§ 58-48-45. Duties and powers of the Commissioner.
§58‑48‑45. Duties and powers of the Commissioner.
(a) The Commissionershall:
(1) Notify theAssociation of the existence of an insolvent insurer not later than three daysafter he receives notice of the determination of the insolvency.
(2) Upon request of theboard of directors, provide the Association with a statement of the net directwritten premiums of each member insurer.
(b) The Commissionermay:
(1) Require that theAssociation notify the insureds of the insolvent insurer and any otherinterested parties of the determination of insolvency and of their rights underthis Article. Such notification shall be by mail at their last known address,where available, but if sufficient information for notification by mail is notavailable, notice by publication in a newspaper of general circulation shall besufficient.
(2) Suspend or revoke,after notice and hearing, the license to transact insurance in this State ofany member insurer which fails to pay an assessment when due or fails to complywith the plan of operation. As an alternative, the Commissioner may levy a fineon any member insurer which fails to pay an assessment when due. Such fineshall not exceed five percent (5%) of the unpaid assessment per month, exceptthat no fine shall be less than one hundred dollars ($100.00) per month.
(3) Revoke thedesignation of any servicing facility if he finds claims are being handledunsatisfactorily.
(c) Any final action ororder of the Commissioner under this Article shall be subject to judicialreview in accordance with the provisions of G.S. 58‑2‑75. (1971,c. 670, s. 1; 1999‑132, s. 9.1.)