An insurer may request a hearing, as provided in ORS 731.240, for the purpose of challenging any determination or action by the Director in connection with any event described in this rule. The insurer shall notify the Director of its request for a hearing not later than the fifth day after notification by the Director under any of the events described in this rule. Upon receipt of the insurer’s request for a hearing, the Director shall set a date for the hearing. The date shall be not less than 10 nor more than 30 days after the date of the insurer’s request. The events to which the opportunity for a hearing under this rule relates are as follows:

1. (1) Notification to an insurer by the Director of an adjusted RBC report;
2. (2) Notification to an insurer by the Director that the insurer’s RBC plan or revised RBC plan is unsatisfactory, and such notification constitutes a regulatory action level event with respect to the insurer;
3. (3) Notification to any insurer by the Director 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 in accordance with its RBC plan or revised RBC plan; or
4. (4) Notification to an insurer by the Director of a corrective order with respect to the insurer.

Statutory/Other Authority

ORS 731.244, 731.554 & 733.210

Statutes/Other Implemented

ORS 731.240, 731.554 & 731.574

History

ID 7-1995, f. & cert. ef. 11-15-95