§ 58‑10‑95. Reachof creditors and other claimants.
(a) Protected cellassets shall only be available to the creditors of the protected cell companythat are creditors with respect to that protected cell and, accordingly, areentitled, in conformity with this Chapter, to have recourse to the protectedcell assets attributable to that protected cell and are absolutely protectedfrom the creditors of the protected cell company that are not creditors withrespect to that protected cell and who, accordingly, are not entitled to haverecourse to the protected cell assets attributable to that protected cell.Creditors with respect to a protected cell are not entitled to have recourseagainst the protected cell assets of other protected cells or the assets or theprotected cell company's general account. Protected cell assets are onlyavailable to creditors of a protected cell company after all protected cellliabilities have been extinguished or otherwise provided for in accordance withthe plan of operation relating to that protected cell.
(b) When an obligationof a protected cell company to a person arises from a transaction, or isotherwise imposed, with respect to a protected cell:
(1) That obligation ofthe protected cell company extends only to the protected cell assetsattributable to that protected cell, and the person, with respect to thatobligation, is entitled to have recourse only to the protected cell assetsattributable to that protected cell; and
(2) That obligation ofthe protected cell company does not extend to the protected cell assets of anyother protected cell or the assets of the protected cell company's generalaccount, and that person, with respect to that obligation, is not entitled tohave recourse to the protected cell assets of any other protected cell or theassets of the protected cell company's general account.
(c) When an obligationof a protected cell company relates solely to the general account, theobligation of the protected cell company extends only to, and that creditor,with respect to that obligation, is entitled to have recourse only to theassets of the protected cell company's general account.
(d) The activities,assets, and obligations relating to a protected cell are not subject to theprovisions of Articles 48 and 62 of this Chapter, and neither a protected cellnor a protected cell company may be assessed by, or otherwise be required tocontribute to, any guaranty fund or guaranty association in this State withrespect to the activities, assets, or obligations of a protected cell. Nothingin this subsection affects the activities or obligations of an insurer'sgeneral account.
(e) The establishmentof one or more protected cells alone does not constitute a fraudulentconveyance, an intent by the protected cell company to defraud creditors, orthe carrying out of business by the protected cell company for any otherfraudulent purpose. (2001‑223, s. 25.)
§ 58‑10‑95. Reachof creditors and other claimants.
(a) Protected cellassets shall only be available to the creditors of the protected cell companythat are creditors with respect to that protected cell and, accordingly, areentitled, in conformity with this Chapter, to have recourse to the protectedcell assets attributable to that protected cell and are absolutely protectedfrom the creditors of the protected cell company that are not creditors withrespect to that protected cell and who, accordingly, are not entitled to haverecourse to the protected cell assets attributable to that protected cell.Creditors with respect to a protected cell are not entitled to have recourseagainst the protected cell assets of other protected cells or the assets or theprotected cell company's general account. Protected cell assets are onlyavailable to creditors of a protected cell company after all protected cellliabilities have been extinguished or otherwise provided for in accordance withthe plan of operation relating to that protected cell.
(b) When an obligationof a protected cell company to a person arises from a transaction, or isotherwise imposed, with respect to a protected cell:
(1) That obligation ofthe protected cell company extends only to the protected cell assetsattributable to that protected cell, and the person, with respect to thatobligation, is entitled to have recourse only to the protected cell assetsattributable to that protected cell; and
(2) That obligation ofthe protected cell company does not extend to the protected cell assets of anyother protected cell or the assets of the protected cell company's generalaccount, and that person, with respect to that obligation, is not entitled tohave recourse to the protected cell assets of any other protected cell or theassets of the protected cell company's general account.
(c) When an obligationof a protected cell company relates solely to the general account, theobligation of the protected cell company extends only to, and that creditor,with respect to that obligation, is entitled to have recourse only to theassets of the protected cell company's general account.
(d) The activities,assets, and obligations relating to a protected cell are not subject to theprovisions of Articles 48 and 62 of this Chapter, and neither a protected cellnor a protected cell company may be assessed by, or otherwise be required tocontribute to, any guaranty fund or guaranty association in this State withrespect to the activities, assets, or obligations of a protected cell. Nothingin this subsection affects the activities or obligations of an insurer'sgeneral account.
(e) The establishmentof one or more protected cells alone does not constitute a fraudulentconveyance, an intent by the protected cell company to defraud creditors, orthe carrying out of business by the protected cell company for any otherfraudulent purpose. (2001‑223, s. 25.)
§ 58‑10‑95. Reachof creditors and other claimants.
(a) Protected cellassets shall only be available to the creditors of the protected cell companythat are creditors with respect to that protected cell and, accordingly, areentitled, in conformity with this Chapter, to have recourse to the protectedcell assets attributable to that protected cell and are absolutely protectedfrom the creditors of the protected cell company that are not creditors withrespect to that protected cell and who, accordingly, are not entitled to haverecourse to the protected cell assets attributable to that protected cell.Creditors with respect to a protected cell are not entitled to have recourseagainst the protected cell assets of other protected cells or the assets or theprotected cell company's general account. Protected cell assets are onlyavailable to creditors of a protected cell company after all protected cellliabilities have been extinguished or otherwise provided for in accordance withthe plan of operation relating to that protected cell.
(b) When an obligationof a protected cell company to a person arises from a transaction, or isotherwise imposed, with respect to a protected cell:
(1) That obligation ofthe protected cell company extends only to the protected cell assetsattributable to that protected cell, and the person, with respect to thatobligation, is entitled to have recourse only to the protected cell assetsattributable to that protected cell; and
(2) That obligation ofthe protected cell company does not extend to the protected cell assets of anyother protected cell or the assets of the protected cell company's generalaccount, and that person, with respect to that obligation, is not entitled tohave recourse to the protected cell assets of any other protected cell or theassets of the protected cell company's general account.
(c) When an obligationof a protected cell company relates solely to the general account, theobligation of the protected cell company extends only to, and that creditor,with respect to that obligation, is entitled to have recourse only to theassets of the protected cell company's general account.
(d) The activities,assets, and obligations relating to a protected cell are not subject to theprovisions of Articles 48 and 62 of this Chapter, and neither a protected cellnor a protected cell company may be assessed by, or otherwise be required tocontribute to, any guaranty fund or guaranty association in this State withrespect to the activities, assets, or obligations of a protected cell. Nothingin this subsection affects the activities or obligations of an insurer'sgeneral account.
(e) The establishmentof one or more protected cells alone does not constitute a fraudulentconveyance, an intent by the protected cell company to defraud creditors, orthe carrying out of business by the protected cell company for any otherfraudulent purpose. (2001‑223, s. 25.)
