§ 58-10-20. Scope.

Part 2. Assumption Reinsurance.

§ 58‑10‑20. Scope.

(a)        This Part appliesto any licensed insurer that either assumes or transfers the obligations orrisks on policies under an assumption reinsurance agreement that is enteredinto on or after January 1, 1996.

(b)        This Part does notapply to:

(1)        Any reinsuranceagreement or transaction in which the ceding insurer continues to remaindirectly liable for its insurance obligations or risks under the policiessubject to the reinsurance agreement.

(2)        The substitution ofone insurer for another upon the expiration of insurance coverage understatutory or contractual requirements and the issuance of a new policy byanother insurer.

(3)        The transfer ofpolicies under mergers or consolidations of two or more insurers to the extentthat those transactions are regulated by statute.

(4)        Except as providedin G.S. 58‑10‑45, any insurer subject to a judicial order ofliquidation or rehabilitation.

(5)        Any reinsuranceagreement or transaction to which a state insurance guaranty association is aparty, provided that policyholders do not lose any rights or claims affordedunder their original policies under Articles 48 or 62 of this Chapter.

(6)        The transfer ofliabilities from one insurer to another under a single group policy upon therequest of the group policyholder. (1995, c. 318, s. 1; 2004‑199, s. 20(b).)