(1) Awards of the joint settlement committee shall be reviewable by the court of appeals but only for the following reasons:

    (a) The joint settlement committee was without or exceeded its jurisdiction.

    (b) The award is unsupported by competent, material, and substantial evidence on the whole record.

    (c) The award was procured by fraud, collusion, or other similar and unlawful means.

    (2) The pendency of a proceeding for review shall not automatically stay the order of the joint settlement committee.