Oklahoma § 36-1527 - Mandatory Control Level Event

§ 36-1527. Mandatory Control Level Event

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 paragraph 1 of this

subsection, provided the insurer does not challenge the Adjusted RBC

Report under Section 1528 of this title; or

3. If, pursuant to Section 1528 of this title, the insurer

challenges an Adjusted RBC Report that indicates the event in

paragraph 1 of this subsection, notification by the Commissioner to

the insurer that the Commissioner has, after opportunity for a

hearing, rejected the insurer's challenge.

B. In the event of a Mandatory Control Level Event:

1. With respect to a life insurer or fraternal benefit society,

the Commissioner may take the actions necessary to place the insurer

under regulatory control under Article 18 or 19 of the Insurance

Code. In that event, the Mandatory Control Level Event is deemed

sufficient grounds for the Commissioner to take action under Article

18 or 19 of the Insurance Code, and the Commissioner shall have the

rights, powers, and duties with respect to the insurer which are set

forth in Article 18 or 19 of the Insurance Code. If the

Commissioner takes actions pursuant to an Adjusted RBC Report, the

insurer shall be entitled to notice and opportunity for a hearing as

required by the provisions of Article 18 or 19 of the Insurance

Code; and

2. With respect to a property and casualty insurer, the

Commissioner may take the actions necessary to place the insurer

under regulatory control under Article 18 or 19 of the Insurance

Oklahoma Statutes - Title 36. Insurance

Code, or, in case of an insurer which is writing no business and

which is running-off its existing business, may allow the insurer to

continue its run-off under the supervision of the Commissioner. In

either event, the Mandatory Control Level Event is deemed sufficient

grounds for the Commissioner to take action under Article 18 or 19

of the Insurance Code and the Commissioner shall have the rights,

powers, and duties with respect to the insurer which are set forth

in Article 18 or 19 of the Insurance Code. If the Commissioner

takes actions pursuant to an Adjusted RBC Report, the insurer shall

be entitled to notice and opportunity for a hearing as required by

the provisions of Article 18 or 19 of the Insurance Code.

Added by Laws 1997, c. 229, § 8, eff. July 1, 1997. Amended by Laws

2013, c. 269, § 7, eff. Nov. 1, 2013.