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“Authorized Control Level Event” means any of the following events:
The filing of an RBC Report by the insurer that indicates that the insurer's Total Adjusted Capital is greater than or equal to its Mandatory Control Level RBC but less than its Authorized Control Level RBC;
The notification by the commissioner to the insurer of an Adjusted RBC Report that indicates the event in subdivision (a)(1); provided, that the insurer does not challenge the Adjusted RBC Report under § 56-46-108;
If, pursuant to § 56-46-108, the insurer challenges an Adjusted RBC Report that indicates the event in subdivision (a)(1), notification by the commissioner to the insurer that the commissioner has, after a hearing, rejected the insurer's challenge;
The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order; provided, that the insurer has not challenged the corrective order under § 56-46-108; or
If the insurer has challenged a corrective order under § 56-46-108 and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.
In the event of an Authorized Control Level Event with respect to an insurer, the commissioner shall:
Take the actions that are required under § 56-46-105 regarding an insurer with respect to which a Regulatory Action Level Event has occurred; or
If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take actions necessary to cause the insurer to be placed under regulatory control pursuant to chapter 9 of this title. In the event the commissioner takes such actions, the Authorized Control Level Event shall be deemed sufficient grounds for the commissioner to take action pursuant to chapter 9 of this title, and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in chapter 9 of this title. In the event the commissioner takes actions under this subsection (b) pursuant to an Adjusted RBC Report, the insurer shall be entitled to the protections that are afforded to insurers under chapter 9, part 2 of this title.