§ 31-1317. Continuance of coverage.

Current through October 23, 2012

(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.

                
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(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.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 35-2817.

Legislative History of Laws

For legislative history of D.C. Law 10-35, see Historical and Statutory Notes following § 31-1301.

For legislative history of D.C. Law 10-255, see Historical and Statutory Notes following § 31-1301.

Law 11-110, the "Technical Amendments Act of 1996," was introduced in Council and assigned Bill No. 11-485, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 5, 1995, and January 4, 1996, respectively. Signed by the Mayor on January 26, 1996, it was assigned Act No. 11-199 and transmitted to both Houses of Congress for its review. D.C. Law 11-110 became effective on April 18, 1996.