§431:3-407  Hearing.  (a)  The insurershall have the right to a hearing pursuant to chapter 91 upon being notified ofany of the following:

(1)  Notification to an insurer by the commissioner ofan adjusted risk-based capital report;

(2)  Notification to an insurer by the commissionerthat:

(A)  The insurer's risk-based capital plan orrevised risk-based capital plan is unsatisfactory; and

(B)  The notification constitutes a regulatoryaction level event with respect to the insurer;

(3)  Notification to any insurer by the commissionerthat the insurer has failed to adhere to its risk-based capital plan or revisedrisk-based capital plan and that the failure has a substantial adverse effecton the ability of the insurer to eliminate the company action level event withrespect to the insurer in accordance with its risk-based capital plan orrevised risk-based capital plan; or

(4)  Notification to an insurer by the commissioner ofa corrective order with respect to the insurer.

(b)  The insurer shall have the right to aconfidential hearing exempt from chapter 92, on the record, and pursuant tochapter 91, at which the insurer may challenge any determination or action bythe commissioner.  The insurer shall notify the commissioner of its request fora hearing within five days after receiving the notification by the commissionerpursuant to subsection (a).  Upon receipt of the insurer's request for ahearing, the commissioner shall set a date for the hearing, which date shall beno less than ten days, nor more than thirty days, after the date of theinsurer's request. [L 1994, c 190, pt of §1; am L 1995, c 61, §2 as supersededby c 232, §4; am L 1997, c 75, §10; am L 1999, c 128, §2]