1. A health organization receiving a notification pursuant to subsection 2 is entitled to a confidential hearing before the insurance division, at which the health organization may challenge a determination or action by the commissioner. Upon receipt of the health organization’s request for a hearing, the commissioner shall set a date for the hearing, which shall be not less than ten and not more than thirty days after the date of the health organization’s request.
2. A health organization shall notify the commissioner of the health organization’s request for a confidential hearing within five days after the occurrence of any of the following:
a. Notification to a health organization by the commissioner of an adjusted risk-based capital report.
b. Notification to a health organization by the commissioner of both of the following:
(1) That the health organization’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 health organization.
c. Notification to a health organization by the commissioner that the health organization 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 health organization to eliminate the company-action-level event in accordance with its risk-based capital plan or revised risk-based capital plan.
d. Notification to a health organization by the commissioner of a corrective order with respect to the health organization.