§23-2C-16. Administration of Old Fund, Uninsured Employer Fund,
Self-Insured Employer Guaranty Risk Pool,
Self-Insured Employer Security Risk Pool and
Private Carrier Guaranty Fund.
(a) Notwithstanding any provision of this code to the
contrary, the company shall be the initial third-party
administrator of the Old Fund, Uninsured Employer Fund,
Self-Insured Employer Guaranty Risk Pool, Self-Insured Employer
Security Risk Pool and Private Carrier Guaranty Fund from the
termination of the commission and thereafter for a term of at least
six months but not more than three years pursuant to an agreement
to be entered into between the Insurance Commissioner and the
company prior to the termination of the commission. The company
shall be paid a reasonable fee for services provided. The
company's administrative duties may include, but not be limited to,
receipt of all claims, processing said claims, providing for the
payment of said claims through the State Treasurer's office or
other applicable state agency and ensuring, through the selection
and assignment of counsel, that claims decisions are properly
defended. The administration of said funds thereafter shall be
subject to the procedures set forth in article three, chapter
five-a of this code.
(b) The Insurance Commissioner shall review claims determined
to be payable from said funds and may contest the determination
pursuant to the provisions of article five of this chapter.
(c) The Insurance Commissioner may conduct or cause to be
conducted an annual audit to be performed on said funds.
(d) The Insurance Commissioner may contract or employ counsel
to perform legal services related solely to the collection of
moneys due the Old Fund, including the collection of moneys due the
Old Fund and enforcement of repayment agreements entered into for
the collection of moneys due on or before the thirtieth day of
June, two thousand five, in any administrative proceeding and in
any state or federal court.