1. An insurer shall notify the commissioner of the insurer’s request for a confidential hearing within five days after the occurrence of any of the following:

 a. Notification to an insurer by the commissioner of an adjusted risk-based capital report.
 b. Notification to an insurer by the commissioner of both of the following:

 (1) The insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory.
 (2) That the notification pursuant to this paragraph constitutes a regulatory-action-level event with respect to the insurer.
 c. Notification to an insurer by the commissioner that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the insurer to eliminate the company-action-level event in accordance with its risk-based capital plan or revised risk-based capital plan.
 d. Notification to an insurer by the commissioner of a corrective order with respect to the insurer.

Terms Used In Iowa Code 521E.7

  • Adjusted risk-based capital report: means a risk-based capital report adjusted by the commissioner pursuant to section 521E. See Iowa Code 521E.1
  • Commissioner: means the commissioner of insurance. See Iowa Code 521E.1
  • Corrective order: means an order issued by the commissioner of insurance specifying corrective actions which the commissioner has determined are required. See Iowa Code 521E.1
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Insurer: means a person duly licensed in this state as an insurance company pursuant to this subtitle. See Iowa Code 510.1B
  • Revised risk-based capital plan: is a risk-based capital plan which has been rejected by the commissioner and has been revised by the insurer, with or without the commissioner's recommendation. See Iowa Code 521E.1
  • Risk-based capital plan: means a comprehensive financial plan containing the elements identified in section 521E. See Iowa Code 521E.1
 2. An insurer receiving a notification pursuant to subsection 1 is entitled to a confidential hearing before the insurance division, at which the insurer may challenge a determination or action by the commissioner. Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which shall be not less than ten or more than thirty days after the date of the insurer’s request.
  Previous section
Next section  
 Chapter 521E Contents