§ 27-53.1-6 - Effect of consent. - Rhode Island Statutes

SECTION 27-53.1-6

   § 27-53.1-6  Effect of consent. – If a policyholder consents to the transfer pursuant to § 27-53.1-5, or ifthe transfer is effected under § 27-53.1-7, there shall be a novation ofthe contract of insurance subject to the assumption reinsurance agreement withthe result that the transferring insurer shall be relieved of all insuranceobligations and/or risks transferred under the assumption reinsuranceagreement, and the assuming insurer shall become directly and solely liable tothe policyholder for those insurance obligations and/or risks.