2017 South Carolina Code of Laws
Title 38 - Insurance
CHAPTER 9 - CAPITAL, SURPLUS, RESERVES, AND OTHER FINANCIAL MATTERS
Section 38-9-370. Confidential hearing; notification; time of hearing.
(A) A licensee has the right to a confidential hearing, on a record before the director, at which the licensee may challenge a determination or action by the director, upon notification to a licensee by the director:
(1) of an Adjusted RBC Report;
(2) that the licensee's RBC Plan or Revised RBC Plan is unsatisfactory, and that this notification constitutes a Regulatory Action Level Event with respect to the licensee;
(3) that the licensee has failed to adhere to its RBC Plan or Revised RBC Plan and that this failure has a substantial adverse effect on the ability of the licensee to eliminate the Company Action Level Event with respect to the licensee in accordance with its RBC Plan or Revised RBC Plan; or
(4) of a corrective order with respect to the licensee.
(B) The licensee shall notify the director of its request for a hearing within five days after the notification by the director pursuant to subsection (A). Upon receipt of the licensee's request for a hearing, the director shall set a date for the hearing, which must be no less than ten days nor more than thirty days after the date of the licensee's request.
HISTORY: 1996 Act No. 254, Section 2; 2014 Act No. 164 (S.908), Section 8, eff January 1, 2015.
Effect of Amendment
2014 Act No. 164, Section 8, rewrote the section.
