375.1294. Hazardous financial condition of transferring insurer, automatic transfer, when. — If an insurer domiciled in this state or in a jurisdiction not having a substantially similar law is deemed by the director to be in hazardous financial condition, or if an administrative or judicial proceeding has been instituted against it for the purpose of liquidating, reorganizing or conserving such insurer, and if the transfer of the contracts of insurance by the insurer is in the best interest of the policyholders, as determined by the director, then a transfer and novation may be effected notwithstanding the provisions of sections 375.1280 to 375.1295. This may include a form of implied consent and adequate notification to the policyholder of the circumstances requiring the transfer as approved by the director.
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(L. 1993 H.B. 709 § 19)
---- end of effective 28 Aug 1993 ----
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