§ 27-9-3-8 — Termination of insurance coverage

(a) All policies, other than life or health
insurance or annuities, in effect at the time of issuance of an order of
liquidation shall continue in force only for the lesser of:
(1) a period of thirty (30) days from the date of entry of the
liquidation order;
(2) the expiration of the policy coverage;
(3) the date when the insured has replaced the insurance coverage
with equivalent insurance in another insurer or otherwise
terminated the policy; or
(4) the date when the liquidator has effected a transfer of the
policy obligation under section 9(b)(8) of this chapter.
(b) An order of liquidation under section 7 of this chapter shall
terminate coverages at the time specified in subsection (a) for purposes
of any other law.
(c) Policies of life or health insurance or annuities shall continue in
force for periods and under terms as is provided for by any applicable
guaranty association or foreign guaranty association.
(d) Policies of life or health insurance or annuities or any period or
coverage of those policies not covered by a guaranty association or
foreign guaranty association terminate under subsections (a) and (b).
As added by Acts 1979, P.L.255, SEC.1.