2009 Iowa Code
Title 13 - Commerce
Subtitle 1 - Insurance and Related Regulation
CHAPTER 521F - RISK=BASED CAPITAL REQUIREMENTS FOR HEALTH ORGANIZATIONS
521F.7 - MANDATORY-CONTROL-LEVEL EVENT.

        521F.7  MANDATORY-CONTROL-LEVEL EVENT.
         1.  "Mandatory-control-level event" means any of the
      following:
         a.  The filing of a risk-based capital report which indicates
      that a health organization's total adjusted capital is less than its
      mandatory-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".

         2.  In the event of a mandatory-control-level event, the
      commissioner shall take action as necessary to place the health
      organization under supervision or other regulatory control pursuant
      to chapter 507C.  If the commissioner takes action pursuant to this
      subsection, the mandatory-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 are set forth in chapter 507C.  If the
      commissioner takes action pursuant to an adjusted risk-based capital
      report, the health organization is entitled to the protections of
      chapter 17A pertaining to summary proceedings.  Notwithstanding this
      subsection, the commissioner may forego action for up to ninety days
      after the mandatory-control-level event if the commissioner finds a
      reasonable expectation exists that the mandatory-control-level event
      may be eliminated within the ninety-day period.  

         2000 Acts, ch 1050, §7