44-4819. Termination and continuation of coverage.

210 words·~1 min read·/ne/chapter-44/44-4819

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)All policies including bonds and other noncancelable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force until the earliest of:

(a)Thirty days from the date of entry of the liquidation order;

(b)The expiration of the policy coverage;

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

(d)The liquidator has effected a transfer of the policy obligation pursuant to subdivision (1)(j) of section 44-4821 ; or

(e)The date proposed by the liquidator and approved by the court to cancel coverage.

(2)An order of liquidation under section 44-4818 shall terminate coverages at the time specified in subsection

(1)of this section for purposes of any other statute.

(3)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 guaranty association or foreign guaranty association.

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

(1)and

(2)of this section.