§ 1526. Authorized Control Level Event
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 1526
§ 1526. Authorized Control Level Event
2. The notification by the Insurance Commissioner to the insurer of an Adjusted RBC Report that indicates the event in paragraph 1 of this subsection, provided the insurer does not challenge the Adjusted RBC Report under Section 9 of this act;1
5. If the insurer has challenged a corrective order under Section 9 of this act and the Commissioner has, after opportunity for a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the Commissioner, to the corrective order subsequent to rejection or modification by the Commissioner.
1. Take such actions as are required under Section 6 of this act2 regarding an insurer with respect to which a Regulatory Action Level Event has occurred; or
2. If the Commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under Article 18 or 19 of the Insurance Code.3 In the event the Commissioner takes such actions, the Authorized Control Level Event shall be deemed sufficient grounds for the Commissioner to take action under Article 18 or 19 of the Insurance Code, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in Article 18 or 19 of the Insurance Code. In the event the Commissioner takes actions under this paragraph pursuant to an Adjusted RBC Report, the insurer shall be entitled to notice and opportunity for a hearing as required by the provisions of Article 18 or 19 of the Insurance Code.
Credits
Laws 1997, c. 229, § 7, eff. July 1, 1997.
36 Okl. St. Ann. § 1526, OK ST T. 36 § 1526
Current with emergency effective legislation through Chapter 347 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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