20-681. Definitions In this article, unless the context otherwise requires: 1. " Account" means any of the three accounts established pursuant to section 20-683. 2. " Authorized" means, when used in the context of assessments pursuant to this article, an assessment for a specified amount approved by the board of directors to be called immediately […]
20-682. Coverage; limitations A. This article provides coverage for the policies and contracts specified in subsection B of this section to: 1. A person who, regardless of the state where the person resides, is a beneficiary, assignee or payee, including health care providers rendering services covered under the health insurance policies or certificates, of a […]
20-683. Life and disability insurance guaranty fund A. The life and disability insurance guaranty fund is established in the department. The fund shall be deposited in a depository designated by the director. All member insurers shall be members of the fund as a condition of their authority to transact insurance or a health care services […]
20-684. Life and disability insurance guaranty fund board; composition; compensation A. Subject to the powers of the director, the life and disability insurance guaranty fund shall be administered by a board of eleven members. Each member of the board shall serve for a term of three years. Of the members first appointed, three shall serve […]
20-685. Powers and duties of the fund A. If a member insurer is an impaired insurer, the fund, subject to any conditions imposed by the fund that do not impair the contractual obligations of the impaired insurer, with the approval of the director, may: 1. Guarantee, assume, reissue or reinsure, or cause to be guaranteed, […]
20-686. Assessments A. For the purpose of providing the funds necessary to carry out the powers and duties of the fund, the fund shall assess the member insurers, separately for each account, at such times and for such amounts as the fund finds necessary. The member insurers shall be required to pay the assessments within […]
20-687. Plan of operation A. The board shall submit to the director a plan of operation and any amendments necessary to assure the fair, reasonable and equitable administration of the fund. The plan of operation and any amendments shall become effective on approval in writing by the director. If the board fails to submit a […]
20-688. Duties and powers of the director A. In addition to all other duties and powers enumerated in this article, the director shall: 1. Notify the board of directors of the existence of an impaired insurer or insolvent insurer not later than three days after a determination of impairment or insolvency or the director receives […]
20-689. Prevention of impairments To aid in the detection and prevention of member insurer impairments and insolvencies: 1. The board of directors, on majority vote, shall notify the director of any information indicating that any member insurer may be unable or potentially unable to fulfill its contractual obligations. 2. The board of directors, on majority […]
20-690. Financial provisions A. Nothing in this article shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired insurer or insolvent insurer operating under a plan with assessment liability. B. Records shall be kept of all negotiations and meetings in which the fund or its representatives are involved to […]
20-691. Examination of the fund; annual report The fund shall be subject to examination and regulation by the director. The board of directors shall submit to the director, not later than May 1 of each year, a financial report for the preceding calendar year in a form approved by the director and a report of […]
20-692. Premium tax offset A. The board shall issue to each member insurer paying an assessment pursuant to this article a certificate of contribution, in a form prescribed by the director for the amount paid. All outstanding certificates shall be of equal dignity and priority without reference to amounts or dates of issue. B. A […]
20-693. Immunity There shall be no liability on the part of and no cause of action of any nature shall arise against the fund or its agents or employees, members of the board of directors or the director or his or her representatives for any action taken by them in the performance of their powers […]
20-694. Stay of proceedings; reopening default judgments A. All proceedings in which the impaired insurer or insolvent insurer or the impaired insurer’s or insolvent insurer’s insured is a party in any court in this state shall be stayed sixty days from the date an order of liquidation, rehabilitation or conservation is final to permit proper […]
20-695. Statute of limitations With respect to the handling of claims pursuant to section 20-687 the board may by resolution provide that claims not filed within four months from the date of notice to creditors shall be barred.
