TITLE 33 INSURANCE

Section 56. Risk-Based Capital Levels, 33-56-1 through 33-56-13.

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-56-7. Notification to insurer of determination or action by Commissioner; right to hearing.

Upon notification:

1. To an insurer by the Commissioner of an adjusted RBC report;
2. To an insurer by the Commissioner that:
   1. The insurer's RBC plan or revised RBC plan is unsatisfactory; and
   2. Such notification constitutes a regulatory action level event with respect to such insurer;
3. 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. To an insurer by the Commissioner of a corrective order with respect to the insurer,

   the insurer shall have the right to a departmental hearing, on a 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 five days after the notification by the Commissioner under this Code 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 ten nor more than 30 days after the date of the insurer's request.

(Code 1981, §33-56-7, enacted by Ga. L. 1996, p. 928, § 1.)