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.