§6460. Foreign insurers








1. Submission of risk-based capital report. 
Upon the written request of the superintendent, a foreign insurer shall submit to
the superintendent a risk-based capital report as of the end of the previous calendar
year by the later of:





A. The date a risk-based capital report would be required to be filed by a domestic
insurer under this chapter; or [1993, c. 634, Pt. A, §1 (NEW).]










B. Fifteen days after the request is received by the foreign insurer. [1993, c. 634, Pt. A, §1 (NEW).]







At the written request of the superintendent, a foreign insurer shall promptly submit
to the superintendent a copy of any risk-based capital plan that is filed with the
insurance superintendent of any other state.


[
1993, c. 634, Pt. A, §1 (NEW)
.]








2. Company action level event or regulatory action level event. 
When a company action level event or regulatory action level event with respect
to a foreign insurer occurs, as determined under laws governing risk-based capital
applicable in the state of domicile of the insurer, or, if no such risk-based capital
provision is in force in that state, under the provisions of this chapter, if the
insurance superintendent of the state of domicile of the foreign insurer fails to
require the foreign insurer to file a risk-based capital plan in the manner specified
under the laws governing risk-based capital in that state, or, if no such risk-based
capital provision is in force in that state, under this chapter, the superintendent
may require the foreign insurer to file a risk-based capital plan with the superintendent.
In this event, the failure of the foreign insurer to file a risk-based capital plan
with the superintendent is grounds to order the insurer to desist from writing new
insurance business in this State.


[
1993, c. 634, Pt. A, §1 (NEW)
.]








3. Mandatory control level event. 
When a mandatory control level event with respect to any foreign insurer occurs,
if a domiciliary receiver has not been appointed with respect to the foreign insurer
under the rehabilitation and liquidation statute applicable in the state of domicile
of the foreign insurer, the superintendent may make application to the Superior Court
under chapter 57 with respect to the liquidation of property of foreign insurers in
this State, and the occurrence of the mandatory control level event is considered
adequate grounds for the application.


[
1993, c. 634, Pt. A, §1 (NEW)
.]





SECTION HISTORY

1993, c. 634, §A1 (NEW).