83-5-413 - Hearings.
§ 83-5-413. Hearings.
In order to maintain the integrity of proceedings and prevent undue advantage to a competitor by disclosure of proprietary information, 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 commissioner after notification by the commissioner as provided in this section. The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under paragraph (a), (b), (c) or (d) of this section. Upon receipt of the insurer's request for a hearing, the commissioner 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.
The notifications are as follows:
(a) Notification to an insurer by the commissioner of an adjusted RBC report; or
(b) Notification to an insurer by the commissioner that:
(i) The insurer's RBC plan or revised RBC plan is unsatisfactory; and
(ii) Such notification constitutes a regulatory action level event with respect to such insurer; or
(c) Notification to any insurer by the commissioner 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
(d) Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
Sources: Laws, 1996, ch. 478, § 7, eff from and after July 1, 1996.