Ohio § 3903.84

§ 3903.84.

(A) For purposes of sections 3903.81 to 3903.93 of the Revised Code , a “ regulatory action level event ” is any of the following events: (1) The filing of an RBC report by an insurer that 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 superintendent of insurance to an insurer of an adjustment

to the insurer's RBC report, which adjusted RBC report shows the insurer's total adjusted

capital within the range described in division (A)(1) of this section, provided that

the insurer does not challenge the adjusted RBC report under section 3903.87 of the Revised Code ; (3) The notification by the superintendent to an insurer, following the hearing required

under section 3903.87 of the Revised Code , that the superintendent has rejected the insurer's challenge to an adjusted RBC

report, which report shows the insurer's total adjusted capital within the range described

in division (A)(1) of this section; (4) The failure of an insurer to file an RBC report by the first day of March of every

year, unless the insurer has provided an explanation for such failure that is satisfactory

to the superintendent and has cured the failure within ten days after the filing date; (5) The failure of an insurer to submit an RBC plan to the superintendent within the

time period set forth in division (C) of section 3903.83 of the Revised Code ; (6) The notification by the superintendent to an insurer of both of the following: (a) The RBC plan or revised RBC plan submitted by the insurer is unsatisfactory in the

judgment of the superintendent; (b) The superintendent's notification constitutes a regulatory action level event with

respect to the insurer, provided that the insurer has not challenged the determination

under section 3903.87 of the Revised Code . (7) The superintendent's notification to an insurer, following the hearing required under section 3903.87 of the Revised Code , that the superintendent has rejected the insurer's challenge to the superintendent's

determination under division (A)(6) of this section; (8) The superintendent's notification to an insurer that the superintendent has determined

that the insurer has failed to adhere to its RBC plan or revised RBC plan, and this

failure has had a substantial adverse effect on the ability of the insurer to eliminate

the conditions leading to the company action level event in accordance with its RBC

plan or revised RBC plan, provided that the insurer does not challenge this determination

under section 3903.87 of the Revised Code ; (9) The superintendent's notification to an insurer, following the hearing required under section 3903.87 of the Revised Code , that the superintendent has rejected the insurer's challenge to a determination

made by the superintendent under division (A)(8) of this section. (B) In the case of a regulatory action level event the superintendent shall do all of

the following: (1) Require the insurer to prepare and submit an RBC plan, or, if applicable, a revised

RBC plan; (2) Perform such examination or analysis as the superintendent considers necessary of

the assets, liabilities, and operations of the insurer, including a review of the

insurer's RBC plan or revised RBC plan and the results of any sensitivity tests undertaken

pursuant to the RBC instructions; (3) Issue a corrective order specifying such corrective actions as the superintendent

determines are required, based upon the superintendent's examination or analysis under

division (B)(2) of this section. (C)(1) The RBC plan or revised RBC plan required by division (B)(1) of this section shall

be submitted to the superintendent within forty-five days after the regulatory action

level event, except by an insurer that files a challenge to an adjusted RBC report

or a revised RBC plan pursuant to section 3903.87 of the Revised Code .  If the superintendent determines the challenge is frivolous, the time limit for

the submission of the RBC plan or revised RBC plan shall not be altered by the filing

of the challenge. (2) If an insurer files a nonfrivolous challenge to an adjusted RBC report or a revised

RBC plan, the RBC plan or revised RBC plan required by division (B)(1) of this section

shall only be submitted to the superintendent if the superintendent rejects the challenge

following the hearing required under section 3903.87 of the Revised Code .  The RBC plan or revised RBC plan shall be submitted within forty-five days after

the superintendent's notification to the insurer of the superintendent's rejection

of the insurer's challenge. (D) The superintendent may retain actuaries, investment experts, and such other consultants,

as may be necessary in the superintendent's judgment, to review an insurer's RBC plan

or revised RBC plan, to examine or analyze the assets, liabilities, and operation

of the insurer, and to formulate a corrective order for the insurer.  The fees, costs, and expenses relating to these consultants shall be borne by the

affected insurer.