(a) For RBC reports required to be filed by life insurers with respect to 1996, the following requirements shall apply in lieu of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7 as follows:
(1) In the event of a company action level event, with respect to a domestic insurer, the commissioner shall take no regulatory action hereunder.
(2) In the event of a regulatory action level event under subdivisions (1), (2), or (3) of subsection (a) of Section 27-2B-5, the commissioner shall take the actions required under Section 27-2B-4.
(3) In the event of a regulatory action level event under subdivisions (4), (5), (6), (7), (8), or (9) of subsection (a) of Section 27-2B-5, or an authorized control level event, the commissioner shall take the actions required under Section 27-2B-5 with respect to the insurer.
(4) In the event of a mandatory control level event with respect to an insurer, the commissioner shall take the actions required under Section 27-2B-6.
(b) For RBC reports required to be filed by property and casualty insurers with respect to 1996, the following requirements shall apply in lieu of the provisions of Sections 27-2B-4, 27-2B-5, 27-2B-6, and 27-2B-7:
(1) In the event of a company action level event with respect to a domestic insurer, the commissioner shall take no regulatory action hereunder.
(2) In the event of a regulatory action level event under subdivisions (1), (2), or (3) of subsection (a) of Section 27-2B-5, the commissioner shall take the actions required under Section 27-2B-4.
(3) In the event of a regulatory action level event under subdivisions (4), (5), (6), (7), (8), or (9) of subsection (a) of Section 27-2B-5, or an authorized control level event, the commissioner shall take the actions required under Section 27-2B-5 with respect to the insurer.
(4) In the event of a mandatory control level event with respect to an insurer, the commissioner shall take the actions required under Section 27-2B-6.
Structure Code of Alabama
Chapter 2B - Risk-Based Capital for Insurers.
Section 27-2B-1 - Short Title.
Section 27-2B-2 - Definitions.
Section 27-2B-6 - Authorized Control Level Event; Commissioner's Duties.
Section 27-2B-7 - Mandatory Control Level Event; Commissioner's Duties.
Section 27-2B-8 - Right to Departmental Hearing; Notification of Request for Hearing.
Section 27-2B-10 - Relationship to Other Laws; Adoption of Rules; Exemptions.
Section 27-2B-12 - Liability of Commissioner or Department of Insurance.
Section 27-2B-13 - Effectiveness of Notice to Insurer.