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In this paper, we introduce an insurance ruin model with adaptive premiumrate, thereafter refered to as restructuring/refraction, in which classicalruin and bankruptcy are distinguished. In this model, the premium rate isincreased as soon as the wealth process falls into the red zone and is broughtback to its regular level when the process recovers. The analysis is mainlyfocused on the time a refracted L\'evy risk process spends in the red zone(analogous to the duration of the negative surplus). Building on results fromKyprianou and Loeffen (2010) and Loeffen et al. (2012), we identify thedistribution of various functionals related to occupation times of refractedspectrally negative L\'evy processes. For example, these results are used tocompute the probability of bankruptcy and the probability of Parisian ruin inthis model with restructuring.

On the time spent in the red by a refracted L\'evy risk process