If the director has reasonable cause to believe that an insurer doing business in this state is engaging in an unfair claims practice and that a proceeding in respect thereto is in the public interest, the director may issue and serve upon the insurer a notice of hearing, which shall set a hearing date not less than thirty days from the date of the notice. The hearing shall be conducted pursuant to chapter 1-26 . Prior to conducting a public hearing pursuant to this section against an insurer regulated by chapter 58-35 , the director shall attempt to resolve the alleged unfair claims practice with the insurer.
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