§ 26.1-06.1-18 — Continuance of coverage

North Dakota § 26.1-06.1-18

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-06.1: Insurance Company Rehabilitation and Liquidation

Text

1. All policies, including bonds and other noncancelable business, other than life or
health insurance or annuities, in effect at the time of issuance of an order of liquidation
continue in force only until the earlier of:
a. Thirty days from the date of entry of the liquidation orders;
b. The expiration of the policy coverage;
c. The date when the insured has replaced the insurance coverage with equivalent
insurance in another insurer or otherwise terminated the policy;
d. The liquidator has effected a transfer of the policy obligation pursuant to
subdivision i of subsection 1 of section 26.1-06.1-20; or
e. The date proposed by the liquidator and approved by the court to cancel
coverage.
2. An order of liquidation under section 26.1-06.1-17 terminates coverages at the time
specified in subsection 1 for purposes of any other statute.
3. Policies of life or health insurance or annuities continue in force for such period and
under such terms as provided for by any applicable guaranty association or foreign
guaranty association.
4. Policies of life or health insurance or annuities, or any period or coverage of such
policies, not covered by a guaranty association or foreign guaranty association
terminate under subsections 1 and 2.