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(a) The insurer has the right to a confidential departmental hearing, on a record, where the insurer may challenge any determination or action taken by the Commissioner upon any of the following:
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(1) notification to an insurer by the Commissioner of an Adjusted RBC Report; or
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(2) notification to an insurer by the Commissioner that:
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(A) The insurer’s RBC Plan or Revised RBC Plan is unsatisfactory; and
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(B) The notification constitutes a Regulatory Action Level Event with respect to such insurer; or
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(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
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(4) notification to an insurer by the Commissioner of a corrective order with respect to the insurer.
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(b) The insurer shall notify the Commissioner of its request for a hearing not more than five days after the notification from the Commissioner. Upon receipt of the insurer’s request for a hearing, the Commissioner shall set a date for the hearing. The date of the hearing may not be less than 10 days nor more than 30 days after the date of the insurer’s request. The appeals procedure set forth in chapter 7 of this title applies to an appeal of the Commissioner’s order.