Sec. 44. (a) The insurer has the right to a confidential departmental hearing, on the record, upon the occurrence of any of the following:

(1) Notification to an insurer by the commissioner of an adjusted RBC report.

Terms Used In Indiana Code 27-1-36-44

  • adjusted RBC report: means an RBC report that has been adjusted by the commissioner under section 28 of this chapter. See Indiana Code 27-1-36-2
  • Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
  • company action level event: has the meaning set forth in section 29 of this chapter. See Indiana Code 27-1-36-5
  • corrective order: means an order issued by the commissioner that specifies the corrective actions that the commissioner determines are required. See Indiana Code 27-1-36-7
  • insurer: includes :

    Indiana Code 27-1-36-9.6

  • RBC: refers to risk based capital. See Indiana Code 27-1-36-16
  • RBC plan: means a comprehensive financial plan containing the elements specified in section 30 of this chapter. See Indiana Code 27-1-36-19
  • revised RBC plan: means the revised RBC plan that an insurer must prepare, with or without the commissioner's recommendation, if the commissioner rejects the insurer's previous RBC plan. See Indiana Code 27-1-36-23
(2) Notification to an insurer by the commissioner under section 32(b) of this chapter.

(3) Notification to an insurer by the commissioner that:

(A) the insurer has failed to adhere to its RBC plan or revised RBC plan; and

(B) 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) Notification to an insurer by the commissioner of a corrective order with respect to the insurer.

     (b) At a confidential hearing under this section, the insurer may challenge any determination or action by the commissioner.

     (c) An insurer must notify the commissioner of the insurer’s request for a hearing under this section not more than five (5) days after the notification by the commissioner under subsection (a). Upon receiving the insurer’s request for a hearing, the commissioner shall set a date for the hearing. The date set by the commissioner must be:

(1) at least ten (10); and

(2) not more than thirty (30);

days after the date of the insurer’s request.

As added by P.L.186-1996, SEC.1.

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