LD 933
pg. 18
Page 17 of 38 PUBLIC Law Chapter 346 Page 19 of 38
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LR 2060
Item 1

 
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


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