§ 27-1-36-44 — Confidential department hearing

Indiana § 27-1-36-44

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 36: Risk Based Capital Requirements

Text

(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.
(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.

Legislative History

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