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23-63-1505. Authorized control level event.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1505. Authorized control level event.
(a) “Authorized control level event” means any of the following events:
(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(2) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507;
(3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge;
(4) The failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, provided the health organization has not challenged the corrective order under § 23-63-1507; or
(5) If the health organization has challenged a corrective order under § 23-63-1507 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, after rejection or modification by the commissioner.
(b) In the event of an authorized control level event with respect to a health organization, the commissioner shall:
(1) Take the actions as are required under § 23-63-1504 regarding a health organization with respect to which a regulatory action level event has occurred; or
(2)(A) If the commissione
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1505
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-63-1505
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: f898cfaf3d4652e20fa79dfb996776ec17e38ed9bd536dc1a9033beacc071ae7
Source location: content.xml paragraph 33649
Stored source content
23-63-1505. Authorized control level event.
(a) “Authorized control level event” means any of the following events:
(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(2) The notification by the Insurance Commissioner to the health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507;
(3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge;
(4) The failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, provided the health organization has not challenged the corrective order under § 23-63-1507; or
(5) If the health organization has challenged a corrective order under § 23-63-1507 and the commissioner, after a hearing, has rejected the challenge or modified the corrective order, the failure of the health organization to respond to a corrective order in a way satisfactory to the commissioner, after rejection or modification by the commissioner.
(b) In the event of an authorized control level event with respect to a health organization, the commissioner shall:
(1) Take the actions as are required under § 23-63-1504 regarding a health organization with respect to which a regulatory action level event has occurred; or
(2)(A) If the commissioner deems it to be in the best interests of the policyholders and creditors of the health organization and of the public, take such actions as are necessary to cause the health organization to be placed under regulatory control under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120.
(B) The authorized control level event is sufficient grounds for the commissioner to exercise the rights, powers, and duties with respect to the health organization under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120.
(C) If the commissioner takes actions under this subdivision (b)(2) pursuant to an adjusted RBC report, the health organization shall be entitled to the protections afforded to health organizations under the Uniform Insurers Liquidation Act, §§ 23-68-101, 23-68-102(2)-(13), 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1504. Regulatory action level event.
(a) “Regulatory action level event” means, with respect to a health organization, any of the following events:
(1) The filing of an RBC report by the health organization that indicates that the health organization's total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC;
(2) The notification by the Insurance Commissioner to a health organization of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, provided the health organization does not challenge the adjusted RBC report under § 23-63-1507;
(3) If under § 23-63-1507 the health organization challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the health organization that the commissioner, after a hearing, has rejected the health organization's challenge;
(4) The failure of the health organization to file an RBC report by the filing date, unless the health organization has provided an explanation for the failure that is satisfactory to the commissioner and has cured the failure within ten (10) days after the filing date;
(5) The failure of the health organization to submit an RBC plan to the commissioner within the time stated in § 23-63-1503(c);
(6) The notification by the commissioner to the health organization that:
(A) The RBC plan or revised RBC plan submitted by the health organization is, in the judgment of the commissioner, unsatisfactory; and
(B) Notification constitutes a regulatory action level event with respect to the health organization, provided the health organization has not challenged the determination under § 23-63-1507;
(7) If under § 23-63-1507
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1504
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-1504. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-63-1507. Hearings.
On the occurrence of the following events the health organization shall have the right to a confidential departmental hearing, on a record, at which the health organization may challenge a determination or action by the Insurance Commissioner. The health organization shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subdivisions (1)-(4) of this section. On receipt of the health organization's request for a hearing, the commissioner shall set a date for the hearing which shall be no less than ten (10) nor more than thirty (30) days after the date of the health organization's request. The events include:
(1) The notification to a health organization by the commissioner of an adjusted RBC report;
(2) The notification to a health organization by the commissioner that:
(A) The health organization's RBC plan or revised RBC plan is unsatisfactory; and
(B) The notification constitutes a regulatory action level event with respect to the health organization;
(3) The notification to a health organization by the commissioner that the health organization has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the health organization to eliminate the company action level event with respect to the health organization according to its RBC plan or revised RBC plan; or
(4) The notification to a health organization by the commissioner of a corrective order with respect to the health organization.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-63-1507
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-63-1507. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-101. Uniform Insurers Liquidation Act.
(1) Section 23-68-102(2)-(13), together with §§ 23-68-101, 23-68-104, 23-68-105, 23-68-113, and 23-68-115 — 23-68-120, constitute and may be referred to as the “Uniform Insurers Liquidation Act”.
(2) The Uniform Insurers Liquidation Act shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states that enact it. To the extent that its provisions when applicable conflict with other provisions of this chapter, the provisions of such act shall control.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-68-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-68-102. Definitions.
For the purpose of this chapter:
(1) “Impairment” or “insolvency”. The capital of a stock insurer or the surplus of a mutual or reciprocal insurer shall be deemed to be impaired and the insurer shall be deemed to be insolvent when such insurer is not possessed of assets at least equal to all liabilities and required reserves together with its total issued and outstanding capital stock if a stock insurer, or the minimum surplus if a mutual or reciprocal insurer, required by the Arkansas Insurance Code to be maintained for the kind or kinds of insurance it is then authorized to transact.
(2) “Insurer” means any person, firm, corporation, association, or aggregation of persons doing an insurance business and subject to the insurance supervisory authority of, or to liquidation, rehabilitation, reorganization or conservation by the commissioner or the equivalent insurance supervisory official of another state.
(3) “Delinquency proceeding” means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating, reorganizing, or conserving such insurer.
(4) “State” means any state of the United States and also the District of Columbia and the Commonwealth of Puerto Rico.
(5) “Foreign country” means territory not in any state.
(6) “Domiciliary state” means the state in which an insurer is incorporated or organized, or in the case of an insurer incorporated or organized in a foreign country, the state in which such insurer, having become authorized to do business in such state, has, at the commencement of delinquency proceedings, the largest amount of its assets held in trust and assets held on deposit for the benefit of its policyholders or policyholders and creditors in the United States, an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-68-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-68-102. This identifies an authority to review, not proof of applicability.