Effect of novation of policy under assumption reinsurance agreement
If a policyholder consents to a transfer as provided in ORS 742.158 (Rejection of transfer by policyholder), or if a transfer is effected under ORS 742.162 (Transfer and novation of policy effected by director), the effect of the novation of the policy subject to the assumption reinsurance agreement is that the transferring insurer is relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer becomes directly and solely liable to the policyholder for those insurance obligations and risks. [1995 c.30 §7]
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