1. (1) An insurer becomes impaired if the insurer:

   1. (a) becomes insolvent;
   2. (b) is placed in receivership or administration;
   3. (c) declares bankruptcy; or
   4. (d) seeks protection from its creditors.
2. (2) An impaired insurer shall, within 30 days of the insurer becoming impaired, furnish the department with a claim summary and actuary information relevant to each claim for which the insurer may have future liability.

History: En. Sec. 14, Ch. 117, L. 2007.