§ 58-62-51. Duties and powers of the Commissioner.
§58‑62‑51. Duties and powers of the Commissioner.
(a) In addition toother duties and powers specified in this Article, the Commissioner shall:
(1) Upon request of theBoard, provide the Association with a statement of the premiums in this Stateand any other appropriate states for each member insurer;
(2) When an impairmentis declared and the amount of the impairment is determined, serve a demand uponthe impaired insurer to make good the impairment within a reasonable time;notice to the impaired insurer shall constitute notice to its shareholders, ifany; the failure of the insurer to comply promptly with the demand does notexcuse the Association from the performance of its powers and duties under thisArticle; and
(3) In any liquidationor rehabilitation proceeding involving a domestic insurer, be appointed as theliquidator or rehabilitator as provided in Article 30 of this Chapter.
(b) The Commissionermay suspend or revoke, after notice and hearing, the license to transactinsurance in this State of any member insurer that fails to pay an assessmentwhen due or fails to comply with the Plan. As an alternative the Commissionermay levy a forfeiture on any member insurer that fails to pay an assessmentwhen due. The forfeiture shall not exceed five percent (5%) of the unpaidassessment per month, but no forfeiture shall be less than one hundred dollars($100.00) per month.
(c) Any action of theBoard or the Association may be appealed to the Commissioner by any memberinsurer if the appeal is taken within 60 days of the final action beingappealed. If a member company is appealing an assessment, the amount assessedshall be paid to the Association and available to meet Association obligationsduring the pendency of an appeal. If the appeal on the assessment is upheld,the amount paid in error or excess shall be returned to the member company. Nolater than 20 days before each hearing, the appellant shall file with theCommissioner or the Commissioner's designated hearing officer and shall serveon the appellee a written statement of the appellant's case and any evidencethe appellant intends to offer at the hearing. No later than five days beforethe hearing, the appellee shall file with the Commissioner or theCommissioner's designated hearing officer and shall serve on the appellant awritten statement of the appellee's case and any evidence the appellee intendsto offer at the hearing. Each hearing shall be recorded and transcribed. Thecost of the recording and transcribing shall be borne equally by the appellantand appellee; however, upon any final adjudication the prevailing party shallbe reimbursed for that party's share of the costs by the other party. Eachparty shall, on a date determined by the Commissioner or the Commissioner'sdesignated hearing officer, but not sooner than 15 days after delivery of thecompleted transcript to the party, submit to the Commissioner or theCommissioner's designated hearing officer and serve on the other party, aproposed order. The Commissioner or the Commissioner's designated hearingofficer shall then issue an order. Any final action or order of theCommissioner or the Commissioner's designated hearing officer is subject tojudicial review under G.S. 58‑2‑75.
(d) The liquidator,rehabilitator, or conservator of any impaired insurer may notify all interestedpersons of the effect of this Article. (1991, c. 681, s. 56.)