Or. Admin. R. 410-141-5220 - CAPITALIZATION: Mandatory Control Level Event
Current through Register Vol. 60, No. 12, December 1, 2021
(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.
Notes
Statutory/Other Authority: ORS 413.042, 414.615, 414.625, 414.635 & 414.651
Statutes/Other Implemented: ORS 414.610 - 414.685
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