(a) Notwithstanding any policy or contract language or any other provision of law, all policies, insurance contracts, other than reinsurance, surety bonds or surety undertakings, 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 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 in another insurer or otherwise terminated the policy; (4) the liquidator has effected a transfer of the policy obligation pursuant to subdivision (8) of subsection (a) of section 38a-923; or (5) the date proposed by the liquidator and approved by the court to cancel coverage.
(b) An order of liquidation pursuant to section 38a-920 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 period and under such terms as is provided for by any applicable guaranty association.
(d) Policies of life or health insurance or annuities or any period of coverage of such policies not covered by a guaranty association shall terminate under subsections (a) and (b) of this section.
(e) The cancellation of any bond or surety undertaking shall not release any cosurety or guarantor.
(f) A cancellation under this section shall not affect the obligations of the insolvent insurer's reinsurers with respect to losses arising out of acts or occurrences prior to such cancellation.
(P.A. 79-382, S. 19; P.A. 92-93, S. 15; P.A. 98-214, S. 12.)
History: Sec. 38-439 transferred to Sec. 38a-921 in 1991; P.A. 92-93 amended Subsec. (a) re court-approved liquidation date and amended Subsecs. (b) and (d) to make technical corrections for statutory consistency; P.A. 98-214 amended Subsec. (a) to replace introductory language with provision, notwithstanding any policy or contract language or any other provision of law, making certain policies continue in force for lesser of periods set forth in existing Subdivs., deleted reference to foreign guaranty association in Subsecs. (c) and (d), added new Subsec. (e) re cancellation of bond or surety undertaking and added new Subsec. (f) re cancellation under this section.
Structure Connecticut General Statutes
Section 38a-904. (Formerly Sec. 38-422). - Application of provisions.
Section 38a-905. (Formerly Sec. 38-423). - Definitions.
Section 38a-906. (Formerly Sec. 38-424). - Jurisdiction and venue.
Section 38a-907. (Formerly Sec. 38-425). - Injunctions, orders and stays.
Section 38a-908. (Formerly Sec. 38-426). - Cooperation of officers, owners and employees. Penalties.
Section 38a-910. (Formerly Sec. 38-428). - Continuation of delinquency proceedings.
Section 38a-911. (Formerly Sec. 38-429). - Delinquency proceeding: Limitations and conditions.
Section 38a-912. (Formerly Sec. 38-430). - Seizure order by court.
Section 38a-913. (Formerly Sec. 38-431). - Confidentiality of proceedings.
Section 38a-914. (Formerly Sec. 38-432). - Grounds for rehabilitation.
Section 38a-917. (Formerly Sec. 38-435). - Actions by and against rehabilitator.
Section 38a-918. (Formerly Sec. 38-436). - Order of liquidation. Termination of rehabilitation.
Section 38a-919. (Formerly Sec. 38-437). - Grounds for liquidation.
Section 38a-922. (Formerly Sec. 38-440). - Dissolution of insurer.
Section 38a-923. (Formerly Sec. 38-441). - Powers of liquidator.
Section 38a-924. (Formerly Sec. 38-442). - Notice to creditors and others. Requirements. Exceptions.
Section 38a-925. (Formerly Sec. 38-443). - Duties of agents. Penalty.
Section 38a-926. (Formerly Sec. 38-444). - Actions by and against liquidator.
Section 38a-927. (Formerly Sec. 38-445). - List of assets.
Section 38a-928. (Formerly Sec. 38-446). - Fraudulent transfers prior to petition.
Section 38a-929. (Formerly Sec. 38-447). - Fraudulent transfer after petition.
Section 38a-930. (Formerly Sec. 38-448). - Voidable preferences and liens. Exceptions.
Section 38a-931. (Formerly Sec. 38-449). - Claims of holders of void or voidable rights.
Section 38a-932. (Formerly Sec. 38-450). - Set-offs and counterclaims. Accounting statements.
Section 38a-933. (Formerly Sec. 38-451). - Assessments.
Section 38a-933a. - Amounts recoverable. Affiliate liability. Timing of proceedings.
Section 38a-934. (Formerly Sec. 38-452.) - Reinsurer's liability.
Section 38a-935. (Formerly Sec. 38-453). - Recovery of premiums owed. Penalty. Appeals.
Section 38a-936. (Formerly Sec. 38-454). - Liquidator's proposal to distribute assets.
Section 38a-937. (Formerly Sec. 38-455). - Filing of claims.
Section 38a-938. (Formerly Sec. 38-456). - Proof of claim.
Section 38a-939. (Formerly Sec. 38-457). - Special claims.
Section 38a-941. (Formerly Sec. 38-459). - Disputed claims. Hearings. Procedure.
Section 38a-942. (Formerly Sec. 38-460). - Claims of surety.
Section 38a-943. (Formerly Sec. 38-461). - Secured creditor's claims.
Section 38a-944. (Formerly Sec. 38-462). - Priority of distribution of claims.
Section 38a-945. (Formerly Sec. 38-463). - Liquidator's recommendations to the court.
Section 38a-946. (Formerly Sec. 38-464). - Distribution of assets.
Section 38a-947. (Formerly Sec. 38-465). - Unclaimed and withheld funds.
Section 38a-948. (Formerly Sec. 38-466). - Termination of proceedings.
Section 38a-949. (Formerly Sec. 38-467). - Reopening liquidation.
Section 38a-951. (Formerly Sec. 38-469). - External audit of the receiver's books.
Section 38a-954. (Formerly Sec. 38-472). - Domiciliary liquidators in other states.
Section 38a-955. (Formerly Sec. 38-473). - Ancillary formal proceedings.
Section 38a-956. (Formerly Sec. 38-474). - Ancillary summary proceedings.
Section 38a-960. (Formerly Sec. 38-478). - Interstate priorities.
Section 38a-961. (Formerly Sec. 38-479). - Subordination of claims for noncooperation.
Section 38a-962. - Definitions.
Section 38a-962a. - Applicability.
Section 38a-962b. - Administrative supervision by the commissioner.
Section 38a-962d. - Prohibited activities during supervision. Prior approval.
Section 38a-962e. - Contested action. Appeal.
Section 38a-962f. - Judicial or other delinquency proceedings.
Section 38a-962g. - Regulations.
Section 38a-962h. - Supervision proceeding: Contact with commissioner allowed.
Section 38a-962i. - Immunity from liability.