Upon any of the following, the insurer has the right to a confidential departmental hearing, on a record, at which the insurer may challenge any determination or action by the commissioner. The insurer shall notify the commissioner of the request for a hearing within five days after the notification by the commissioner under subsection 1, 2, 3, or 4. Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which date may be no less than ten nor more than thirty days after the date of the insurer’s request.

1.    Notification to an insurer by the commissioner of an adjusted risk-based capital report; 2.    Notification to an insurer by the commissioner that:

a. The insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory; and

b.    Such notification constitutes a regulatory action level event with respect to the insurer; 3.    Notification to any 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 with respect to the insurer in accordance with its risk-based capital plan or revised risk-based capital plan; or

4.    Notification to an insurer by the commissioner of a corrective order with respect to the insurer.