(a) All policies, including bonds and other noncancellable business, 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 30 days from the date of entry of the liquidation orders;
(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;
(4) The liquidator has effected a transfer of the policy obligation pursuant to § 31-1319(a)(9); or
(5) The date proposed by the liquidator and approved by the court to cancel coverage.
(b) An order of liquidation under § 31-1316 shall terminate coverages at the time specified in subsection (a) of this section for purposes of any other statute.
(c) Policies of life or health insurance or annuities shall continue in force for such a period and under the terms 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 any policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (a) and (b) of this section.
(Oct. 15, 1993, D.C. Law 10-35, § 18, 40 DCR 5773; May 16, 1995, D.C. Law 10-255, § 27(d), 41 DCR 5193; Apr. 18, 1996, D.C. Law 11-110, § 40, 43 DCR 530.)
1981 Ed., § 35-2817.
This section is referenced in § 31-1316.
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