Oklahoma § 36-6943 - Mandatory control level event - Definition - Duties of

§ 36-6943. Mandatory control level event - Definition - Duties of

Insurance Commissioner.

A. “Mandatory Control Level Event” means any of the following

events:

1. The filing of an RBC report which indicates that the health

maintenance organization’s total adjusted capital is less than its

Mandatory Control Level RBC;

2. Notification by the Commissioner to the health maintenance

organization of an adjusted RBC report that indicates a Mandatory

Control Level Event specified in paragraph 1 of this subsection,

provided the health maintenance organization does not challenge the

adjusted RBC report under Section 44 of this act; or

3. If, pursuant to the provisions of Section 44 of this act,

the health maintenance organization challenges an adjusted RBC

report that indicates the event in paragraph 1 of this subsection,

notification by the Commissioner to the health maintenance

organization that the Commissioner has, after a hearing, rejected

the health maintenance organization’s challenge.

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

Commissioner shall take such actions as are necessary to place the

health maintenance organization under regulatory control pursuant to

the provisions of Articles 18 and 19 of the Insurance Code. In that

Oklahoma Statutes - Title 36. Insurance

event, the Mandatory Control Level Event shall be deemed sufficient

grounds for the Commissioner to take action pursuant to the

provisions of Articles 18 and 19 of the Insurance Code, and the

Commissioner shall have the rights, powers and duties with respect

to the health maintenance organization as provided in Articles 18

and 19 of the Insurance Code. Notwithstanding any of the preceding

provisions, the Commissioner may forego action for up to ninety (90)

days after the Mandatory Control Level Event if the Commissioner

finds there is a reasonable expectation that the Mandatory Control

Level Event may be eliminated within the ninety-day period.

Added by Laws 2003, c. 197, § 43, eff. Nov. 1, 2003.