58-12-55. Phase-in provision.
For risk-based capital reports required to be filed with respect to 1994, the following requirements apply in lieu of the provisions of G.S. 58-12-11:
(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 G.S. 58-12-16(a)(1), (2), or (3) the Commissioner shall take the actions required under G.S. 58-12-11.
(3) In the event of a regulatory action level event under G.S. 58-12-16(a)(4), (5), (6), (7), (8), or (9) or an authorized control level event, the Commissioner shall take the actions required under G.S. 58-12-16 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 G.S. 58-12-21 with respect to the insurer. (1993 (Reg. Sess., 1994), c. 678, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 12 - Risk-Based Capital Requirements.
§ 58-12-4 - Finding; endorsement of additional capital.
§ 58-12-6 - Risk-based capital reports.
§ 58-12-11 - Company action level event.
§ 58-12-16 - Regulatory action level event.
§ 58-12-21 - Authorized control level event.
§ 58-12-25 - Mandatory control level event.
§ 58-12-35 - Confidentiality and prohibition on announcements.
§ 58-12-40 - Supplemental provisions; rules; exemptions.
§ 58-12-45 - Foreign insurers.
§ 58-12-55 - Phase-in provision.
§ 58-12-60 - Property or casualty phase-in provision.