(1) If the insured transfers an automobile during the period of coverage, a transferee shall succeed to the rights and obligations under an insurance contract only in cases where the transferee obtains approval from an insurer.
(2) When an insurer is notified of the fact of transfer by a transferee, the insurer shall notify, without delay, whether to accept such transfer, and if it fails to do so within ten days after the notification thereof, it shall be deemed to have accepted such transfer.[This Article Newly Inserted by Act No. 4470, Dec. 31, 1991]