiciled in this state.
(5) FRATERNAL BENEFIT SOCIETY. Any insurer licensed under Chapter 34. (6) HEALTH ORGANIZATION.
Any health care service plan, health maintenance organization, limited health service organization,
dental services corporation, or other managed care organization licensed under this title.
This term does not include any life and disability insurer or property and casualty insurer.
(7) INSURER. As defined in Section 27-1-2, including, without...
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27-44-11
Section 27-44-11 Duties and powers of commissioner; appeal and review; notification. In addition
to the duties and powers enumerated elsewhere in this chapter: (1) The commissioner shall:
a. Upon request of the board of directors, provide the association with a statement of the
premiums in the appropriate states for each member insurer. b. When an impairment is declared
and the amount of the impairment is determined, serve a demand upon the impaired insurer to
make good the impairment within a reasonable time. Notice to the impaired insurer shall constitute
notice to its shareholders, if any. The failure of the insurer to promptly comply with such
demand shall not excuse the association from the performance of its powers and duties under
this chapter. c. In any liquidation or rehabilitation proceeding involving a domestic insurer,
petition the court of competent jurisdiction to have the chief of the receivership division
appointed as the liquidator or rehabilitator. If a foreign or...
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27-42-10
Section 27-42-10 Duties and powers of the commissioner; judicial review. (a) The commissioner
shall: (1) Notify the association of the existence of an insolvent insurer not later than
three days after he receives notice of determination of the insolvency. The association shall
be entitled to a copy of any complaint seeking an order of liquidation with a finding of insolvency
against a member company at the time that such complaint is filed with a court of competent
jurisdiction. (2) Upon request of the board of directors, provide the association with a statement
of the net direct written premiums of each member insurer. (b) The commissioner may: (1) Require
that the association notify the insureds of the insolvent insurer and any other interested
parties of the determination of insolvency and of their rights under this chapter. Such notification
shall be by mail at their last known address, where available, but if sufficient information
for notification by mail is not available, notice...
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27-29-3
Section 27-29-3 Acquisition of control of, or merger with, domestic insurers. (a)(1) No person
other than the issuer shall make a tender offer for or a request or invitation for tenders
of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in
the open market any voting security of a domestic insurer if, after the consummation thereof,
such person would, directly or indirectly, or by conversion or by exercise of any right to
acquire, be in control of such insurer, and no person shall enter into an agreement to merge
with or otherwise to acquire control of a domestic insurer, or any person controlling a domestic
insurer unless, at the time any such offer, request, or invitation is made or any such agreement
is entered into, or prior to the acquisition of such securities if no offer or agreement is
involved such person has filed with the commissioner and has sent to such insurer a statement
containing the information required by this section and such...
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