(a) An insurer may request a hearing to challenge an action of the director or request a stay of the director's action as provided under AS 21.06.180 — 21.06.240.
(b) An insurer shall request a hearing under (a) of this section within 15 days after the director's notice of (1) an adjusted risk based capital report under AS 21.14.010;
(2) an unsatisfactory risk based capital plan or revised risk based capital plan;
(3) a regulatory action level event based on an unsatisfactory risk based capital plan or revised risk based capital plan;
(4) the insurer's failure to adhere to its risk based capital plan or revised risk based capital plan and the failure has a substantial adverse effect on the insurer's ability to eliminate the company action level event in accordance with its plan or revised plan; or
(5) a corrective order applicable to the insurer.