1. 1. Right to hearing An insurer has the right to a departmental hearing, on record, at which the insurer may challenge any determination or action by the superintendent upon: The insurer must notify the superintendent of its request for a hearing within 5 days after the notification by the superintendent under paragraph A, B, C or D. Upon receipt of the insurer's request for a hearing, the superintendent shall set a date for the hearing, which may not be less than 10 or more than 30 days after the date of the insurer's request.

   1. A. Notification to an insurer by the superintendent of an adjusted risk-based capital report;

      [PL 1993, c. 634, Pt. A, §1 (NEW).]

   2. B. Notification to an insurer by the superintendent that:

      1. (1) The insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and

      2. (2) That notification constitutes a regulatory action level event with respect to the insurer;

         [PL 1993, c. 634, Pt. A, §1 (NEW).]

   3. C. Notification to any insurer by the superintendent that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital 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 risk-based capital plan or revised risk-based capital plan; or

      [PL 1993, c. 634, Pt. A, §1 (NEW).]

   4. D. Notification to an insurer by the superintendent of a corrective order with respect to the insurer.

      [PL 1993, c. 634, Pt. A, §1 (NEW).]

   The insurer must notify the superintendent of its request for a hearing within 5 days after the notification by the superintendent under paragraph A, B, C or D. Upon receipt of the insurer's request for a hearing, the superintendent shall set a date for the hearing, which may not be less than 10 or more than 30 days after the date of the insurer's request.

   [PL 1993, c. 634, Pt. A, §1 (NEW).]

PL 1993, c. 634, §A1 (NEW).