Vermont § 8305 - Authorized control level event

§ 8305. Authorized control level event

• (a) The following are deemed to be authorized control level events and subject to the
  requirements of this section: (1) A risk-based capital report or final adjusted risk-based capital report that indicates
  that the insurer’s total adjusted capital is greater than or equal to its mandatory
  control level risk-based capital but less than its authorized control level risk-based
  capital. (2) The failure of the insurer to comply with a corrective order after it is no longer
  subject to appeal under section 8307 of this title. (b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner
  shall take such actions as he or she deems necessary to protect policyholders and
  creditors of the insurer, including those actions permitted under section 8304 and
  chapter 145 of this title. In the event the Commissioner seeks an order under chapter
  145 of this title, the authorized control level event shall be deemed sufficient grounds
  for the Commissioner’s order, and the Commissioner shall have the rights, powers,
  and duties with respect to the insurer as are set forth in that chapter. In the event
  the Commissioner takes actions under this subsection pursuant to an adjusted risk-based
  capital report, the insurer shall be entitled to such protections as are afforded
  to insurers under the provisions of section 7041 of this title pertaining to summary proceedings. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)