1. (a) If the commissioner finds that the net worth maintained by a health maintenance organization subject to this article is less than the minimum net worth required by IC 27-13-12 , the commissioner shall:

   1. (1) give written notice to the health maintenance organization of the amount of the deficiency; and

   2. (2) require the health maintenance organization to:

      1. (A) file with the commissioner a plan for correction of the deficiency that is acceptable to the commissioner; and
      2. (B) correct the deficiency within a reasonable time, not to exceed sixty (60) days, unless an extension of time, not to exceed an additional sixty (60) days, is granted by the commissioner.

2. (b) A deficiency described in subsection (a) is an impairment, and the failure of a health maintenance organization to correct the impairment in the time prescribed by the commissioner under subsection (a) is grounds for:

   1. (1) the suspension or revocation of the certificate of authority of the organization; or
   2. (2) placing the health maintenance organization in rehabilitation or liquidation.

As added by P.L.26-1994, SEC.25.