§ 58-44-105. Post mediation. - North Carolina Statutes

§ 58‑44‑105.  Postmediation.

(a)        Within five daysafter the conclusion of the conference, the mediator shall file with theAdministrator a mediator's status report, on a form prescribed by theAdministrator, indicating whether or not the parties reached a settlement.

(b)        Mediation isnonbinding unless all the parties specifically agree otherwise in writing.

(c)        If the partiesreach a settlement, the mediator shall include a copy of the settlementagreement with the status report. Within three business days after theconclusion of the conference, the insurer shall disburse the settlement fundsin accordance with the terms of the settlement agreement. The insured has threebusiness days after receipt of the settlement funds within which to notify theCommissioner and the insurer of the insured's decision to rescind thesettlement agreement, as long as the insured has not received the settlementfunds by electronic means or has not cashed or deposited any check or draftdisbursed to the insured in payment of the settlement funds.

(d)        If a settlementagreement is reached and is not rescinded, it shall act as a release of allspecific claims that were presented in the conference. Any subsequent claimunder the policy shall be presented as a separate claim. (2006‑145, s. 1.)