OAR 836-011-0515
Company Action Level Event

(1)

“Company Action Level Event” means any of the following events:

(a)

Intentionally left blank —Ed.

(A)

The filing of an RBC report by a health care service contractor that indicates that the health care service contractor’s total adjusted capital is greater than or equal to its Regulatory Action Level RBC but less than its Company Action Level RBC; or

(B)

If a health care service contractor has total adjusted capital that is greater than or equal to its Company Action Level RBC but less than the product of its Authorized Control Level RBC and 3.0 and triggers the trend test determined in accordance with the trend test calculation included in the Health RBC instructions;

(b)

Notification by the Director to the health care service contractor of an adjusted RBC report that indicates an event in subsection (a) of this subsection, if the health care service contractor does not challenge the adjusted RBC report under OAR 836-011-0535 (Hearings); or

(c)

If, pursuant to OAR 836-011-0535 (Hearings), a health care service contractor challenges an adjusted RBC report that indicates the event in subsection (a) of this section, the notification by the Director to the health care service contractor that the Director has, after a hearing, rejected the health care service contractor’s challenge.

(2)

In the event of a Company Action Level Event, the health care service contractor shall prepare and submit to the Director an RBC plan that shall:

(a)

Identify the conditions that contribute to the Company Action Level Event;

(b)

Contain proposals of corrective actions that the health care service contractor intends to take and that would be expected to result in the elimination of the Company Action Level Event;

(c)

Provide projections of the health care service contractor’s financial results in the current year and at least the two succeeding years, both in the absence of proposed corrective actions and giving effect to the proposed corrective actions, including projections of statutory balance sheets, operating income, net income, capital and surplus, and RBC levels. The projections for both new and renewal business might include separate projections for each major line of business and separately identify each significant income, expense and benefit component;

(d)

Identify the key assumptions impacting the health care service contractor’s projections and the sensitivity of the projections to the assumptions; and

(e)

Identify the quality of, and problems associated with, the health care service contractor’s business, including but not limited to its assets, anticipated business growth and associated surplus strain, extraordinary exposure to risk, mix of business and use of reinsurance, if any, in each case.

(3)

The RBC plan shall be submitted

(a)

Within 45 days of the Company Action Level Event; or

(b)

If the health care service contractor challenges an adjusted RBC report pursuant to OAR 836-011-0535 (Hearings), within 45 days after notification to the health care service contractor that the Director has, after a hearing, rejected the health care service contractor’s challenge.

(4)

Within 60 days after the submission by a health care service contractor of an RBC plan to the Director, the Director shall notify the health care service contractor whether the RBC plan shall be implemented or is, in the judgment of the Director, unsatisfactory. If the Director determines the RBC plan is unsatisfactory, the notification to the health care service contractor shall set forth the reasons for the determination and may set forth proposed revisions that will render the RBC plan satisfactory, in the judgment of the Director. Upon notification from the Director, the health care service contractor shall prepare a revised RBC plan, which may incorporate by reference any revisions proposed by the Director, and shall submit the revised RBC plan to the Director:

(a)

Within 45 days after the notification from the Director; or

(b)

If the health care service contractor challenges the notification from the Director under OAR 836-011-0535 (Hearings), within 45 days after a notification to the health care service contractor that the Director has, after a hearing, rejected the health care service contractor’s challenge.

(5)

In the event of a notification by the Director to a health care service contractor that the health care service contractor’s RBC plan or revised RBC plan is unsatisfactory, the Director may at the Director’s discretion, subject to the health care service contractor’s right to a hearing under OAR 836-011-0535 (Hearings), specify in the notification that the notification constitutes a Regulatory Action Level Event.

(6)

Every domestic health care service contractor that files an RBC plan or revised RBC plan with the Director shall file a copy of the RBC plan or revised RBC plan with the insurance commissioner in any state in which the health care service contractor is authorized to do business if:

(a)

The state has an RBC provision substantially similar to ORS 731.752 (Confidentiality of report used for determination of required amount of capital or surplus); and

(b)

The insurance commissioner of that state has notified the health care service contractor of its request for the filing in writing, in which case the health care service contractor shall file a copy of the RBC plan or revised RBC plan in that state no later than the later of:

(A)

Fifteen days after the receipt of notice to file a copy of its RBC plan or revised RBC plan with the state; or

(B)

The date on which the RBC plan or revised RBC plan is filed under sections (3) and (4) of this rule.

Source: Rule 836-011-0515 — Company Action Level Event, .

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 836-011-0515’s source at