§431:15-321 Reinsurer's liability. The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor shall not diminish the reinsurer's obligation to the insurer's estate except when the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation. [L 1987, c 347, pt of §2]
Section: Previous 431-15-314 431-15-315 431-15-316 431-15-317 431-15-318 431-15-319 431-15-320 431-15-321 431-15-322 431-15-323 431-15-324 431-15-325 431-15-326 431-15-327 431-15-328 NextLast modified: October 27, 2016