Virginia Code 38.2-5507: Hearings
A. A licensee shall have the right to a confidential hearing, on a record before the Commission, at which the licensee may challenge any determination or action by the Commission, upon:
Terms Used In Virginia Code 38.2-5507
- Adjusted RBC Report: means an RBC report which has been adjusted by the Commission in accordance with subsection F of § 38. See Virginia Code 38.2-5501
- Commission: means the State Corporation Commission. See Virginia Code 38.2-100
- Company: means any association, aggregate of individuals, business, corporation, individual, joint-stock company, Lloyds type of organization, organization, partnership, receiver, reciprocal or interinsurance exchange, trustee or society. See Virginia Code 38.2-100
- Corrective Order: means an order issued by the Commission specifying corrective actions which the Commission has determined are required. See Virginia Code 38.2-5501
- Licensee: means and includes a life and health insurer, a property and casualty insurer, and a health organization. See Virginia Code 38.2-5501
- RBC: means risk-based capital. See Virginia Code 38.2-5501
- RBC Plan: means a comprehensive financial plan containing the elements specified in subsection B of § 38. See Virginia Code 38.2-5501
1. Notification to a licensee by the Commission of an Adjusted RBC Report;
2. Notification to a licensee by the Commission that (i) the licensee’s RBC Plan or Revised RBC Plan is unsatisfactory and (ii) such notification constitutes a Regulatory Action Level Event with respect to such licensee;
3. Notification to a licensee by the Commission that the licensee has failed to adhere to its RBC Plan or Revised RBC Plan and that such failure has a substantial adverse effect on the ability of the licensee to eliminate the Company Action Level Event with respect to the licensee in accordance with its RBC Plan or Revised RBC Plan; or
4. Notification to a licensee by the Commission of a Corrective Order with respect to the licensee.
B. The licensee shall notify the Commission of its request for a hearing within five days after the notification by the Commission under subdivision 1, 2, 3 or 4 of subsection A. Upon receipt of the licensee’s request for a hearing, the Commission shall set a date for the hearing, which date shall be no less than ten nor more than thirty days after the date of the licensee’s request.