Effective – 28 Aug 1993 375.1280. Scope of law. — Sections 375.1280 to 375.1295 provide for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. It defines assumption reinsurance and establishes notice and disclosure requirements which protect and define the rights and obligations of policyholders, regulators and the […]
Effective – 28 Aug 1993 375.1282. Application of law — not applicable, when. — 1. Sections 375.1280 to 375.1295 apply to any insurer authorized in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders pursuant to an assumption reinsurance agreement. 2. Sections 375.1280 to 375.1295 do […]
Effective – 28 Aug 1993 375.1285. Definitions. — As used in sections 375.1280 to 375.1295, the following terms mean: (1) “Assuming insurer”, the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement; (2) “Assumption reinsurance agreement”, any contract which both: (a) Transfers insurance obligations or risks […]
Effective – 01 Jan 2017, 2 histories 375.1287. Notice of transfer, form, contents, filing with director, when — prior approval required, period for approval, factors for director to consider in reviewing request — penalty for violation. — 1. A notice of transfer regarding an assumption reinsurance agreement shall be provided to the policyholders of a […]
Effective – 28 Aug 1993 375.1290. Policyholder’s right to reject, procedures — second and third notices, when — response deemed received, when. — 1. Every policyholder shall have the right to reject the transfer and novation of their contract of insurance. Policyholders electing to reject the assumption transaction shall return to the transferring insurer the […]
Effective – 28 Aug 1993 375.1292. Consent to transfer, effect. — If a policyholder consents to the transfer pursuant to section 375.1290, or if the transfer is effected under section 375.1294, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall […]
Effective – 28 Aug 1993 375.1294. Hazardous financial condition of transferring insurer, automatic transfer, when. — If an insurer domiciled in this state or in a jurisdiction not having a substantially similar law is deemed by the director to be in hazardous financial condition, or if an administrative or judicial proceeding has been instituted against […]
Effective – 28 Aug 1993 375.1295. Effective date — application dates. — 1. Sections 375.1280 to 375.1295 shall apply to all assumption reinsurance agreements entered into on or after August 28, 1993. 2. Any person who prior to August 28, 1993, committed any act punishable under subsection 10 of section 375.241 may be punished under […]
