SECTION 38.2-5514. Phase-in provision  

For RBC Reports required to be filed by insurers with respect to 1994, the following requirements shall apply in lieu of the provisions of §§ 38.2-5503 , 38.2-5503 , 38.2-5503 and 38.2-5503 :

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

2. In the event of a Regulatory Action Level Event under subdivision A 1, A 2 or A 3 of § 38.2-5503 , the Commission shall take the actions required under § 38.2-5503 .

3. In the event of a Regulatory Action Level Event under subdivision 4, 5, 6, 7, 8 or 9 of subsection A of § 38.2-5503 or an Authorized Control Level Event, the Commission shall take the actions required under § 38.2-5503 with respect to the insurer.

4. In the event of a Mandatory Control Level Event with respect to an insurer, the Commission shall take the actions required under § 38.2-5503 with respect to the insurer.

1995, c. 38.2-5503 .