Upon the occurrence of any of the following events, the health organization shall have the right to demand a hearing in accordance with Chapter 12 of this Title, R.S. 22:2191 et seq. The events include:
(1) Notification to a health organization by the commissioner of an adjusted risk-based capital report.
(2) Notification to a health organization by the commissioner that both of the following apply:
(a) The health organization's risk-based capital plan or revised risk-based capital plan is unsatisfactory.
(b) Notification constitutes a regulatory-action level event with respect to the health organization.
(3) Notification to a health organization by the commissioner that the health organization has failed to adhere to its risk-based capital plan or revised risk-based capital plan and that the failure has a substantial adverse effect on the ability of the health organization to eliminate the company-action level event with respect to the health organization in accordance with its risk-based capital plan or revised risk-based capital plan.
(4) Notification to a health organization by the commissioner of a corrective order with respect to the health organization.