1. An insurer shall notify the commissioner of the insurer’s request for a confidential hearing within five days after the occurrence of any of the following:
a. Notification to an insurer by the commissioner of an adjusted risk-based capital report.
b. Notification to an insurer by the commissioner of both of the following:
(1) The insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory.
(2) That the notification pursuant to this paragraph constitutes a regulatory-action-level event with respect to the insurer.
c. Notification to an insurer by the commissioner that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company-action-level event in accordance with its risk-based capital plan or revised risk-based capital plan.
d. Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
2. An insurer receiving a notification pursuant to subsection 1 is entitled to a confidential hearing before the insurance division, at which the insurer may challenge a determination or action by the commissioner. Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which shall be not less than ten or more than thirty days after the date of the insurer’s request.
96 Acts, ch 1046, §15