(a) Nonpayment of premiums within thirty-one (31) days after the date required under the terms of any guaranteed, assumed, alternative, or reissued policy or contract or substitute coverage shall terminate the Arkansas Life and Health Insurance Guaranty Association's obligations under such policy or coverage under this chapter with respect to such policy or coverage, except with respect to any claims incurred or any net cash surrender value which may be due in accordance with the provisions of this chapter.
(b) Premiums due for coverage after entry of an order of liquidation of an insolvent insurer shall belong to and be payable at the direction of the association, and the association shall be liable for unearned premiums due to policy owners or contract owners arising after the entry of the order.
Section: Previous 23-96-108 23-96-109 23-96-110 23-96-111 23-96-112 23-96-113 23-96-114 23-96-115 23-96-116 23-96-117 23-96-118 23-96-119 23-96-120 23-96-121 NextLast modified: November 15, 2016