Upon any of the following notifications, the insurer or health organization shall have the right to a hearing pursuant to the Administrative Procedure Act at which the insurer or health organization may challenge any determination or action by the director:

(1) Notification to an insurer or a health organization by the director of an adjusted risk-based capital report;

(2) Notification to an insurer or a health organization by the director 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 such insurer or health organization;

(3) Notification to an insurer or a health organization by the director 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 a substantial adverse effect on the ability of the insurer or health organization to eliminate the company action level event with respect to the insurer or health organization in accordance with its risk-based capital plan or revised risk-based capital plan; or

(4) Notification to an insurer or a health organization by the director of a corrective order with respect to the insurer or health organization.

The insurer or health organization shall notify the director of its request for a hearing within five days after the notification by the director. Upon receipt of the insurer's or health organization's request for a hearing, the director shall set a date for the hearing, which date shall be no less than ten nor more than thirty days after the date of the insurer's or health organization's request.