Section 21.14.030. Regulatory action level event.

   (a) If a regulatory action level event occurs, the director shall
        (1) require the affected insurer to submit a plan or a revised plan under AS 21.14.060; if the level event is caused by the insurer's failure to adhere to a previously filed plan or revised plan that has been accepted by the director, the director may exempt the insurer from this requirement;
        (2) perform whatever examination, analysis, or review of the assets, liabilities, and operations of the insurer that the director determines necessary; and
        (3) issue a corrective order specifying the action that the insurer is required to take to eliminate the level event.
   (b) The director may retain an actuary, investment expert, or other consultant as may be necessary to review the insurer's risk based capital plan or revised risk based capital plan, to examine or analyze the assets, liabilities, and operations of the insurer, or to formulate a corrective order with respect to the insurer. The affected insurer or affiliated person shall pay the fees, reasonable costs, and expenses of a person retained by the director under this subsection as ordered by the director.

Authorities

21.14.040;21.14.200

Notes

Recent Bills that will modify this

HB 164 INSURANCE; RISK MG'T; HOLDING COMPANIES
SB 107 INSURANCE; RISK MG'T; HOLDING COMPANIES

References

AS 21.14.040 Authorized control level event.
AS 21.14.200 Definitions.

History

(Sec. 1 ch 76 SLA 1994; am Sec. 2 ch 34 SLA 2015)