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

(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.