PARRIS N. GLENDENING, Governor

Ch. 339

(B)     (1) IN THE CASE OF A LIFE INSURER, IF A MANDATORY CONTROL
LEVEL EVENT OCCURS WITH RESPECT TO AN INSURER, THE COMMISSIONER SHALL
TAKE ANY ACTION THAT MAY BE NECESSARY TO PLACE THE INSURER UNDER
CONSERVATION, REHABILITATION, OR LIQUIDATION UNDER SUBTITLE 10 OF THIS
ARTICLE.

(2) IN THE CASE OF A PROPERTY AND CASUALTY INSURER, IF A
MANDATORY CONTROL LEVEL EVENT OCCURS WITH RESPECT TO AN INSURER, THE
COMMISSIONER:

(I)      SHALL TAKE ANY ACTION THAT MAY BE NECESSARY TO PLACE
THE INSURER UNDER CONSERVATION, REHABILITATION, OR LIQUIDATION UNDER
SUBTITLE 10 OF THIS ARTICLE; OR

(II)     IN THE CASE OF AN INSURER WHICH IS NOT WRITING ANY NEW
BUSINESS AND WHICH IS RUNNING OFF ITS EXISTING BUSINESS, MAY ALLOW THE
INSURER TO CONTINUE ITS RUN-OFF UNDER THE SUPERVISION OF THE
COMMISSIONER.

(C)     THE COMMISSIONER MAY DELAY ACTION UNDER SUBSECTION (B)(1) OF
THIS SECTION FOR UP TO 90 DAYS AFTER THE OCCURRENCE OF THE MANDATORY
CONTROL LEVEL EVENT IF THE COMMISSIONER FINDS THERE IS A REASONABLE
EXPECTATION THAT THE MANDATORY CONTROL LEVEL EVENT MAY BE
ELIMINATED WITHIN THE 90-DAY PERIOD.

(D)     (1) THE COMMISSIONER SHALL HAVE THE RIGHTS, POWERS, AND
DUTIES NEEDED TO CARRY OUT THE REQUIREMENTS OF THIS SECTION UNDER
SUBTITLE 10 OF THIS ARTICLE.

(2) IF THE COMMISSIONER TAKES ANY ACTION UNDER SUBTITLE 10 OF
THIS ARTICLE AS PROVIDED IN THE SECTION PURSUANT TO AN ADJUSTED RBC
REPORT, THE INSURER SHALL BE ENTITLED TO THE PROTECTIONS AFFORDED TO
INSURERS UNDER SUBTITLE 10 OF THIS ARTICLE WITH REGARD TO SUMMARY
PROCEEDINGS.

746.

(A) AN INSURER MAY CHALLENGE ANY OF THE FOLLOWING
DETERMINATIONS OR ACTIONS MADE OR TAKEN BY THE COMMISSIONER UNDER
THIS SUBTITLE:

(1)      NOTIFICATION TO AN INSURER BY THE COMMISSIONER OF AN
ADJUSTED RBC REPORT;

(2)      NOTIFICATION TO AN INSURER BY THE COMMISSIONER THAT:

(I)       THE INSURER'S RBC PLAN OR REVISED RBC PLAN IS
UNSATISFACTORY; AND

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

(3)      NOTIFICATION TO ANY INSURER BY THE COMMISSIONER THAT:

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