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New Jersey Statutes, Title: 17B, INSURANCE
Chapter 32:
Section: 17B:32-61: Amount recoverable not affected by delinquency proceedings
31. The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the 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.1992,c.65,s.31.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17b:32-61 (if available):
Court decisions that cite this statute:
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