Ch. 339

1995 LAWS OF MARYLAND

(II) HAS CURED THE FAILURE WITHIN 10 DAYS AFTER THE FILING
DATE;

(5)      AN INSURER FAILS TO SUBMIT AN RBC PLAN TO THE COMMISSIONER
WITHIN THE TIME PERIOD SET FORTH IN § 742(C) OF THIS SUBTITLE;

(6)      THE COMMISSIONER NOTIFIES AN INSURER THAT:

(I)       THE RBC PLAN OR REVISED RBC PLAN SUBMITTED BY THE
INSURER IS, IN THE JUDGMENT OF THE COMMISSIONER, UNSATISFACTORY; AND

(II)     THE NOTIFICATION CONSTITUTES A REGULATORY ACTION
LEVEL EVENT WITH RESPECT TO THE INSURER;

(7)      THE COMMISSIONER NOTIFIES AN INSURER THAT THE INSURER HAS
FAILED TO ADHERE TO ITS RBC PLAN OR REVISED RBC PLAN, BUT ONLY IF:

(I)       THE INSURER'S FAILURE TO ADHERE TO THE PLAN HAS A
SUBSTANTIAL ADVERSE EFFECT ON THE ABILITY OF THE INSURER TO ELIMINATE
THE COMPANY ACTION LEVEL EVENT IN ACCORDANCE WITH ITS RBC PLAN OR
REVISED RBC PLAN; AND

(II)     THE COMMISSIONER HAS STATED IN THE NOTIFICATION THAT
THE INSURER'S FAILURE TO ADHERE TO THE PLAN HAS A SUBSTANTIAL ADVERSE
EFFECT ON THE ABILITY OF THE INSURER TO ELIMINATE THE COMPANY ACTION
LEVEL EVENT; OR

(8)      IF AN INSURER REQUESTS A HEARING TO CHALLENGE A
DETERMINATION MADE BY THE COMMISSIONER UNDER PARAGRAPH (6) OR
PARAGRAPH (7) OF THIS SUBSECTION, THE COMMISSIONER NOTIFIES THE INSURER
THAT THE COMMISSIONER, AFTER A HEARING, HAS REJECTED THE INSURER'S
CHALLENGE.

(B)     IN THE EVENT OF A REGULATORY ACTION LEVEL EVENT THE
COMMISSIONER SHALL:

(1)      REQUIRE THE INSURER TO PREPARE AND SUBMIT AN RBC PLAN OR,
IF APPLICABLE, A REVISED RBC PLAN;

(2)      PERFORM ANY EXAMINATION OR ANALYSIS THE COMMISSIONER
DEEMS NECESSARY OF THE ASSETS, LIABILITIES, AND OPERATIONS OF THE
INSURER, INCLUDING A REVIEW OF THE INSURER'S RBC PLAN OR REVISED RBC
PLAN; AND

(3)      SUBSEQUENT TO ANY EXAMINATION OR ANALYSIS PERFORMED
UNDER THIS SUBSECTION, ISSUE A CORRECTIVE ORDER.

(C)     IN DETERMINING THE TYPE OF CORRECTIVE ACTION TO BE TAKEN BY
THE INSURER, THE COMMISSIONER MAY TAKE INTO ACCOUNT ALL FACTORS THAT
THE COMMISSIONER DEEMS RELEVANT WITH RESPECT TO THE INSURER BASED

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