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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1282.  Application of law — not applicable, when. — 1.  Sections 375.1280 to 375.1295 apply to any insurer authorized in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders pursuant to an assumption reinsurance agreement.

  2.  Sections 375.1280 to 375.1295 do not apply to:

  (1)  Any reinsurance agreement or transaction in which the ceding insurer continues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;

  (2)  The substitution of one insurer for another upon the expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;

  (3)  The transfer of contracts of insurance pursuant to mergers or consolidations of two or more insurers to the extent that those transactions are regulated by statute;

  (4)  Any insurer subject to a judicial order of liquidation or rehabilitation; or

  (5)  Any reinsurance agreement or transaction to which a state insurance guaranty association is a party.

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(L. 1993 H.B. 709 § 14)


< end of effective 28 Aug 1993 >

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