Section 51.30. Authorized control level event.

  If an authorized control level event occurs with respect to an insurer, the commissioner shall:

(1)  Take such actions as are required under s. Ins 51.20 regarding an insurer with respect to which a regulatory action level event has occurred; or

(2)  If the commissioner deems it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under ch. 645 , Stats. If the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under ch. 645 , Stats. , and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in ch. 645 , Stats.

History: Cr. Register, December, 1996, No. 492 , eff. 1-1-97.