2005 North Carolina Code - General Statutes § 58-12-55. Phase-in provision.

§ 58‑12‑55.  Phase‑in provision.

For risk‑based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of G.S. 58‑12‑11:

(1)       In the event of a company action level event with respect to a domestic insurer, the Commissioner shall take no regulatory action hereunder.

(2)       In the event of a regulatory action level event under G.S. 58‑12‑16(a)(1), (2), or (3) the Commissioner shall take the actions required under G.S. 58‑12‑11.

(3)       In the event of a regulatory action level event under G.S. 58‑12‑16(a)(4), (5), (6), (7), (8), or (9) or an authorized control level event, the Commissioner shall take the actions required under G.S. 58‑12‑16 with respect to the insurer.

(4)       In the event of a mandatory control level event with respect to an insurer, the Commissioner shall take the actions required under G.S. 58‑12‑21 with respect to the insurer. (1993 (Reg. Sess., 1994), c. 678, s. 1.)