2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521E - RISK=BASED CAPITAL REQUIREMENTS FOR INSURERS
521E.5 - AUTHORIZED-CONTROL-LEVEL EVENT.

        521E.5  AUTHORIZED-CONTROL-LEVEL EVENT.
         1.  "Authorized-control-level event" means any of the
      following:
         a.  The filing of a risk-based capital report by the insurer
      which 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.
         b.  Notification by the commissioner to an insurer of an
      adjusted risk-based capital report that indicates the event in
      paragraph "a", provided the insurer does not challenge the
      adjusted risk-based capital report and request a hearing pursuant to
      section 521E.7.
         c.  After a hearing pursuant to section 521E.7, notification
      by the commissioner to the insurer that the commissioner has rejected
      the insurer's challenge of the adjusted risk-based capital report
      indicating the event in paragraph "a".
         d.  Failure of the insurer to respond to a corrective order in
      a manner satisfactory to the commissioner, unless the insurer has
      challenged the corrective order pursuant to section 521E.7.
         e.  Failure of the insurer to respond to the corrective order
      in a manner satisfactory to the commissioner after the insurer has
      challenged the corrective order pursuant to section 521E.7, and the
      commissioner, after a hearing pursuant to section 521E.7, has
      rejected the challenge or modified the corrective order.
         2.  In the event of an authorized-control-level event the
      commissioner shall do either of the following:
         a.  Take action as required pursuant to section 521E.4 in the
      same manner as if a regulatory-action-level event has occurred.
         b.  Take action as necessary to cause the insurer to be placed
      under supervision or other regulatory control under chapter 507C, if
      the commissioner deems such action to be in the best interests of the
      policyholders and creditors of the insurer and of the public.  If the
      commissioner takes action pursuant to this paragraph, the
      authorized-control-level event is deemed sufficient grounds for the
      commissioner to take action pursuant to chapter 507C, and the
      commissioner has the rights, powers, and duties with respect to the
      insurer as set forth in chapter 507C.  If the commissioner takes
      action under this paragraph pursuant to an adjusted risk-based
      capital report, the insurer is entitled to the protections afforded
      to insurers under the provisions of chapter 17A relating to summary
      proceedings.  

         96 Acts, ch 1046, §13