OAR 836-011-0330
Regulatory Action Level Event

(1)

“Regulatory action level event” means, with respect to an insurer, any of the following events:

(a)

The filing of an RBC report by the insurer that indicates the insurer’s total adjusted capital is greater than or equal to its authorized control level RBC but less than its regulatory action level RBC;

(b)

Notification by the Director to the insurer of an adjusted RBC report that indicates the event in subsection (a) of this section (1), if the insurer does not challenge the adjusted RBC report under OAR 836-011-0360 (Hearings);

(c)

If, pursuant to OAR 836-011-0360 (Hearings), the insurer challenges an adjusted RBC report that indicates the event in subsection (a) of this section (1), notification by the Director to the insurer that the Director has, after a hearing, rejected the insurer’s challenge;

(d)

Failure of the insurer to file an RBC report by the filing date, unless the insurer has provided an explanation for the failure that is satisfactory to the Director and has cured the failure not later than the 10th day after the filing date;

(e)

Failure of the insurer to submit an RBC plan to the Director within the time period established in OAR 836-011-0320 (Company Action Level Event)(3);

(f)

Notification by the Director to the insurer that:

(A)

The RBC plan or revised RBC plan submitted by the insurer is unsatisfactory, in the judgment of the Director; and

(B)

Such notification constitutes a regulatory action level event with respect to the insurer, if the insurer has not challenged the determination under OAR 836-011-0360 (Hearings);

(g)

If, pursuant to OAR 836-011-0360 (Hearings), the insurer challenges a determination by the Director under subsection (f) of this section, the notification by the Director to the insurer that the Director has, after a hearing, rejected the challenge;

(h)

Notification by the Director to the insurer that the insurer 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 insurer to eliminate the company action level event in accordance with its RBC plan or revised RBC plan and the Director has so stated in the notification, and if the insurer has not challenged the determination under OAR 836-011-0360 (Hearings); or

(i)

If, pursuant to OAR 836-011-0360 (Hearings), the insurer challenges a determination by the Director under subsection (h) of this section (1), the notification by the Director to the insurer that the Director has, after a hearing, rejected the challenge.

(2)

In the event of a regulatory action level event, the Director shall:

(a)

Require the insurer to prepare and submit an RBC plan or, if applicable, a revised RBC plan;

(b)

Perform such examination or analysis of the assets, liabilities and operations of the insurer as the Director determines to be necessary, including a review of its RBC plan or revised RBC plan; and

(c)

Subsequent to the examination or analysis, issue a corrective order specifying the corrective actions that the Director determines to be required.

(3)

In determining corrective actions, the Director may take into account the factors that the Director determines to be relevant with respect to the insurer, based upon the Director’s examination or analysis of the assets, liabilities and operations of the insurer, including, but not limited to, the results of any sensitivity tests undertaken pursuant to the RBC instructions. The RBC plan or revised RBC plan shall be submitted:

(a)

Not later than the 45th day after the occurrence of the regulatory action level event;

(b)

If the insurer challenges an adjusted RBC report pursuant to OAR 836-011-0360 (Hearings) and the challenge is not frivolous in the judgment of the Director, not later than the 45th day after the notification to the insurer that the Director has, after a hearing, rejected the insurer’s challenge; or

(c)

If the insurer challenges a revised RBC plan pursuant to OAR 836-011-0360 (Hearings) and the challenge is not frivolous in the judgment of the Director, not later than the 45th day after the notification to the insurer that the Director has, after a hearing, rejected the insurer’s challenge.

Source: Rule 836-011-0330 — Regulatory Action Level Event, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-011-0330.

836‑011‑0000
Annual Statement Blank and Instructions 836‑011‑0015
Property and Casualty Actuarial Opinion of Reserves and Supporting Documentation 836‑011‑0020
Definitions 836‑011‑0022
Filing Procedures 836‑011‑0024
Contents of Corporate Governance Annual Disclosure 836‑011‑0030
Own Risk and Solvency Assessment 836‑011‑0050
Requirements for Segregation of Premium Received for Coverage Not Eligible for Federal Subsidies 836‑011‑0100
Authority 836‑011‑0110
Definitions 836‑011‑0120
Filing and Extensions for Filing of Annual Audited Financial Reports 836‑011‑0130
Exemptions 836‑011‑0140
Contents of Annual Audited Financial Report 836‑011‑0150
Designation of Independent Certified Public Accountant 836‑011‑0160
Qualifications of Independent Certified Public Accountant 836‑011‑0170
Consolidated or Combined Audits 836‑011‑0180
Scope of Audit and Report of Independent Certified Public Accountant 836‑011‑0190
Notification of Adverse Financial Condition 836‑011‑0200
Communication of Internal Control Related Matters Noted in an Audit 836‑011‑0210
Accountant’s Letter of Qualifications 836‑011‑0220
Definition, Availability and Maintenance of Independent Certified Public Accountants Workpapers 836‑011‑0223
Requirements for Audit Committee 836‑011‑0224
Internal Audit Function Requirements 836‑011‑0225
Conduct of Insurer in Connection with the Preparation of Required Reports and Documents 836‑011‑0227
Management’s Report of Internal Control over Financial Reporting 836‑011‑0230
Canadian and British Companies 836‑011‑0235
Effective Dates 836‑011‑0250
Authority 836‑011‑0253
Definitions 836‑011‑0255
Reserve Adequacy 836‑011‑0258
Unallocated Reserve Account 836‑011‑0260
Distribution of Annual Financial Statement 836‑011‑0300
Statutory Authority 836‑011‑0305
Definitions 836‑011‑0310
RBC Reports 836‑011‑0320
Company Action Level Event 836‑011‑0330
Regulatory Action Level Event 836‑011‑0340
Authorized Control Level Event 836‑011‑0350
Mandatory Control Level Event 836‑011‑0360
Hearings 836‑011‑0380
Supplemental Provisions 836‑011‑0390
Foreign Insurers 836‑011‑0430
Scope and Authority 836‑011‑0440
Report 836‑011‑0450
Acquisitions and Dispositions of Assets 836‑011‑0460
Nonrenewals, Cancellations or Revisions of Ceded Reinsurance Agreements 836‑011‑0500
Application 836‑011‑0505
Definitions 836‑011‑0510
RBC Reports 836‑011‑0515
Company Action Level Event 836‑011‑0520
Regulatory Action Level Event 836‑011‑0525
Authorized Control Level Event 836‑011‑0530
Mandatory Control Level Event 836‑011‑0535
Hearings 836‑011‑0540
Supplemental Provisions 836‑011‑0545
Foreign Health Care Service Contractors 836‑011‑0600
Report on Services Provided by Expanded Practice Dental Hygienists
Last Updated

Jun. 8, 2021

Rule 836-011-0330’s source at or​.us