Section 59A-5A-8 - Challenge hearingsAny insurer or health organization has the right to a confidential administrative hearing of record in accordance with Chapter 59A, Article 4 NMSA 1978 at which the insurer or health organization may challenge any determination or action by the superintendent pursuant to the Risk-Based Capital Act.
A. The insurer or health organization shall file and serve on the superintendent its request for hearing within five days after any of the following events: (1) the superintendent's notification to the insurer or health organization of an adjusted risk-based capital report;(2) the superintendent's notification to the insurer or health organization that: (a) the insurer's or health organization's risk-based capital plan or revised risk-based capital plan is unsatisfactory; and(b) such notification constitutes a regulatory action level event with respect to the insurer or health organization;(3) the superintendent's notification to the insurer or health organization that the insurer or health organization has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that such failure has had or will have a substantial adverse effect on the ability of the insurer or health organization to eliminate the company action level event; or(4) the superintendent's notification to an insurer or health organization of a corrective order with respect to the insurer or health organization.B. Upon receipt of the insurer's or health organization's request for hearing, the superintendent shall set a hearing date, which shall be not less than ten nor more than thirty days after the date of the insurer's or health organization's request.1978 Comp., § 59A-5A-8, enacted by Laws 1995, ch. 149, § 8; 2014, ch. 59, § 8.Amended by 2014, c. 59,s. 8, eff. 7/1/2014.