§ 5807 — Hearings [For severability of this subchapter, see 70 Del. Laws, c. 234, § 2]

Delaware § 5807

• Jurisdiction: Delaware
• Title: 18
• Part: Insurance
• Ch. 58: RISK-BASED CAPITAL (RBC)
• Subch.: Risk-Based Capital (RBC) for Insurers [For severability of this subchapter, see 70 Del. Laws, c. 234, § 2]

Text

Upon:

(1) Notification to an insurer by the Commissioner of an adjusted RBC report; or

(2) Notification to an insurer by the Commissioner that:

a. The insurer’s RBC plan or revised RBC plan is unsatisfactory; and

b. Such notification constitutes a Regulatory Action Level Event with respect to such insurer; or

(3) Notification to any insurer by the Commissioner that the insurer 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 insurer to eliminate the Company Action Level Event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or

(4) Notification to an insurer by the Commissioner of a corrective order with respect to the insurer,

the insurer shall have the right to a departmental hearing, on the record, at which the insurer may challenge any determination or action by the Commissioner. The insurer shall notify the Commissioner of its request for a hearing within 5 days after the notification by the Commissioner under paragraph (1), (2), (3) or (4) of this section. Upon receipt of the insurer’s request for a hearing, the Commissioner shall set a date for the hearing, which date shall be no less than l0 nor more than 30 days after the date of the insurer’s request.

Legislative History

70 Del. Laws, c. 234, § 1 ; 79 Del. Laws, c. 425, § 2