2006 Minnesota Statutes

60A.55 MANDATORY CONTROL LEVEL EVENT.
    Subdivision 1. Definition. "Mandatory control level event" means any of the following
events:
(1) the filing of an RBC report which indicates that the health organization's total adjusted
capital is less than its mandatory control level RBC;
(2) notification by the commissioner to the health organization of an adjusted RBC report
that indicates the event in clause (1), provided the health organization does not challenge the
adjusted RBC report under section 60A.56; or
(3) if, pursuant to section 60A.56, the health organization challenges an adjusted RBC report
that indicates the event in clause (1), notification by the commissioner to the health organization
that the commissioner has, after a hearing, rejected the health organization's challenge.
    Subd. 2. Commissioner's duties. (a) In the event of a mandatory control level event, the
commissioner shall take such actions as are necessary to place the health organization under
regulatory control under section 60B.13. In that event, the mandatory control level event is
considered sufficient grounds for the commissioner to take action under section 60B.13, and the
commissioner shall have the rights, powers, and duties with respect to the health organization
as are set forth in section 60B.13. If the commissioner takes actions pursuant to an adjusted
RBC report, the health organization is entitled to the protections of sections 60B.11 and 60B.13
pertaining to summary proceedings.
(b) Notwithstanding paragraph (a), the commissioner may forego action for up to 90 days
after 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.
History: 2004 c 285 art 1 s 6