Connecticut Administrative Code › Title 38a - Insurance Department › 193 - Risk-Based Capital Requirements For Health Care Centers › Section 38a-193-4 - Regulatory action level event

Current through July 10, 2024
(a) As used in
			 Sections
			 38a-193-1 to
			 38a-193-13,
			 inclusive, of the Regulations of Connecticut State Agencies, "Regulatory Action
			 Level Event" means, with respect to a health care center, any of the following
			 events:
(1) The filing of a RBC report by the
			 health care center that indicates that the health care center's total adjusted
			 capital is greater than or equal to its Authorized Control Level RBC but less
			 than its Regulatory Action Level RBC;
(2) notification by the commissioner to a
			 health care center of an adjusted RBC report that indicates the event in
			 subdivision (1) of this subsection, provided the health care center does not
			 challenge the adjusted RBC report under section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies;
(3) if, pursuant to section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies, the health care center challenges an
			 adjusted RBC report that indicates the event in subdivision (1) of this
			 subsection, the notification by the commissioner to the health care center that
			 the commissioner has, after a hearing, rejected the health care center's
			 challenge;
(4) the failure of the
			 health care center to file a RBC report by the filing date, unless the health
			 care center has provided an explanation for the failure that is satisfactory to
			 the commissioner and has cured the failure not later than ten (10) days after
			 the filing date;
(5) the failure of
			 the health care center to submit a RBC plan to the commissioner within the time
			 period set forth in section
			 38a-193-3(c)
			 of the Regulations of Connecticut State Agencies;
(6) notification by the commissioner to the
			 health care center that the RBC plan or revised RBC plan submitted by the
			 health care center is, in the judgment of the commissioner, unsatisfactory;
			 Notification constitutes a Regulatory Action Level Event with respect to the
			 health care center, provided the health care center has not challenged the
			 determination under section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies;
(7) if, pursuant to section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies, the health care center challenges a
			 determination by the commissioner under subdivision (6) of this subsection, the
			 notification by the commissioner to the health care center that the
			 commissioner has, after a hearing, rejected the challenge;
(8) notification by the commissioner to the
			 health care center that the health care center has failed to adhere to its RBC
			 plan or revised RBC plan, but only if the failure has a substantial adverse
			 effect on the ability of the health care center to eliminate the Company Action
			 Level Event in accordance with its RBC plan or revised RBC plan and the
			 commissioner has so stated in the notification, provided the health care center
			 has not challenged the determination under section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies; or
(9) if, pursuant to section
			 38a-193-7 of the
			 Regulations of Connecticut State Agencies, the health care center challenges a
			 determination by the commissioner under subdivision (8) of this subsection, the
			 notification by the commissioner to the health care center that the
			 commissioner has, after a hearing, rejected the challenge.