Iowa Code 507C.19 – Continuance of coverage
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Terms Used In Iowa Code 507C.19
- Continuance: Putting off of a hearing ot trial until a later time.
- 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.
507C.19 Continuance of coverage.
1. Except for life or health insurance or annuities, policies 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 days from the date of entry of the liquidation orders.
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 pursuant to section
507C.21, subsection 1, paragraph “”h””.
2. An order or liquidation under § 507C.18 shall terminate coverages at the time specified in subsection 1 for purposes of any other statute.
3. Policies of life or health insurance or annuities shall continue in force for the period and under terms as is provided for by any applicable guaranty association or foreign guaranty association.
4. Policies of life or health insurance or annuities or any period or coverage of the policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections 1 and 2.
84 Acts, ch 1175, §19
Referred to in §507C.18, 507C.23
1. Except for life or health insurance or annuities, policies 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 days from the date of entry of the liquidation orders.
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 pursuant to section
507C.21, subsection 1, paragraph “”h””.
2. An order or liquidation under § 507C.18 shall terminate coverages at the time specified in subsection 1 for purposes of any other statute.
3. Policies of life or health insurance or annuities shall continue in force for the period and under terms as is provided for by any applicable guaranty association or foreign guaranty association.
4. Policies of life or health insurance or annuities or any period or coverage of the policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections 1 and 2.
84 Acts, ch 1175, §19
Referred to in §507C.18, 507C.23