Louisiana Revised Statutes 22:617 – Hearings; administrative
Terms Used In Louisiana Revised Statutes 22:617
- Corrective order: means an order issued by the department specifying corrective actions which are required. See Louisiana Revised Statutes 22:611
- Risk-based capital plan: means a comprehensive financial plan containing the requirements of Louisiana Revised Statutes 22:611
- Risk-based capital report: means the report required pursuant to Louisiana Revised Statutes 22:611
An insurer may make written demand for an administrative hearing, pursuant to the provisions of Chapter 12 of this Title, within thirty days after receipt of notification by the department of one of the following:
(1) Notification to an insurer by the department of an adjusted risk-based capital report.
(2) Notification to an insurer by the department that:
(a) The insurer’s risk-based capital plan or revised risk-based capital plan is unsatisfactory.
(b) Such notification constitutes a regulatory-action level event with respect to such insurer.
(3) Notification to an insurer by the department that the insurer has failed to adhere to its risk-based capital plan or revised risk-based capital 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 risk-based capital plan or revised risk-based capital plan.
(4) Notification to an insurer by the department of a corrective order for the insurer.
Acts 1995, No. 1203, §1, eff. June 29, 1995; Redesignated from La. Rev. Stat. 22:866 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009; Acts 2009, No. 503, §1.
NOTE: Former La. Rev. Stat. 22:617 redesignated as La. Rev. Stat. 22:859 by Acts 2008, No. 415, §1, eff. Jan. 1, 2009.