North Dakota Code 26.1-06.1-18 – Continuance of coverage
1. All policies, including bonds and other noncancelable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation continue in force only until the earlier of:
Terms Used In North Dakota Code 26.1-06.1-18
- 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.
a. 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 subdivision i of subsection 1 of section 26.1-06.1-20; or
e. The date proposed by the liquidator and approved by the court to cancel coverage.
2. An order of liquidation under section 26.1-06.1-17 terminates coverages at the time specified in subsection 1 for purposes of any other statute.
3. Policies of life or health insurance or annuities continue in force for such period and under such terms as 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 such policies, not covered by a guaranty association or foreign guaranty association terminate under subsections 1 and 2.