"Mandatory control event" means any of the following events:
(a) The filing of an RBC report by the health organization which indicates that the health organization's total adjusted capital is less than its mandatory control level RBC;
(b) the notification by the commissioner to the health organization of an adjusted RBC report that indicates the event described in subsection (a) if:
(1) The health organization does not challenge the adjusted RBC report pursuant to K.S.A. 40-2d19 , and amendments thereto; or
(2) the commissioner has rejected such challenge.