33-10-219. Impaired insurer -- association's powers.
33-10-219. Impaired insurer -- association's powers. If a member insurer is an impaired insurer, the association may, subject to any conditions imposed by the association other than those that impair the contractual obligations of the impaired insurer and that are approved by the commissioner:
(1) guarantee, assume, or reinsure or cause to be guaranteed, assumed, or reinsured all the covered policies of the impaired insurer; or
(2) provide money, pledges, notes, guarantees, or other means that are proper to effectuate this section and ensure payment of the contractual obligations of the impaired insurer pending action under this section.
History: En. 40-5808 by Sec. 8, Ch. 245, L. 1974; R.C.M. 1947, 40-5808(1), (2); amd. Sec. 140, Ch. 575, L. 1981; amd. Sec. 4, Ch. 576, L. 1987; amd. Sec. 12, Ch. 195, L. 2003.