Insurance company rights to a hearing

(a) The insurer shall have the right to a hearing pursuant to chapter 91 upon being notified of any of the following: (1) Notification to an insurer by the commissioner of an adjusted risk-based capital report; (2) Notification to an insurer by the commissioner that: (A) The insurer's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and (B) The notification constitutes a regulatory action level event with respect to the insurer; (3) Notification to any 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 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 risk-based capital plan or revised risk-based capital plan; or (4) Notification to an insurer by the commissioner of a corrective order with respect to the insurer. (b) The insurer shall have the right to a confidential hearing exempt from chapter 92, on the record, and pursuant to chapter 91, 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 receiving the notification by the commissioner pursuant to subsection (a). 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 days, nor more than thirty days, after the date of the insurer's request.