§ 58-30-110. Continuance of coverage.

202 words·~1 min read·/nc/chapter-58/58-30-110

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(a)All policies, other than life or health insurance or annuities, that are in effect at the time of the issuance of an order of liquidation shall continue in force only for the lesser of:

(1)A period of 30 days from the date of entry of the liquidation orders;

(2)The expiration of the policy coverage;

(3)The date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy; or

(4)The liquidator has effected a transfer of the policy obligation pursuant to G.S. 58-30-120(a)(8).

(b)An order of liquidation under G.S. 58-30-105 terminates coverages at the time specified in subsection

(a)of this section for the purposes of any other statute.

(c)Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable domestic or foreign guaranty association.

(d)Policies of life or health insurance or annuities or any period of coverage of such policies that are not covered by a domestic or foreign guaranty association shall terminate under subsections

(a)and

(b)of this section. (1989, c. 452, s. 1.)