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2018 Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 375 - Provisions Applicable to All Insurance Companies
Section 375.1292 Consent to transfer, effect.
Universal Citation: MO Rev Stat § 375.1292 (2018)
Effective 28 Aug 1993
Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375375.1292. 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 thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement, and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks.
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(L. 1993 H.B. 709 § 18)
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