§ 58-10-100. Conservation, rehabilitation, or liquidation of protected cell companies. - North Carolina Statutes

§ 58‑10‑100. Conservation, rehabilitation, or liquidation of protected cell companies.

(a)        Notwithstanding anyother provision of law or rule, upon an order of conservation, rehabilitation,or liquidation of a protected cell company, the receiver shall deal with theprotected cell company's assets and liabilities, including protected cellassets and protected cell liabilities, in accordance with the requirements setforth in this Part.

(b)        With respect toamounts recoverable under a protected cell company insurance securitization,the amount recoverable by the receiver may not be reduced or diminished as aresult of the entry of an order of conservation, rehabilitation, or liquidationwith respect to the protected cell company, notwithstanding any provisions tothe contrary in the contracts or other documentation governing the protectedcell company insurance securitization. (2001‑223, s. 25.)