Vermont § 8306 - Mandatory control level event
Full text of Vermont Vermont Statutes Online § 8306 — Mandatory control level event, with citation guidance and answers to common questions.
§ 8306. Mandatory control level event
- (a) A risk-based capital report or final adjusted risk-based capital report that indicates
that the insurer’s total adjusted capital is less than its mandatory control level
risk-based capital shall be a mandatory control level event and subject to the requirements
of this section. (b) Upon the occurrence of an event described in subsection (a) of this section, the Commissioner
shall take such actions as are necessary to place the insurer under regulatory control
under chapter 145 of this title. In the event the Commissioner seeks an order under
chapter 145 of this title, the mandatory control level event shall be deemed sufficient
grounds for issuance of an order, and the Commissioner shall have the rights, powers,
and duties with respect to the insurer as are set forth in chapter 145 of this title.
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. Notwithstanding any of the foregoing, the Commissioner
may forego action for up to 90 days after the mandatory control level event if he
or she finds there is a reasonable expectation that the mandatory control level event
will be eliminated within the 90-day period. (Added 1993, No. 235 (Adj. Sess.), § 8, eff. June 21, 1994.)
Frequently Asked Questions About Vermont § 8306
What does Vermont Statutes Online § 8306 cover?
Section 8306 ("Mandatory control level event") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 8306?
A common citation format is "Vermont Statutes Online § 8306" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 8306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.