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S.B. 60
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VETOES
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(1) an insurer files an RBC report that indicates that the insurer has
total adjusted capital that is less than its mandatory control level RBC;
(2) the Commissioner notifies the insurer of an adjusted RBC report that
indicates an event under item (1) of this subsection; or
(3) if an insurer requests a hearing to challenge an adjusted RBC report
that indicates the event under item (1) of this subsection, the Commissioner notifies
the insurer that the Commissioner, after a hearing, has rejected the insurer's
challenge.
(b) (1) In the case of a life insurer, if a mandatory control level event occurs
with respect to the life insurer, the Commissioner shall take any action that may be
necessary to place the life insurer under conservation, rehabilitation, or liquidation
under Title 9 of this article.
(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.
(3) (I) EXCEPT AS PROVIDED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, IN THE CASE OF A HEALTH INSURER, IF A MANDATORY CONTROL LEVEL
EVENT OCCURS WITH RESPECT TO THE HEALTH INSURER, THE COMMISSIONER
SHALL TAKE ANY ACTION THAT MAY BE NECESSARY TO PLACE THE HEALTH
INSURER UNDER CONSERVATION, REHABILITATION, OR LIQUIDATION UNDER TITLE
9 OF THIS ARTICLE.
(II) IN THE CASE OF A HEALTH MAINTENANCE ORGANIZATION, IF A
MANDATORY CONTROL LEVEL EVENT OCCURS WITH RESPECT TO THE HEALTH
MAINTENANCE ORGANIZATION, THE COMMISSIONER SHALL TAKE ACTION UNDER
TITLE 10 OF THE HEALTH - GENERAL ARTICLE.
(c) The Commissioner may delay action under subsection (b) 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.
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- 3604 -
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