Sec. 42. (a) If a mandatory control level event occurs with respect to a life insurer, a health insurer, or a fraternal benefit society, the commissioner shall take the actions necessary to place the insurer under regulatory control under IC 27-9 . (b) A mandatory control level event is sufficient grounds for the commissioner to take action against a life insurer, a health insurer, or a fraternal benefit society under IC 27-9 , and the commissioner has the rights, powers, and duties with respect to the insurer that are set forth in IC 27-9 . (c) If the commissioner takes action against a life insurer, a health insurer, or a fraternal benefit society under an adjusted RBC report, the insurer is entitled to the protections of IC 27-9-2 pertaining to summary proceedings. (d) The commissioner may forego action under subsections (a) through (c) for not more than ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety (90) day period.
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