{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1524","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1524","heading":"Company Action Level Event","body":"A. \"Company Action Level Event\" means any of the following\n\nevents:\n\n1. The filing of an RBC Report by an insurer which indicates\n\nthat:\n\na. the insurer's Total Adjusted Capital is greater than\n\nor equal to its Regulatory Action Level RBC but less\n\nthan its Company Action Level RBC,\n\nb. if a life or health insurer, the insurer or fraternal\n\nbenefit society has Total Adjusted Capital which is\n\ngreater than or equal to its Company Action Level RBC\n\nbut less than the product of its Authorized Control\n\nLevel RBC and 3.0 and has a negative trend, or\n\nc. if a property and casualty insurer, the insurer has\n\ntotal adjusted capital which is greater than or equal\n\nto its Company Action Level RBC but less than the\n\nproduct of its Authorized Control Level RBC and 3.0\n\nand triggers the trend test determined in accordance\n\nwith the trend test calculation included in the\n\nProperty and Casualty RBC instructions;\n\n2. The notification by the Insurance Commissioner to the\n\ninsurer of an Adjusted RBC Report that indicates an event described\n\nin paragraph 1 of this subsection, provided the insurer does not\n\nchallenge the Adjusted RBC Report under Section 1528 of this title;\n\nor\n\n3. If, pursuant to Section 1528 of this title, an insurer\n\nchallenges an Adjusted RBC Report that indicates the event described\n\nin paragraph 1 of this subsection, the notification by the\n\nCommissioner to the insurer that the Commissioner has, after\n\nopportunity for a hearing, rejected the insurer's challenge.\n\nB. In the event of a Company Action Level Event, the insurer\n\nshall, unless otherwise directed by the Commissioner, prepare and\n\nsubmit to the Commissioner an RBC Plan which shall include the\n\nfollowing five elements:\n\n1. Conditions which contribute to the Company Action Level\n\nEvent;\n\n2. Proposals of corrective actions which the insurer intends to\n\ntake and which would be expected to result in the elimination of the\n\nCompany Action Level Event;\n\n3. Projections of the insurer's financial results in the\n\ncurrent year and at least the four (4) succeeding years, both in the\n\nabsence of proposed corrective actions and giving effect to the\n\nproposed corrective actions, including projections of statutory\n\noperating income, net income, and capital and surplus. Unless the\n\nCommissioner otherwise directs, the projections for both new and\n\nrenewal business shall include separate projections for each major\n\nline of business and separately identify each significant income,\n\nexpense and benefit component;\n\n4. The key assumptions impacting the insurer's projections and\n\nthe sensitivity of the projections to the assumptions; and\n\n5. The quality of, and problems associated with, the insurer's\n\nbusiness, including, but not limited to, its assets, anticipated\n\nbusiness growth and associated surplus strain, extraordinary\n\nexposure to risk, mix of business, and use of reinsurance, if any,\n\nin each case.\n\nC. The RBC Plan shall be submitted:\n\n1. Within forty-five (45) days of the Company Action Level\n\nEvent; or\n\n2. If the insurer challenges an Adjusted RBC Report pursuant to\n\nSection 1528 of this title, within forty-five (45) days after\n\nnotification to the insurer that the Commissioner has, after\n\nopportunity for a hearing, rejected the insurer's challenge.\n\nD. Within sixty (60) days after the submission by an insurer of\n\nan RBC Plan to the Commissioner, the Commissioner shall notify the\n\ninsurer whether the RBC Plan shall be implemented or is, in the\n\njudgment of the Commissioner, unsatisfactory. If the Commissioner\n\ndetermines the RBC Plan is unsatisfactory, the notification to the\n\ninsurer shall set forth the reasons for the determination, and may\n\nset forth proposed revisions which will render the RBC Plan\n\nsatisfactory, in the judgment of the Commissioner. Upon\n\nnotification from the Commissioner, the insurer shall prepare a\n\nRevised RBC Plan, which may incorporate by reference any revisions\nCommissioner\n\ndetermines the RBC Plan is unsatisfactory, the notification to the\n\ninsurer shall set forth the reasons for the determination, and may\n\nset forth proposed revisions which will render the RBC Plan\n\nsatisfactory, in the judgment of the Commissioner. Upon\n\nnotification from the Commissioner, the insurer shall prepare a\n\nRevised RBC Plan, which may incorporate by reference any revisions\n\nproposed by the Commissioner, and shall submit the Revised RBC Plan\n\nto the Commissioner:\n\n1. Within forty-five (45) days after the notification from the\n\nCommissioner; or\n\n2. If the insurer challenges the notification from the\n\nCommissioner under Section 1528 of this title, within forty-five\n\n(45) days after a notification to the insurer that the Commissioner\n\nhas, after opportunity for a hearing, rejected the insurer's\n\nchallenge.\n\nE. In the event of a notification by the Commissioner to an\n\ninsurer that the insurer's RBC Plan or Revised RBC Plan is\n\nunsatisfactory, the Commissioner may at the Commissioner's\n\ndiscretion, subject to the insurer's right to a hearing under\n\nSection 1528 of this title, specify in the notification that the\n\nnotification constitutes a Regulatory Action Level Event.\n\nF. Every domestic insurer that files an RBC Plan or Revised RBC\n\nPlan with the Commissioner shall file a copy of the RBC Plan or\n\nRevised RBC Plan with the insurance commissioner in any state in\n\nwhich the insurer is authorized to do business if:\n\n1. The state has an RBC provision substantially similar to\n\nsubsection A of Section 1531 of this title; and\n\n2. The insurance commissioner of that state has notified the\n\ninsurer of its request for the filing in writing. If such a request\n\nis made, the insurer shall file a copy of the RBC Plan or Revised\n\nRBC Plan in that state no later than the later of:\n\na. fifteen (15) days after the receipt of the request to\n\nfile a copy of its RBC Plan or Revised RBC Plan with\n\nthe state, or\n\nb. the date on which the RBC Plan or Revised RBC Plan is\n\nfiled under subsections C and D of this section.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d5e788f7ba6180269764707af746092bdb54be2a7730ec2b7fa41b9e4770550d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1523","next":"us-ok/okla.-stat.-tit.-36-36-1525"},"notice":"GroundRules: Original legal text. Not legal advice."}