US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 54
                  RISK-BASED CAPITAL (RBC) FOR INSURERS ACT
    41-5406.  MANDATORY CONTROL LEVEL EVENT. (1) "Mandatory control level
event" means any of the following events:
    (a)  The filing of an RBC report which indicates that the insurer's total
    adjusted capital is less than its mandatory control level RBC;
    (b)  Notification by the director to the insurer of an adjusted RBC report
    that indicates the event in paragraph (a) of this subsection, provided the
    insurer does not challenge the adjusted RBC report under section 41-5407,
    Idaho Code; or
    (c)  If, pursuant to section 41-5407, Idaho Code, the insurer challenges
    an adjusted RBC report that indicates the event in paragraph (a) of this
    subsection, notification by the director to the insurer that the director
    has, after a hearing, rejected the insurer's challenge.
    (2)  In the event of a mandatory control level event:
    (a)  With respect to a life insurer, the director shall take such actions
    as are necessary to place the insurer under regulatory control pursuant to
    chapter 33, title 41, Idaho Code. In that event, the mandatory control
    level event shall be deemed sufficient grounds for the director to take
    action pursuant to chapter 33, title 41, Idaho Code, and the director
    shall have the rights, powers and duties with respect to the insurer as
    are set forth in chapter 33, title 41, Idaho Code. If the director takes
    actions pursuant to an adjusted RBC report, the insurer shall be entitled
    to the protections of section 41-3309, Idaho Code, pertaining to summary
    proceedings. Notwithstanding any of the foregoing, the director may forego
    action for up to ninety (90) days after the mandatory control level event
    if the director finds there is a reasonable expectation that the mandatory
    control level event may be eliminated within the ninety (90) day period.
    (b)  With respect to a property and casualty insurer, the director shall
    take such actions as are necessary to place the insurer under regulatory
    control pursuant to chapter 33, title 41, Idaho Code, or, in the 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 director. In either event, the mandatory control level
    event shall be deemed sufficient grounds for the director to take action
    pursuant to chapter 33, title 41, Idaho Code, and the director shall have
    the rights, powers and duties with respect to the insurer as are set forth
    in chapter  33, title 41, Idaho Code. If the director takes actions
    pursuant to an adjusted RBC report, the insurer shall be entitled to the
    protections of section 41-3309, Idaho Code, pertaining to summary
    proceedings. Notwithstanding any of the foregoing, the director may forego
    action for up to ninety (90) days after the mandatory control level event
    if the director finds there is a reasonable expectation that the mandatory
    control level event may be eliminated within the ninety (90) day period.