§ 31-3932.14. Standards and criteria applicable in a contested case brought by a third party and certain actions by the Commissioner.

Current through October 23, 2012

(a) A contested case brought by a third party based on a decision of the Commissioner pursuant to this subchapter shall be governed by applicable civil law; provided, that, the aggrieved party shall:

(1) Prove the appeal through clear and convincing evidence;

(2) Demonstrate irreparable harm;

(3) Not have another adequate remedy at law; and

(4) Post a bond of sufficient surety to protect the interests of the holders of the SPFC securities and policyholders in an amount not less than 15% of the total amount of the securitized transaction.

(b) If the Commissioner decides to reverse, amend, or modify a certificate of authority issued to an SPFC or the order issued in connection with them for a reason other than that specified in § 31-3931.15, the Commissioner shall meet the standards and criteria provided in subsection (a) of this section.

                
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(Mar. 17, 2005, D.C. Law 15-262, § 214, as added Mar. 14, 2007, D.C. Law 16-285, § 2(b), 54 DCR 944.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws

For Law 16-285, see notes following § 31-3932.01.