TITLE 41

INSURANCE

CHAPTER 54

RISK-BASED CAPITAL (RBC) FOR INSURERS ACT

41-5407.  Hearings. Upon any of the following the insurer shall have the right to a confidential departmental hearing, on a record, at which the insurer may challenge any determination or action by the director. The insurer shall notify the director of its request for a hearing within five (5) days after the notification by the director under subsection (1), (2), (3) or (4) of this section. Upon receipt of the insurer’s request for a hearing, the director shall set a date for the hearing, which date shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer’s request.

(1)  Notification to an insurer by the director of an adjusted RBC report; or

(2)  Notification to an insurer by the director that:

(a)  The insurer’s RBC plan or revised RBC plan is unsatisfactory; and

(b)  Such notification constitutes a regulatory action level event with respect to such insurer; or

(3)  Notification to any insurer by the director that the insurer has failed to adhere to its RBC plan or revised RBC plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or

(4)  Notification to an insurer by the director of a corrective order with respect to the insurer.

History:

[41-5407, added 1996, ch. 96, sec. 1, p. 290.]