NAC681B.530. Identification of events.

The following constitute events that require authorized control:

     1. The filing by an insurer of a report on risk-based capital which indicates that the total adjusted capital of the insurer is equal to or greater than its mandatory control level of risk-based capital but less than its authorized control level of risk-based capital;

     2. Notification by the Commissioner to an insurer that the Commissioner has adjusted a report on risk-based capital of the insurer in accordance with NAC 681B.485 and that the adjusted report on risk-based capital indicates a situation described in subsection 1, except that if the insurer challenges the adjustment pursuant to NAC 681B.580, the event that requires authorized control is the notification by the Commissioner to the insurer that the Commissioner has, after a hearing, rejected the challenge of the insurer; or

     3. Failure of an insurer to respond to a corrective order in a manner satisfactory to the Commissioner, except that if the insurer challenges the corrective order pursuant to NAC 681B.580 and the Commissioner has, after a hearing, rejected the challenge of the insurer or modified the corrective order, the event that requires authorized control is the failure of the insurer to respond, in a manner satisfactory to the Commissioner, to the corrective order after the rejection of the challenge of the insurer or the modification of the corrective order by the Commissioner.

     (Added to NAC by Comm’r of Insurance by R088-97, eff. 3-19-98)