§ 58-36-25. Appeal of Commissioner's order. - North Carolina Statutes

§58‑36‑25.  Appeal of Commissioner's order.

(a)        Any order ordecision of the Commissioner shall be subject to judicial review as provided inArticle 2 of this Chapter.

(b)        Whenever a Bureaurate is held to be unfairly discriminatory or excessive and no longer effectiveby order of the Commissioner issued under G.S. 58‑36‑20, themembers of the Bureau, in accordance with rules and regulations established andadopted by the governing committee, shall have the option to continue to usesuch rate for the interim period pending judicial review of such order,provided each such member shall place in escrow account the purportedlyunfairly discriminatory or excessive portion of the premium collected duringsuch interim period. Upon a final determination by the Court, or upon a consentagreement or consent order between the Bureau and the Commissioner, theCommissioner shall order the escrowed funds to be distributed appropriately. Ifrefunds are to be made to policyholders, the Commissioner shall order that themembers of the Bureau refund the difference between the total premium perpolicy using the rate levels finally determined and the total premium perpolicy collected during the interim period pending judicial review, except thatrefund amounts that are five dollars ($5.00) or less per policy shall not berequired. The court may also require that purportedly excess premiums resultingfrom an adjustment of premiums ordered pursuant to G.S. 58‑36‑20(b)be placed in such escrow account pending judicial review. If refunds made topolicyholders are ordered under this subsection, the amounts refunded shallbear interest at the rate determined under this subsection. That rate, to becomputed by the Bureau, shall be the average of the prime rates on theeffective date of the filing and each anniversary of that date occurring priorto the date of the Commissioner's order requiring refunds, with the prime rateon each of the dates being the average of the prime rates of the four largestbanking institutions domiciled in this State as of that date, plus threepercent (3%). (1977, c. 828, s. 6; 1979, c. 824, s. 4; 1985 (Reg.Sess., 1986), c. 1027, ss. 3.1, 4; 1995, c. 517, s. 19.)