(a) As used in this subchapter, "regulatory action level event" means, with respect to an insurer, any of the following events:

(1) The filing of an RBC report by the insurer that shows the insurer's total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action level RBC;

(2) The notification by the Insurance Commissioner to an insurer of an adjusted RBC report that indicates the event in subdivision (a)(1) of this section if the insurer does not challenge the adjusted RBC report under § 23-63-1308;

(3) If under § 23-63-1308 the insurer challenges an adjusted RBC report that indicates the event in subdivision (a)(1) of this section, the notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;

(4) The 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 commissioner and has cured the failure within ten (10) days after the filing date;

(5) The failure of the insurer to submit an RBC plan to the commissioner within the time period stated in § 23-63-1304(c);

(6) Notification by the commissioner to the insurer that:

(A) The RBC plan or revised RBC plan submitted by the insurer is unsatisfactory in the judgment of the commissioner; and

(B) The notification constitutes a regulatory action level event with respect to the insurer if the insurer has not challenged the determination under § 23-63-1308;

(7) If under § 23-63-1308 the insurer challenges a determination by the commissioner under subdivision (a)(6) of this section, the notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the challenge;

(8) Notification by the commissioner 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 according to its RBC plan or revised RBC plan and the commissioner has so stated in the notification if the insurer has not challenged the determination under § 23-63-1308; or

(9) If under § 23-63-1308 the insurer challenges a determination by the commissioner under subdivision (a)(8) of this section, the notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the challenge.

(b) In the event of a regulatory action level event the commissioner shall:

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

(2) Perform the examination or analysis as the commissioner considers necessary of the assets, liabilities, and operations of the insurer, including a review of its RBC plan or revised RBC plan; and

(3) After the examination or analysis, issue a corrective order specifying the corrective actions as the commissioner shall determine are needed.

(c)

(1) In determining corrective actions, the commissioner may take into account the factors considered relevant with respect to the insurer based on the commissioner's examination or analysis of the assets, liabilities, and operations of the insurer, including without limitation the results of sensitivity tests undertaken under the RBC instructions.

(2) The insurer shall submit the RBC plan or revised RBC plan:

(A) Within forty-five (45) days after the occurrence of the regulatory action level event;

(B) If the insurer challenges an adjusted RBC report under § 23-63-1308 and the challenge is not frivolous in the judgment of the commissioner, within forty-five (45) days after the notification to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge; or

(C) If the insurer challenges a revised RBC plan under § 23-63-1308 and the challenge is not frivolous in the judgment of the commissioner, within forty-five (45) days after the notification to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge.

(d) The commissioner may keep actuaries and investment experts and other consultants as necessary in the judgment of the commissioner to review the insurer's RBC plan or revised RBC plan, examine or analyze the assets, liabilities, and operations of the insurer, and make the corrective order with respect to the insurer. The fees, costs, and expenses relating to consultants are borne by the affected insurer or the other party as directed by the commissioner.