§ 521f-6

521F.6 Authorized-control-level event. 1. 'Authorized-control-level event' means any of the following:a. The filing of a risk-based capital report by the health organization which indicates that the health organization’s total adjusted capital is greater than or equal to itsmandatory-control-level risk-based capital but less than its authorized-control-levelrisk-based capital. b. Notification by the commissioner to a health organization of an adjusted risk-based capital report that indicates the event in paragraph 'a', provided the health organization doesnot challenge the adjusted risk-based capital report and request a hearing pursuant to section521F.8. c. After a hearing pursuant to section 521F.8, notification by the commissioner to the health organization that the commissioner has rejected the health organization’s challengeof the adjusted risk-based capital report indicating the event in paragraph 'a'. d. Failure of the health organization to respond to a corrective order in a manner satisfactory to the commissioner, unless the health organization has challenged thecorrective order pursuant to section 521F.8. e.

the health organization to respond to a corrective order in a manner satisfactory to the commissioner, unless the health organization has challenged thecorrective order pursuant to section 521F.8. e. Failure of the health organization to respond to a corrective order in a manner satisfactory to the commissioner after the health organization has challenged the correctiveorder pursuant to section 521F.8, and the commissioner, after a hearing pursuant to section521F.8, has rejected the challenge or modified the corrective order. 2. In the event of an authorized-control-level event, the commissioner shall do either of the following: a. Take action as required pursuant to section 521F.5 in the same manner as if a regulatory-action-level event has occurred. b. Take action as necessary to cause the health organization to be placed under supervision or other regulatory control under chapter 507C, if the commissioner deems suchaction to be in the best interests of the policyholders and creditors of the health organizationand of the public. If the commissioner takes such action pursuant to this paragraph, theauthorized-control-level event is deemed sufficient grounds for the commissioner to

s of the health organizationand of the public. If the commissioner takes such action pursuant to this paragraph, theauthorized-control-level event is deemed sufficient grounds for the commissioner to takeaction pursuant to chapter 507C and the commissioner has the rights, powers, and dutieswith respect to the health organization as set forth in chapter 507C. If the commissionertakes action under this paragraph pursuant to an adjusted risk-based capital report, thehealth organization is entitled to the protections of chapter 17A pertaining to summaryproceedings. 2000 Acts, ch 1050, §6 Sat Dec 23 00:53:10 2023 Iowa Code 2024, Section 521F.6 (15, 0)