There is no obvious reason why we should not be able to "hot plug" a microphone while the 48v is on unless there is a short in the mic or cable, or, if there is an issue with the preamp itself.
Even if powering down is a "best practice," and I'm not convinced it is, the likelihood that best practices won't always be followed in live situations is a virtual certainty, and for that reason professional equipment (or even consumer equipment, for that matter) should have built-in protections. Simply hot-plugging a working condenser mic should never be considered "risky."
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Found this paragraph on a Gearslutz thread:
"Phantom power has the advantage that a dynamic or ribbon mic may be plugged in to a phantom powered microphone input and operate without damage, and a phantom powered mic can be plugged in to the same input and receive power. The only hazard is that in case of a shorted microphone cable, or certain old microphones having a grounded center tap output, current can flow through the microphone, damaging it. It's a good idea anyway to check cables regularly to see that there are no shorts between any of the pins, and the few ribbon or dynamic microphones with any circuit connection to ground can be identified and not used with phantom power." This article is from the Audio Professional FAQ