Arizona Laws 20-488.06. Hearings
A. An insurer has the right to a hearing to challenge any determination or action made or taken by the director on the occurrence of any of the following:
Terms Used In Arizona Laws 20-488.06
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Company action level event: means any of the following:
(a) The filing of an RBC report by an insurer indicating either that:
(i) The insurer's total adjusted capital is more than or equal to its regulatory action level RBC but less than its company action level RBC. See Arizona Laws 20-488
- Corrective order: means an order that is issued by the director and that specifies corrective actions that the director has determined are required. See Arizona Laws 20-488
- RBC: means risk-based capital. See Arizona Laws 20-488
- RBC plan: means a comprehensive financial plan containing the elements specified in Section 20-488. See Arizona Laws 20-488
- Regulatory action level event: means , with respect to any insurer, any of the following events:
(a) The filing of an RBC report by the insurer indicating that the insurer's total adjusted capital is more than or equal to its authorized control level RBC but less than its regulatory action level RBC. See Arizona Laws 20-488
1. The notification by the director to the insurer of an adjusted RBC report.
2. The notification by the director to the insurer that both:
(a) The insurer’s RBC plan or revised RBC plan is unsatisfactory.
(b) The notice constitutes a regulatory action level event with respect to the insurer.
3. The notification by the director to the insurer that the insurer has failed to adhere to its RBC plan or revised RBC plan and that the insurer’s 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.
4. The notification by the director to an insurer of a corrective order.
B. The underlying decision or action that is the subject of any notification made by the director pursuant to subsection A of this section is an appealable agency action as defined in section 41-1092.
C. A hearing demanded by an insurer that is aggrieved by a decision or an action by the director pursuant to subsection A of this section is closed to the public, unless a principal party to the hearing requests the hearing to be open to the public pursuant to section 20-164, subsection A.
D. The insurer shall request a hearing within five days after receiving notice by the director under subsection A of this section. On receipt of the request for a hearing, the director shall set a date for the hearing at least ten days but not more than thirty days after the date of receipt of the request.