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§ 221.7-B. Authorized control level event

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. InsuranceEffective: June 22, 2000

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article V-B. Risk-Based Capital Requirements-Health Organizations (Refs & Annos)
Effective: June 22, 2000
40 P.S. § 221.7-B
§ 221.7-B. Authorized control level event
Currentness
In the event of an authorized control level event, the department shall:
(1) Take all action required under section 506-B1 for a regulatory action level event.
(2) If the commissioner deems it to be in the best interest of the policyholders and creditors of the health organization and the public, take action necessary to place the health organization under regulatory control under Article V.2 The authorized control level event shall be sufficient grounds to place the health organization under regulatory control under Article V.

Credits

1921, May 17, P.L. 789, No. 285, § 507-B, added 2000, June 22, P.L. 457, No. 62, § 1, imd. effective.

Footnotes

1
40 P.S. § 221.6-B.
2
40 P.S. § 221.1 et seq.
40 P.S. § 221.7-B, PA ST 40 P.S. § 221.7-B
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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