44-6208. Effect of consent.If a policyholder accepts the transfer pursuant to section 44-6207 or if the transfer is effected under section 44-6209, 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.Source Laws 1993, LB 583, § 69.
Nebraska Legal Code