PARRIS N. GLENDENING, Governor                                 Ch. 339

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

(I) SHALL TAKE ANY ACTION THAT MAY BE NECESSARY TO PLACE
THE PROPERTY AND CASUALTY INSURER UNDER CONSERVATION,
REHABILITATION, OR LIQUIDATION UNDER TITLE 9 OF THIS ARTICLE; OR

(II) IN THE CASE OF A PROPERTY AND CASUALTY INSURER THAT
IS NOT WRITING ANY NEW BUSINESS AND THAT IS RUNNING OFF ITS EXISTING
BUSINESS, MAY ALLOW THE PROPERTY AND CASUALTY 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 UNDER TITLE 9 OF THIS ARTICLE NEEDED TO CARRY OUT THE
REQUIREMENTS OF THIS SECTION.

(2) IF THE COMMISSIONER TAKES ANY ACTION UNDER TITLE 9 OF THIS
ARTICLE PURSUANT TO AN ADJUSTED RBC REPORT AS PROVIDED IN THIS SECTION,
THE INSURER SHALL BE ENTITLED TO THE PROTECTIONS AFFORDED TO INSURERS
UNDER TITLE 9 OF THIS ARTICLE WITH REGARD TO SUMMARY PROCEEDINGS.

4-309.

(A) AN INSURER MAY CHALLENGE ANY OF THE FOLLOWING
DETERMINATIONS MADE OR ACTIONS 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 AN INSURER BY THE COMMISSIONER THAT:

(I) THE INSURER HAS FAILED TO ADHERE TO ITS RBC PLAN OR
REVISED RBC PLAN; AND

- 2315 -