Any insurer or health organization has the right to a confidential administrative hearing of record in accordance with Chapter 59A, Article 4 NMSA 1978 at which the insurer or health organization may challenge any determination or action by the superintendent pursuant to the Risk-Based Capital Act.
A. The insurer or health organization shall file and serve on the superintendent its request for hearing within five days after any of the following events:
(1) the superintendent's notification to the insurer or health organization of an adjusted risk-based capital report;
(2) the superintendent's notification to the insurer or health organization that:
(a) the insurer's or health organization's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and
(b) such notification constitutes a regulatory action level event with respect to the insurer or health organization;
(3) the superintendent's notification to the insurer or health organization that the insurer or health organization has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that such failure has had or will have a substantial adverse effect on the ability of the insurer or health organization to eliminate the company action level event; or
(4) the superintendent's notification to an insurer or health organization of a corrective order with respect to the insurer or health organization.
B. Upon receipt of the insurer's or health organization's request for hearing, the superintendent shall set a hearing date, which shall be not less than ten nor more than thirty days after the date of the insurer's or health organization's request.