Any 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.
History: 1978 Comp., § 59A-5A-8, enacted by Laws 1995, ch. 149, § 8; 2014, ch. 59, § 8.
ANNOTATIONSThe 2014 amendment, effective July 1, 2014, subjected health organizations to the Risk-Based Capital Act; in the introductory paragraph, after "Any insurer", added "or health organization", and after "which the insurer", added "or health organization"; in Subsection A, in the introductory sentence, after "The insurer", added "or health organization"; in Subsection A, Paragraph (1), after "the insurer", added "or health organization"; in Subsection A, Paragraph (2), in the introductory sentence, after "the insurer", added "or health organization"; in Subsection A, Paragraph (2), Subparagraph (a), after "the insurer's", added "or health organization's"; in Subsection A, Paragraph (2), Subparagraph (b), after "the insurer", added "or health organization"; in Subsection A, Paragraph (3), after "notification to the insurer", added "or health organization", after "that the insurer", added "or health organization", and after "ability of the insurer", added "or health organization"; and in Subsection B, after "receipt of the insurer's", added "or health organization's", and after "date of the insurer's", added "or health organization's".
Severability. — Laws 2014, ch. 59, § 12 provided that if any part or application of the provisions of the Risk-Based Capital Act is held invalid, the remainder or its application to other situations or persons shall not be affected.