Section 375.1178

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1991   

  375.1178.  Life and health policies, termination of, when. — 1.  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.

  2.  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 3 and 4 of this section.

  3.  All policies, including bonds and other noncancelable business, other than life and health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:

  (1)  A period of thirty 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 with another insurer or otherwise terminated the policy;

  (4)  The liquidator has effected a transfer of the policy obligation pursuant to subdivision (8) of subsection 1 of section 375.1182; or

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

  4.  An order of liquidation under section 375.1176 shall terminate coverages at the time specified in subsection 1 of this section notwithstanding any other section of law.

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(L. 1991 H.B. 385, et al. § 67)