375.1294. Hazardous financial condition of transferring insurer, automatic transfer, when.
Hazardous financial condition of transferring insurer, automatictransfer, when.
375.1294. If an insurer domiciled in this state or in ajurisdiction not having a substantially similar law is deemed bythe director to be in hazardous financial condition, or if anadministrative or judicial proceeding has been instituted againstit for the purpose of liquidating, reorganizing or conservingsuch insurer, and if the transfer of the contracts of insuranceby the insurer is in the best interest of the policyholders, asdetermined by the director, then a transfer and novation may beeffected notwithstanding the provisions of sections 375.1280 to375.1295. This may include a form of implied consent andadequate notification to the policyholder of the circumstancesrequiring the transfer as approved by the director.
(L. 1993 H.B. 709 § 19)