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| Article 654 (Adjudication of Insurer's Bankruptcy and Termination of Contracts) |
| (1) | If an insurer has been adjudged bankrupt, a policyholder may terminate a contract. |
| (2) | An insurance contract which has not been terminated under the provisions of paragraph (1) shall lose its effect upon the lapse of three months after the adjudgment of bankruptcy. <Amended by Act No. 4470, Dec. 31, 1991> |