Revised Code of Washington - RCW Title 48 Insurance - Section 48.31.125 Order of liquidation -- Termination of coverage

§ 48.31.125. Order of liquidation -- Termination of coverage

(1) 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 continue in force only until the earliest of:

(a) The end of a period of thirty days from the date of entry of the liquidation order;

(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; or

(e) The date proposed by the liquidator and approved by the court to cancel coverage.

(2) An order of liquidation terminates coverages at the time specified in subsection (1) of this section for purposes of any other statute.

(3) Policies of life or health insurance or annuities shall continue in force for the period and under the terms provided by an applicable guaranty association or foreign guaranty association.

(4) Policies of life or health insurance or annuities or a period or coverage of the policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (1) and (2) of this section.

[1993 c 462 § 62.]

Notes:
     Severability -- Implementation -- 1993 c 462: See RCW 48.31B.901 and 48.31B.902.

Sections:  Previous  48.31.080  48.31.090  48.31.100  48.31.105  48.31.111  48.31.115  48.31.121  48.31.125  48.31.131  48.31.135  48.31.141  48.31.145  48.31.151  48.31.155  48.31.161  Next

Last modified: April 7, 2009