Missouri Laws 375.1178 – Life and health policies, termination of, when
1. Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.
2. Policies of life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections 3 and 4 of this section.
Terms Used In Missouri Laws 375.1178
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- 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.
- Policy: a contract of insurance providing fire and extended coverage insurance, whether separately or in combination with other coverages, on owner-occupied habitational property not exceeding two families. See Missouri Laws 375.001
3. All policies, including bonds and other noncancelable business, other than life and 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 thirty 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 with another insurer or otherwise terminated the policy;
(4) The liquidator has effected a transfer of the policy obligation pursuant to subdivision (8) of subsection 1 of section 375.1182; or
(5) The date proposed by the liquidator and approved by the court to cancel coverage.
4. An order of liquidation under section 375.1176 shall terminate coverages at the time specified in subsection 1 of this section notwithstanding any other section of law.