Notice Requirement/Corrective Action

Section 1075 Section 1075.1255  Notice Requirement/Corrective Action A holding company shall give immediate written notice to the Director of any corrective action ordered or requested by a governmental agency, relative to the financial affairs of the holding company, except those actions ordered by the Director. A holding company shall give written notice before acting upon such orders or requests, except when such order is effective immediately upon receipt. The method of transmittal shall be by messenger mail, private messenger service or telefax transmittal. Any such corrective actions required to be performed immediately shall be reported to the Director within 24 hours after receipt.