20-683
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20-683. Life and disability insurance guaranty fund A. There is established in the insurance department a life and disability insurance guaranty fund. 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 in this state. For purposes of administration and assessment, the fund shall maintain three accounts: 1. The disability insurance account. 2. The life insurance account. 3. The annuity account. B. The fund shall be under the immediate supervision of the director and shall be subject to the applicable provisions of the insurance laws of this state. C. All costs, expenses and liabilities of the fund shall be paid by the fund and shall not be a general obligation of the state. D. All monies placed in the accounts of the fund may be expended for the purposes of this article. |