RBC plan; notice by commissioner; revised RBC plan

Sec. 32. (a) Not more than sixty (60) days after an insurer submits an RBC plan under section 31 of this chapter, the commissioner shall notify the insurer of whether the RBC plan: (1) must be implemented; or (2) is unsatisfactory. (b) If the commissioner determines that an RBC plan is unsatisfactory, the notification to the insurer: (1) must state the reasons for the determination; and (2) may include revisions proposed by the commissioner that will render the RBC plan satisfactory. (c) Upon receiving a notification from the commissioner under subsection (b), the insurer shall prepare a revised RBC plan. The revised RBC plan may incorporate by reference any revisions proposed by the commissioner. The insurer shall submit the revised RBC plan to the commissioner: (1) not more than forty-five (45) days after the insurer receives the notification under subsection (a)(2); or (2) not more than forty-five (45) days after the insurer receives the notification from the commissioner that the commissioner has, after a hearing under section 44 of this chapter, rejected the insurer's challenge.