40-2d11. Regulatory action level event.
40-2d11
40-2d11. Regulatory action level event."Regulatory action level event" means, with respect to anyhealth organization, any of the following events:
(a) The filing of an RBC report by the health organization which indicatesthat thehealth organization's total adjusted capital is greater than or equal to itsauthorized control level RBC but less than its regulatory action level RBC;
(b) the notification by the commissioner to the health organization of anadjusted RBC report that indicates the event described in subsection (a) if:
(1) The health organization does not challenge the adjusted RBC reportpursuant to K.S.A. 40-2d19, and amendments thereto; or
(2) the commissioner has rejected such challenge after a hearing; and
(c) the failure of the health organization to file an RBC report by thefiling date, unless the health organization has provided an explanation forsuch failure which is satisfactory to the commissioner and has cured thefailure within 10 days after the filing date;
(d) the failure of the health organization to submit an RBC plan to thecommissioner within the time period set forth in K.S.A. 40-2d07, and amendmentsthereto;
(e) notification by the commissioner to the health organization that:
(1) The RBC plan or revised RBC plan submitted by the health organization is,in the judgment of the commissioner, unsatisfactory; and
(2) (A) the health organization has not challenged the determination pursuantto K.S.A. 40-2d19, and amendments thereto; or
(B) the commissioner has rejected such challenge.
(f) Notification by the commissioner to the health organization that thehealthorganization has failed to adhere to its RBC plan or revised RBC plan, but onlyif such failure has a substantial adverse effect on the ability of the healthorganization to eliminate the company action level event in accordance with itsRBC plan or revised RBC plan and the commissioner has so stated in thenotification, if:
(1) The health organization has not challenged such determination pursuant toK.S.A. 40-2d19,and amendments thereto; or
(2) the commissioner has rejected such challenge after a hearing.
History: L. 2000, ch. 147, § 12; July 1.