(1) If any of the events listed in subsection (b) of this section occurs, the insurer shall have the right to a confidential administrative hearing on record, at which the insurer may challenge any determination or action by the Insurance Commissioner.
(A) The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under subsection (b) of this section.
(B) On receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing. The date shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request.
(b) Subsection (a) of this section applies if:
(1) The commissioner notifies an insurer of an adjusted RBC report;
(2) The commissioner notifies an insurer that:
(A) The insurer's RBC plan or revised RBC plan is unsatisfactory; and
(B) The notification constitutes a regulatory action level event with respect to the insurer;
(3) The commissioner notifies an insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer according to its RBC plan or revised RBC plan; or
(4) The commissioner notifies an insurer of a corrective order with respect to the insurer.
Acts 1995, No. 622, § 1; 2011, No. 760, § 4.