"Mandatory control event" means any of the following events:
(a) The filing of an RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC;
(b) notification by the commissioner to the insurer of an adjusted RBC report that indicates the event described in subsection (a) if:
(1) The insurer does not challenge the adjusted RBC report pursuant to K.S.A. 40-2c19 ; or
(2) the commissioner has rejected such challenge.