Or. Admin. Code § 410-141-5215 - CAPITALIZATION: Authorized Control Level Event

(1) "Authorized Control Level Event" means any of the following events:

(a) The filing of an RBC Report by the CCO that indicates that the CCO's Total Adjusted Capital is greater than or equal to its Mandatory Control Level RBC but less than its Authorized 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 an Authorized Control Level Event;

(b) The 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), according to the terms of the CCO Contract, notification by the Authority to the CCO that the Authority has rejected the CCO's challenge;

(d) The failure of the CCO to respond, in a manner satisfactory to the Authority, to a Corrective Order if the CCO has not challenged the Corrective Order;

(e) If the CCO has challenged a Corrective Order according to the terms of the CCO Contract and the Authority has rejected the challenge or modified the Corrective Order, the failure of the CCO to respond, in a manner satisfactory to the Authority, to the Corrective Order subsequent to rejection or modification by the Authority.

(2) In the event of an Authorized Control Level Event, the Authority may take any or all of the following actions:

(a) Take such actions as are allowed under OAR 410-141-5210 regarding a CCO with respect to which a Regulatory Action Level Event has occurred;

(b) If the Authority deems it to be in the best interests of the Members and creditors of the CCO and of the public, the Authority may:

(A) Place the CCO under regulatory control and/or apply to have the CCO made the subject of court-ordered conservancy proceedings pursuant to ORS 415.203 to 415.400;

(B) Terminate the CCO Contract(s) with the Authority and cause the Members covered by the CCO to be transferred to one or more other CCOs.

Notes

Or. Admin. Code § 410-141-5215

DMAP 59-2019, adopt filed 12/18/2019, effective 1/1/2020; DMAP 143-2024, amend filed 12/29/2024, effective 1/1/2025

Statutory/Other Authority: ORS 413.042, 414.572, 414.591 & 414.605

Statutes/Other Implemented: ORS 414.570-414.686 & 415.001-415.430