20-488.05. Mandatory control level event
184 words·~1 min read·
/az/title-20/20-488-05A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. If a mandatory control level event occurs, the director shall take any actions that are necessary to place the insurer under regulatory control pursuant to chapter 1, article 2 and chapter 3, article 4 of this title. The mandatory control level event shall be deemed to be sufficient grounds for the director to take action under chapter 1, article 2 and chapter 3, article 4 of this title, and the director has the rights, powers and duties with respect to the insurer that are set forth in chapter 1, article 2 and chapter 3, article 4 of this title.
If the director takes any action under this subsection pursuant to an adjusted RBC report, the insurer is entitled to the same protection that is afforded to insurers under chapter 1, article 2 and chapter 3, article 4 of this title.
B. Notwithstanding subsection A, the director may forgo action for up to ninety days after the mandatory control level event if the director finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety day period.