Upon any of the following the insurer shall have the right to a
confidential hearing, on a 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 five days after the
notification by the Commissioner under 211 CMR 20.07(1) through (4). 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 ten nor more than 30
days after the date of the insurer's request.
(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.
