§ 7708. Powers and duties of the corporation. In addition to the\npowers and duties enumerated in other sections of this article, and\nsubject to limitations and exclusions contained in this and other\nsections of this article:\n (a) (1) If a domestic insurer is an impaired or insolvent insurer, the\ncorporation shall, with the approval of the superintendent:\n (A) guarantee, assume, or reinsure, or cause to be guaranteed,\nassumed, or reinsured, the covered policies, or arrange for replacement\nby policies found by the superintendent to be substantially similar to\nsuch covered policies;\n (B) assure payment of the contractual obligations of the impaired or\ninsolvent insurer; and\n (C) provide such moneys, pledges, notes, guarantees or other means as\nare reasonably necessary to discharge such duties.\n (2) The aggregate liability of the corporation under this subsection\nshall not exceed five hundred thousand dollars for all benefits,\nincluding cash values, with respect to any one life or, to the extent\nbenefits are not allocated pursuant to a covered policy to any one life,\nto any one covered policy; provided, however, that (A) the foregoing\nlimitation shall not apply to any group or blanket accident or health\ninsurance or accident and health insurance policy; and (B) the\ncorporation shall be liable under this subsection in an amount not to\nexceed one million dollars for all benefits, including cash values, with\nrespect to any group annuity contract (or portion of any such contract)\nthat does not guarantee annuity benefits with respect to any specific\nindividual identified in the contract and with respect to any funding\nagreement issued to fund benefits under any employee benefit plan.\n (b) (1) If a foreign or alien insurer is an impaired or insolvent\ninsurer, the corporation shall, with the approval of the superintendent:\n (A) guarantee, assume, or reinsure or cause to be guaranteed, assumed,\nor reinsured the covered policies, or arrange for replacement by\npolicies found by the superintendent to be substantially similar to such\ncovered policies;\n (B) assure payment of the contractual obligations of the insolvent\ninsurer; and\n (C) provide such moneys, pledges, notes, guarantees, or other means as\nare reasonably necessary to discharge such duties.\n (2) The aggregate liability of the corporation under this subsection\nshall be the excess over any amount that the superintendent determines\nto be the statutory obligation of the guaranty corporation or\nassociation of the foreign or alien insurer's state of domicile or state\nof entry, but in no event shall the corporation's liability, when added\nto the amount so determined to be available from such other guaranty\ncorporation or association, exceed five hundred thousand dollars for all\nbenefits, including cash values, with respect to any one life, or, to\nthe extent benefits are not allocated pursuant to a covered policy to\nany one life, to any one covered policy; provided, however, that the (A)\nforegoing five hundred thousand dollar limitation shall not apply to any\ngroup or blanket accident or health insurance or accident and health\ninsurance policy; and (B) liability of all such guaranty corporations or\nassociations may in the aggregate equal, but shall not exceed one\nmillion dollars for all benefits, including cash values, with respect to\nany group annuity contract (or portion of any such contract) that does\nnot guarantee annuity benefits with respect to any specific individual\nidentified in the contract and with respect to any funding agreement\nissued to fund benefits under any employee benefit plan.\n (c) (1) The superintendent may, with the approval of the court,\nsuspend cash surrender rights and policy loan rights under any covered\npolicy for an initial period not to exceed one year and for additional\nsuccessive periods, each not to exceed one year, all in addition to any\ncontractual provision for deferral of cash or pol
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