(a) All policies, including bonds and other noncancellable business, 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 30 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 § 31-1319(a)(9); or
(5) The date proposed by the liquidator and approved by the court to cancel coverage.
(b) An order of liquidation under § 31-1316 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 a period and under the terms provided for by any applicable guaranty association or foreign guaranty association.
(d) Policies of life or health insurance or annuities or any period or coverage of any policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (a) and (b) of this section.
(Oct. 15, 1993, D.C. Law 10-35, § 18, 40 DCR 5773; May 16, 1995, D.C. Law 10-255, § 27(d), 41 DCR 5193; Apr. 18, 1996, D.C. Law 11-110, § 40, 43 DCR 530.)
1981 Ed., § 35-2817.
This section is referenced in § 31-1316.
Structure District of Columbia Code
Title 31 - Insurance and Securities
Chapter 13 - Insurers Rehabilitation and Liquidation Procedures
§ 31–1303. Jurisdiction and venue
§ 31–1304. Injunctions and orders
§ 31–1305. Cooperation of officers, owners, and employees
§ 31–1306. Continuation of delinquency proceedings
§ 31–1308. Temporary seizure order
§ 31–1309. Confidentiality of records
§ 31–1309.01. Duty to provide information to other insurance regulators and guaranty associations
§ 31–1310. Grounds for rehabilitation
§ 31–1311. Rehabilitation orders
§ 31–1312. Powers and duties of the rehabilitator
§ 31–1313. Actions by and against the rehabilitator
§ 31–1314. Termination of rehabilitation
§ 31–1315. Grounds for liquidation
§ 31–1317. Continuance of coverage
§ 31–1318. Dissolution of insurer
§ 31–1319. Powers of liquidator
§ 31–1320. Notice to creditors and others
§ 31–1322. Actions by and against liquidator
§ 31–1323. Collection and list of assets
§ 31–1324. Fraudulent transfer prior to petition
§ 31–1325. Fraudulent transfer after petition
§ 31–1326. Voidable preferences and liens
§ 31–1327. Claims of holders of void or voidable rights
§ 31–1330. Reinsurer’s liability
§ 31–1331. Recovery of premiums owed
§ 31–1332. Domiciliary liquidator’s proposal to distribute assets
§ 31–1336. Special provisions for third party claims
§ 31–1339. Secured creditor’s claims
§ 31–1340. Priority of distribution
§ 31–1341. Liquidator’s recommendations to the court
§ 31–1342. Distribution of assets
§ 31–1343. Unclaimed and withheld funds
§ 31–1344. Termination of proceedings
§ 31–1345. Reopening liquidation
§ 31–1346. Disposition of records during and after termination of liquidation
§ 31–1347. External audit of the receiver’s books
§ 31–1348. Conservation of property of foreign or alien insurers found in the District of Columbia
§ 31–1349. Liquidation of property of foreign or alien insurers found in the District of Columbia
§ 31–1350. Domiciliary liquidators in other states
§ 31–1351. Ancillary formal proceedings
§ 31–1352. Ancillary summary proceedings
§ 31–1353. Claims of nonresidents against insurers domiciled in the District of Columbia
§ 31–1354. Claims of residents against insurers domiciled in reciprocal states
§ 31–1355. Attachment, garnishment, and levy of execution