Delaware Code Title 18 Sec. 5807 – Hearings
Upon:
(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,
Terms Used In Delaware Code Title 18 Sec. 5807
- Corrective order: means an order issued by the Commissioner specifying corrective actions which the Commissioner has determined are required. See Delaware Code Title 18 Sec. 5801
- RBC plan: means a comprehensive financial plan containing the elements specified in § 5803(b) of this title. See Delaware Code Title 18 Sec. 5801
- RBC report: means the report required in § 5802 of this title. See Delaware Code Title 18 Sec. 5801
the insurer shall have the right to a departmental hearing, on the 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 5 days after the notification by the Commissioner under paragraph (1), (2), (3) or (4) of this section. 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 l0 nor more than 30 days after the date of the insurer’s request.