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.
96 Acts, ch 1046, §15
Referred to in §521E.3, 521E.4, 521E.5, 521E.6
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