Illinois Compiled Statutes 215 ILCS 5/35A-35 – Hearings
Current as of: 2024 | Check for updates
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(a) An insurer has the right to an administrative hearing with respect to any of the following:
(1) The notification by the Director to the insurer
(1) The notification by the Director to the insurer
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of an Adjusted RBC Report.
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(2) The notification by the Director to the insurer
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that the insurer’s RBC Plan or Revised RBC Plan is unsatisfactory and that the notification constitutes a regulatory action level event.
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(3) The notification by the Director to the insurer
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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 in accordance with its RBC Plan or Revised RBC Plan.
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(b) At the administrative hearing, the insurer may challenge any determination or action by the Director. The insurer shall notify the Director of its request for a hearing within 5 days after notification by the Director made under subsection (a). Upon receipt of the insurer’s request for a hearing, the Director shall set a date for the hearing. The hearing shall be held no fewer than 10 days and no more than 30 days after the date of the insurer’s request for the hearing.
Terms Used In Illinois Compiled Statutes 215 ILCS 5/35A-35
- Adjusted RBC Report: means an RBC Report that has been adjusted by the Director in accordance with subsection (f) of Section 35A-10. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC: means risk-based capital. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- RBC Plan: means a comprehensive financial plan containing the elements specified in subsection (b) of Section 35A-15. See Illinois Compiled Statutes 215 ILCS 5/35A-5
- Revised RBC Plan: means an RBC Plan rejected by the Director and revised by the insurer with or without the Director's recommendations. See Illinois Compiled Statutes 215 ILCS 5/35A-5