§ 27-14.3-23 - Continuance of coverage. - Rhode Island Statutes

SECTION 27-14.3-23

   § 27-14.3-23  Continuance of coverage.– (a) All policies, including bonds and other noncancellable business, other thanlife or health insurance or annuities, in effect at the time of the issuance ofan order of liquidation shall continue in force only for the lesser of:

   (1) The greater of a period of thirty (30) days from the dateof entry of the liquidation order or a time as coverage is provided for by aresponsible guaranty association, if any is applicable;

   (2) The expiration of the policy coverage;

   (3) The date when the insured has replaced the insurancecoverage with equivalent insurance in another insurer or terminated the policy;

   (4) The liquidator has effected a transfer of the policyobligation pursuant to § 27-14.3-25(a)(10); or

   (5) The date proposed by the liquidator and approved by thecourt to cancel coverage.

   (b) An order or liquidation under § 27-14.3-22 shallterminate coverage at the time specified in subsection (a) of this section forthe purposes of any other statute.

   (c) Policies of life or health insurance or annuities shallcontinue in force for any period and under any terms as is provided for by anyapplicable guaranty association or foreign guaranty association.

   (d) Policies of life or health insurance or annuities or anyperiod or coverage of those policies not covered by a guaranty association orforeign guaranty association shall terminate under subsections (a) and (b) ofthis section.