375.1178. Life and health policies, termination of, when.
Life and health policies, termination of, when.
375.1178. 1. Policies of life or health insurance orannuities shall continue in force for such period and under suchterms as is provided for by any applicable guaranty associationor foreign guaranty association.
2. Policies of life or health insurance or annuities or anyperiod or coverage of such policies not covered by a guarantyassociation or foreign guaranty association shall terminate undersubsections 3 and 4 of this section.
3. All policies, including bonds and other noncancelablebusiness, other than life and health insurance or annuities, ineffect at the time of issuance of an order of liquidation shallcontinue in force only for the lesser of:
(1) A period of thirty days from the date of entry of theliquidation orders;
(2) The expiration of the policy coverage;
(3) The date when the insured has replaced the insurancecoverage with equivalent insurance with another insurer orotherwise terminated the policy;
(4) The liquidator has effected a transfer of the policyobligation pursuant to subdivision (8) of subsection 1 of section375.1182; or
(5) The date proposed by the liquidator and approved by thecourt to cancel coverage.
4. An order of liquidation under section 375.1176 shallterminate coverages at the time specified in subsection 1 of thissection notwithstanding any other section of law.
(L. 1991 H.B. 385, et al. § 67)