|
payment or crediting of a rate of interest consistent | with section 4603. |
|
| (8)__Nonpayment of premiums within 31 days after the | date required under the terms of any guaranteed, | assumed, alternative or reissued policy or contract or | substitute coverage terminates the association's | obligations under the policy or coverage under this | chapter with respect to the policy or coverage, except | with respect to any claims incurred or any net cash | surrender value that may be due in accordance with the | provisions of this chapter. |
|
| (9)__Premiums due for coverage after entry of an order | of liquidation of an insolvent insurer belong to and | are payable at the direction of the association, and | the association is liable for unearned premiums due to | policy or contract owners arising after the entry of | the order. |
|
| (10)__The protection provided by this chapter does not | apply when any guaranty protection is provided to | residents of this State by the laws of the domiciliary | state or jurisdiction of the impaired or insolvent | insurer other than this State. |
|
| | 4. Foreign or alien impaired insurer under final order of | liquidation, rehabilitation or conservation; association action. | If a foreign or alien insurer is an impaired insurer under a | final order of liquidation, rehabilitation or conservation, the | association shall, subject to the approval of the superintendent: |
|
| A. Guarantee, assume or reinsure or cause to be guaranteed, | assumed or reinsured the covered policies of residents; |
|
| B. Assure payment of the appropriate contractual | obligations of the impaired insurer to residents; and |
|
| C. Provide such moneys, pledges, notes, guarantees or other | means as are reasonably necessary to discharge these duties. | If the association fails to act within a reasonable period | of time, the superintendent shall have the powers and duties | of the association under this chapter with respect to such | foreign or alien impaired insurer. |
|
| | 5. Policy liens; contract liens; moratoriums on payments. In | carrying out its duties under subsections 3 and 4, the | association may request that there be imposed policy liens, | contract liens, moratoriums on payments or other similar means |
|
|