521E.7 Confidential hearings. 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 substantialadverse effect on the ability of the insurer to eliminate the company-action-level event inaccordance 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. 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 ective order with respect to the insurer. 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 determinationor action by the commissioner. Upon receipt of the insurer’s request for a hearing, thecommissioner shall set a date for the hearing, which shall be not less than ten or more thanthirty days after the date of the insurer’s request. 96 Acts, ch 1046, §15Referred to in §521E.3, 521E.4, 521E.5, 521E.6 Sat Dec 23 00:53:04 2023 Iowa Code 2024, Section 521E.7 (16, 0)
Iowa Legal Code