§ 58-12-30. Hearings. - North Carolina Statutes

§58‑12‑30.  Hearings.

Upon (i) notification to aninsurer by the Commissioner of an adjusted risk‑based capital report; or(ii) notification to an insurer by the Commissioner that the insurer's risk‑basedcapital plan or revised risk‑based capital plan is unsatisfactory, andthe notification constitutes a regulatory action level event with respect tothe insurer; or (iii) notification to any insurer by the Commissioner that theinsurer has failed to adhere to its risk‑based capital plan or revisedrisk‑based capital plan and that the failure has a substantial adverseeffect on the ability of the insurer to eliminate the company action levelevent with respect to the insurer in accordance with its risk‑basedcapital plan or revised risk‑based capital plan; or (iv) notification toan insurer by the Commissioner of a corrective order with respect to theinsurer, the insurer has a right to a confidential hearing, at which theinsurer may challenge any determination or action by the Commissioner. Theinsurer shall notify the Commissioner of its request for a hearing within fivedays after the notification by the Commissioner under this section. Uponreceipt of the insurer's request for a hearing, the Commissioner shall set adate for the hearing; the date shall be no less than 10 days nor more than 30days after the date of the insurer's request. (1993 (Reg. Sess., 1994), c.678, s. 1; 1995, c. 517, s. 5.)