Kentucky Statutes 304.33-210 – Continuance of coverage
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(1) All policies, 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:
(a) A period of thirty (30) 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; or
(d) The date when the liquidator has effected a transfer of the policy obligation pursuant to KRS § 304.33-240(9).
(2) An order or liquidation under KRS § 304.33-200 shall terminate 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 annuity contracts shall continue in force for such period and under such terms as are provided for by the Kentucky Life and Health Insurance Guaranty Association or any similar foreign guaranty association.
(4) Policies of life or health insurance or annuity contracts or any period or coverage of such policies or contracts not covered by the Kentucky Life and Health Insurance Guaranty Association or any similar foreign guaranty association shall terminate under subsections (1) and (2) of this section.
Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 422, sec. 15, effective July 13, 1990. — Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 21, effective June 18, 1970.
(a) A period of thirty (30) days from the date of entry of the liquidation order; (b) The expiration of the policy coverage;
Terms Used In Kentucky Statutes 304.33-210
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
(c) The date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy; or
(d) The date when the liquidator has effected a transfer of the policy obligation pursuant to KRS § 304.33-240(9).
(2) An order or liquidation under KRS § 304.33-200 shall terminate 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 annuity contracts shall continue in force for such period and under such terms as are provided for by the Kentucky Life and Health Insurance Guaranty Association or any similar foreign guaranty association.
(4) Policies of life or health insurance or annuity contracts or any period or coverage of such policies or contracts not covered by the Kentucky Life and Health Insurance Guaranty Association or any similar foreign guaranty association shall terminate under subsections (1) and (2) of this section.
Effective: July 13, 1990
History: Amended 1990 Ky. Acts ch. 422, sec. 15, effective July 13, 1990. — Created
1970 Ky. Acts ch. 301, subtit. 33, sec. 21, effective June 18, 1970.