Washington Administrative Code › Title 284 - Insurance Commissioner, Office of the › Chapter 284-36A - Fraternal benefit societies › Section 284-36A-045 - Regulatory action level event

Current through Register Vol. 24-14, July 15, 2024
(1) "Regulatory action level event" means,
			 with respect to a fraternal benefit society, any of the following events:
(a) The filing of an RBS report by the
			 fraternal benefit society which indicates that the fraternal benefit society's
			 total adjusted surplus is greater than or equal to its authorized control level
			 RBS but less than its regulatory action level RBS;
(b) The notification by the commissioner to a
			 fraternal benefit society of an adjusted RBS report that indicates the event in
			 (a) of this subsection, provided the fraternal benefit society does not
			 challenge the adjusted RBS report under WAC
			 284-36A-060;
(c) If, pursuant to WAC
			 284-36A-060, the fraternal
			 benefit society challenges an adjusted RBS report that indicates the event in
			 (a) of this subsection, the notification by the commissioner to the fraternal
			 benefit society that the commissioner has, after a hearing, rejected the
			 fraternal benefit society's challenge;
(d) The failure of the fraternal benefit
			 society to file an RBS report by the filing date, unless the fraternal benefit
			 society has provided an explanation for such failure which is satisfactory to
			 the commissioner and has cured the failure within ten days after the filing
			 date;
(e) The failure of the
			 fraternal benefit society to submit an RBS plan to the commissioner within the
			 time period set forth in WAC
			 284-36A-040(3);
(f) Notification by the commissioner to the
			 fraternal benefit society that:
(i) The RBS
			 plan or revised RBS plan submitted by the fraternal benefit society is, in the
			 judgment of the commissioner, unsatisfactory; and
(ii) Such notification constitutes a
			 regulatory action level event with respect to the fraternal benefit society,
			 provided the fraternal benefit society has not challenged the determination
			 under WAC
			 284-36A-060;
(g) If, pursuant to WAC
			 284-36A-060, the fraternal
			 benefit society challenges a determination by the commissioner under (f) of
			 this subsection, the notification by the commissioner to the fraternal benefit
			 society that the commissioner has, after a hearing, rejected such
			 challenge;
(h) Notification by the
			 commissioner to the fraternal benefit society that the fraternal benefit
			 society has failed to adhere to its RBS plan or revised RBS plan, but only if
			 such failure has a substantial adverse effect on the ability of the fraternal
			 benefit society to eliminate the society action level event in accordance with
			 its RBS plan or revised RBS plan and the commissioner has so stated in the
			 notification, provided the fraternal benefit society has not challenged the
			 determination under WAC
			 284-36A-060; or
(i) If, pursuant to WAC
			 284-36A-060, the fraternal
			 benefit society challenges a determination by the commissioner under (h) of
			 this subsection, the notification by the commissioner to the fraternal benefit
			 society that the commissioner has, after a hearing, rejected the
			 challenge.