§ 27-64-7 - Conservation, rehabilitation and liquidation of protected cell companies. - Rhode Island Statutes

SECTION 27-64-7

   § 27-64-7  Conservation, rehabilitation andliquidation of protected cell companies. – (a) Notwithstanding any contrary provision in the insurance code of this state,the rules and regulations promulgated under the insurance code, or any otherapplicable law or regulation, upon placement under administrative supervisionor upon any order of conservation, rehabilitation or liquidation of a protectedcell company, the receiver shall be bound to deal with the protected cellcompany's assets and liabilities including protected cell assets and protectedcell liabilities in accordance with the requirements set forth in this chapter.

   (b) With respect to amounts recoverable under a protectedcell company insurance securitization, the amount recoverable by the receivershall not be reduced or diminished as a result of the placement underadministrative supervision or entry of an order of conservation, rehabilitationor liquidation with respect to the protected cell company or any of itsprotected cells, notwithstanding any provisions to the contrary in thecontracts or other documentation governing the protected cell company insurancesecuritization.