521E.7 - CONFIDENTIAL HEARINGS.
521E.7 CONFIDENTIAL HEARINGS. 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.
Section History: Recent Form 96 Acts, ch 1046, §15 Referred to in § 521E.3, 521E.4, 521E.5, 521E.6