2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521F - RISK=BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS
521F.6 - AUTHORIZED-CONTROL-LEVEL EVENT.

        521F.6  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 health
      organization which indicates that the health organization'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 a health organization
      of an adjusted risk-based capital report that indicates the event in
      paragraph "a", provided the health organization does not
      challenge the adjusted risk-based capital report and request a
      hearing pursuant to section 521F.8.
         c.  After a hearing pursuant to section 521F.8, notification
      by the commissioner to the health organization that the commissioner
      has rejected the health organization's challenge of the adjusted
      risk-based capital report indicating the event in paragraph "a".

         d.  Failure of the health organization to respond to a
      corrective order in a manner satisfactory to the commissioner, unless
      the health organization has challenged the corrective order pursuant
      to section 521F.8.
         e.  Failure of the health organization to respond to a
      corrective order in a manner satisfactory to the commissioner after
      the health organization has challenged the corrective order pursuant
      to section 521F.8, and the commissioner, after a hearing pursuant to
      section 521F.8, 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 521F.5 in the
      same manner as if a regulatory-action-level event has occurred.
         b.  Take action as necessary to cause the health organization
      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 health
      organization and of the public.  If the commissioner takes such
      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 health organization as set forth in
      chapter 507C.  If the commissioner takes action under this paragraph
      pursuant to an adjusted risk-based capital report, the health
      organization is entitled to the protections of chapter 17A pertaining
      to summary proceedings.  

         2000 Acts, ch 1050, §6