Home Table of Contents

§ 221.6-B. Regulatory action 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. § 221.6-B
§ 221.6-B. Regulatory action level event
Currentness
(a) In the event of a regulatory action level event, the department:
(1) may require the health organization to submit an RBC plan or, if applicable, a revised RBC plan; and
(2) shall perform an examination under Article IX1 or an analysis as necessary of assets, liabilities and operations of the health organization, including, if applicable, a review of the RBC plan or revised RBC plan, and issue an order specifying any corrective actions deemed appropriate.
(b) In order to determine appropriate corrective actions under subsection (a)(2), the department may consider the results of any sensitivity test undertaken pursuant to the RBC instructions.
(c) The RBC plan or revised RBC plan required under subsection (a) shall be submitted within forty-five days after the occurrence of the regulatory action level event.
(d) The department may retain actuaries, investment experts, attorneys, appraisers, certified public accountants and other individuals as the department deems necessary to:
(1) review the health organization's RBC plan or revised RBC plan;
(2) examine or analyze the assets, liabilities and operations of the health organization, including contractual relationships; and
(3) formulate corrective actions.
(e) Fees, costs and expenses related to individuals retained under subsection (d) shall be charged to and paid by the health organization or other party as directed by the commissioner.

Credits

1921, May 17, P.L. 789, No. 285, § 506-B, added 2000, June 22, P.L. 457, No. 62, § 1, imd. effective.

Footnotes

1
40 P.S. § 323.1 et seq.
40 P.S. § 221.6-B, PA ST 40 P.S. § 221.6-B
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document