{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-1525","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-1525","heading":"Regulatory Action Level Event","body":"A. \"Regulatory Action Level Event\" means, with respect to any\n\ninsurer, any of the following events:\n\n1. The filing of an RBC Report by the insurer which indicates\n\nthat the insurer's Total Adjusted Capital is greater than or equal\n\nto its Authorized Control Level RBC but less than its Regulatory\n\nAction Level RBC;\n\n2. The notification by the Insurance Commissioner to an insurer\n\nof an Adjusted RBC Report that indicates the event described in\n\nparagraph 1 of this subsection, provided the insurer does not\n\nchallenge the Adjusted RBC Report under Section 9 of this act;\n\n3. If, pursuant to Section 9 of this act, the 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\n4. The failure of the insurer to file an RBC Report by the\n\nfiling date, unless the insurer has provided an explanation for such\n\nfailure in writing prior to the filing date which is satisfactory to\n\nthe Commissioner, and has cured the failure within such time as may\n\nbe allowed by the Commissioner;\n\n5. The failure of the insurer to submit an RBC Plan to the\n\nCommissioner within the time period set forth in subsection C of\n\nSection 5 of this act;\n\n6. Notification by the Commissioner to the insurer that:\n\na. the RBC Plan or Revised RBC Plan submitted by the\n\ninsurer is, in the judgment of the Commissioner,\n\nunsatisfactory, and\n\nb. such notification constitutes a Regulatory Action\n\nLevel Event with respect to the insurer, provided the\n\ninsurer has not challenged the determination under\n\nSection 9 of this act;\n\n7. If, pursuant to Section 9 of this act, the insurer\n\nchallenges a determination by the Commissioner under paragraph 6 of\n\nthis subsection, the notification by the Commissioner to the insurer\n\nthat the Commissioner has, after opportunity for a hearing, rejected\n\nsuch challenge;\n\n8. Notification by the Commissioner to the insurer that the\n\ninsurer has failed to adhere to its RBC Plan or Revised RBC Plan,\n\nbut only if the failure has a substantial adverse effect on the\n\nability of the insurer to eliminate the Company Action Level Event\n\nin accordance with the RBC Plan or Revised RBC Plan and the\n\nCommissioner has so stated in the notification, provided the insurer\n\nhas not challenged the determination under Section 9 of this act; or\n\n9. If, pursuant to Section 9 of this act, the insurer\n\nchallenges a determination by the Commissioner under paragraph 8 of\n\nthis subsection, the notification by the Commissioner to the insurer\n\nthat the Commissioner has, after opportunity for a hearing, rejected\n\nthe challenge.\n\nB. In the event of a Regulatory Action Level Event:\n\n1. The insurer shall, unless otherwise directed by the\n\nCommissioner, prepare and submit an RBC Plan or, if applicable, a\n\nRevised RBC Plan;\n\n2. The Commissioner may perform such examination or analysis as\n\nthe Commissioner deems necessary of the assets, liabilities, and\n\noperations of the insurer including a review of its RBC Plan or\n\nRevised RBC Plan; and\n\n3. Subsequent to the examination or analysis, the Commissioner\n\nmay issue a corrective order specifying the corrective actions which\n\nthe Commissioner determines are required.\n\nC. In determining corrective actions, the Commissioner may take\n\ninto account the factors deemed relevant with respect to the insurer\n\nbased upon the Commissioner's examination or analysis of the assets,\n\nliabilities, and operations of the insurer, including, but not\n\nlimited to, the results of any sensitivity tests undertaken pursuant\n\nto the RBC Instructions. The RBC Plan or Revised RBC Plan shall be\n\nsubmitted:\n\n1. Within forty-five (45) days after the occurrence of the\n\nRegulatory Action Level Event;\n\n2. If the insurer challenges an Adjusted RBC Report pursuant to\non or analysis of the assets,\n\nliabilities, and operations of the insurer, including, but not\n\nlimited to, the results of any sensitivity tests undertaken pursuant\n\nto the RBC Instructions. The RBC Plan or Revised RBC Plan shall be\n\nsubmitted:\n\n1. Within forty-five (45) days after the occurrence of the\n\nRegulatory Action Level Event;\n\n2. If the insurer challenges an Adjusted RBC Report pursuant to\n\nSection 9 of this act, within forty-five (45) days after the\n\nnotification to the insurer that the Commissioner has, after\n\nopportunity for a hearing, rejected the insurer's challenge; or\n\n3. If the insurer challenges a Revised RBC Plan pursuant to\n\nSection 9 of this act, within forty-five (45) days after the\n\nnotification to the insurer that the Commissioner has, after\n\nopportunity for a hearing, rejected the insurer's challenge.\n\nD. The Commissioner may retain actuaries and investment experts\n\nand other consultants as may be necessary in the judgment of the\n\nCommissioner to review the insurer's RBC Plan or Revised RBC Plan,\n\nexamine or analyze the assets, liabilities, and operations of the\n\ninsurer, and formulate a corrective order with respect to the\n\ninsurer. The fees, costs, and expenses relating to consultants\n\nshall be borne by the affected insurer or such other party as\n\ndirected by the Commissioner.","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":"9684ea3057a5ba0ec2e62bbd2dfa2a9b811152a1b0773cbde183c730d3af3a08","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-1524","next":"us-ok/okla.-stat.-tit.-36-36-1526"},"notice":"GroundRules: Original legal text. Not legal advice."}