375.1292. Consent to transfer, effect. - Missouri Statutes

Consent to transfer, effect.

375.1292. If a policyholder consents to the transferpursuant to section 375.1290, or if the transfer is effectedunder section 375.1294, there shall be a novation of the contractof insurance subject to the assumption reinsurance agreement withthe result that the transferring insurer shall thereby berelieved of all insurance obligations or risks transferred underthe assumption reinsurance agreement, and the assuming insurershall become directly and solely liable to the policyholder forthose insurance obligations or risks.

(L. 1993 H.B. 709 § 18)