Sec.38a-72-12. Phase-in provision

(a) For RBC Reports required to be filed by property and casualty insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of sections 38a-72-3, 38a-72-4, 38a-72-5, and 38a-72-6:

(1) In the event of a Company Action Level Event with respect to a domestic insurer, the commissioner shall take no regulatory action hereunder.

(2) In the event of a Regulatory Action Level Event under section 38a-72-4 (a) (1), (2), or (3) the commissioner shall take the actions required under section 38a-72-3.

(3) In the event of a regulatory Action Level Event under section 38a-72-4 (a) (4), (5), (6), (7), (8), or (9) or an Authorized Control Level Event, the commissioner shall take the actions required under section 38a-72-4 with respect to the insurer.

(4) In the event of a Mandatory Control Level Event with respect to an insurer, the commissioner shall take the actions required under section 38a-72-5 with respect to the insurer.

(Effective September 28, 1994)