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§ 221.8-A. Authorized control level event

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 40 P.S. Insurance (Refs & Annos)
Chapter 1. Insurance Department (Refs & Annos)
Article V-a. Risk-Based Capital Requirements (Refs & Annos)
40 P.S. § 221.8-A
§ 221.8-A. Authorized control level event
Currentness
In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(1) Take such actions as are required under section 507-A1 regarding an insurer with respect to which a regulatory action level event has occurred.
(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 actions necessary to cause the insurer to be placed under regulatory control under Article V.2 In the event the commissioner takes action under Article V, the authorized control level event shall be deemed sufficient grounds for the commissioner to take that action.

Credits

1921, May 17, P.L. 789, No. 285, § 508-A, added 1997, June 25, P.L. 349, No. 40, § 1, imd. effective.

Footnotes

1
40 P.S. § 221.7-A.
2
40 P.S. § 201 et seq. (repealed); see 40 P.S. § 221.1 et seq.
40 P.S. § 221.8-A, PA ST 40 P.S. § 221.8-A
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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