§ 58-30-110. Continuance of coverage. - North Carolina Statutes

§58‑30‑110.  Continuance of coverage.

(a)        All policies, otherthan life or health insurance or annuities, that are in effect at the time ofthe issuance of an order of liquidation shall continue in force only for thelesser of:

(1)        A period of 30 daysfrom the date of entry of the liquidation orders;

(2)        The expiration ofthe policy coverage;

(3)        The date when theinsured has replaced the insurance coverage with equivalent insurance inanother insurer or otherwise terminated the policy; or

(4)        The liquidator haseffected a transfer of the policy obligation pursuant to G.S. 58‑30‑120(a)(8).

(b)        An order ofliquidation under G.S. 58‑30‑105 terminates coverages at the timespecified in subsection (a) of this section for the purposes of any otherstatute.

(c)        Policies of life orhealth insurance or annuities shall continue in force for such period and undersuch terms as is provided for by any applicable domestic or foreign guarantyassociation.

(d)        Policies of life orhealth insurance or annuities or any period of coverage of such policies thatare not covered by a domestic or foreign guaranty association shall terminateunder subsections (a) and (b) of this section. (1989, c. 452, s. 1.)