dissenting.
I disagree with the majority’s conclusion that N.C. Gen. Stat. § 24-5(b) (1989) does not apply. I read the $50,000 settlement agreement entered into by the parties as having the effect of a judgment for the purposes of triggering the application of that statute. I then follow the Supreme Court’s holding in Lowe v. Tarble, 313 N.C. 460, 329 S.E.2d 648 (1985), to find that interest must be paid by the insurer from the date of the institution of the action, in accordance with N.C. Gen. Stat. § 24-5(b). To hold otherwise would not encourage settlement by the parties; in fact, it may have the opposite effect. I vote to reverse the trial court.