Current through Register Vol. 63, No. 8, August 1, 2024
Section 410-141-5220 - CAPITALIZATION: Mandatory Control Level Event(1) "Mandatory Control Level Event" means any of the following events: (a) The filing of an RBC Report that indicates that the CCO's Total Adjusted Capital is less than its Mandatory Control Level RBC. The CCO shall provide prompt written notice to the Authority, together with an RBC Report, if it learns that the CCO is the subject of a Mandatory Control Level Event.(b) Notification by the Authority to the CCO of an adjusted RBC Report that indicates the event in subsection (a), if the CCO does not challenge the adjusted RBC Report.(c) If the CCO challenges an adjusted RBC Report that indicates the event in subsection (a), notification by the Authority to the CCO that the Authority has, after a hearing, rejected the CCO's challenge.(2) In the event of a Mandatory Control Level Event, the Authority shall take the following actions:(a) Place the CCO under regulatory control and/or apply to have the CCO made the subject of court-ordered conservancy proceedings pursuant to Sections 24 through 37 of S.B. 1041.(b) Terminate the CCO's contract(s) with the Authority and cause the Members covered by the CCO to be transferred to one or more other CCOs.(3) Upon the occurrence of any of the following events, a CCO may request a hearing for the purpose of challenging any determination or action by the Authority in connection with any event described in this section. The CCO shall notify the Authority of its request for a hearing not later than the fifth day after notification by the Authority under any of the events described in this section. Upon receipt of the CCO's request for a hearing, the Authority shall set a date for the hearing. The date shall be not less than 10 or more than 30 days after the date of the CCO's request. The events to which the opportunity for a hearing under this section relates are as follows: (a) Notification to a CCO by the Authority of an adjusted RBC Report;(b) Notification to a CCO by the Authority that:(A) The CCO's RBC Plan or revised RBC Plan is unsatisfactory; and(B) Notification constitutes a Regulatory Action Level Event with respect to the CCO.(c) Notification to a CCO by the Authority that the CCO has failed to adhere to its RBC Plan or revised RBC Plan and that the failure has a substantial adverse effect on the ability of the CCO to eliminate the Company Action Level Event with respect to the CCO in accordance with its RBC Plan or revised RBC Plan; or(d) Notification to a CCO by the Authority of a Corrective Order with respect to the CCO.(4) The Authority may keep confidential a CCO's RBC Plan or the results or report of any examination or analysis conducted by the Authority in connection with a CCO's RBC Plan if the Authority determines that disclosure of such information is not necessary to protect the public interest and may jeopardize the CCO's ability to successfully implement the RBC Plan.Or. Admin. R. 410-141-5220
DMAP 59-2019, adopt filed 12/18/2019, effective 1/1/2020Statutory/Other Authority: ORS 413.042, 414.615, 414.625, 414.635 & 414.651
Statutes/Other Implemented: ORS 414.610 - 414.685