West Virginia Code 33-40-7 – Hearings
Insurers have the right to a confidential departmental hearing, on the record, at which the insurer may challenge any determination or action by the commissioner made pursuant to the provisions of this article. The insurer shall notify the commissioner of its request for a hearing within ten days after receiving notification from the commissioner.
Terms Used In West Virginia Code 33-40-7
- Corrective order: means an order issued by the commissioner specifying corrective actions which the commissioner has determined are required. See West Virginia Code 33-40-1
- RBC plan: means a comprehensive financial plan containing the elements specified in subsection (b), section three of this article. See West Virginia Code 33-40-1
- RBC report: means the report required in section two of this article. See West Virginia Code 33-40-1
(a) Notification to an insurer by the commissioner of an adjusted RBC report; or
(b) Notification to an insurer by the commissioner that:
(1) The insurer’s RBC plan or revised RBC plan is unsatisfactory; and
(2) The notification constitutes a regulatory action level event with respect to the insurer; or
(c) Notification to any insurer by the commissioner that the insurer has failed to adhere to its RBC plan or revised RBC 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 RBC plan or revised RBC plan; or
(d) Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
(e) Upon receipt of the insurer’s request for a hearing, the commissioner shall set a date for the hearing, which shall be no less than fifteen nor more than forty-five days after the date of the insurer’s request.