N.J.S.A. 17B:32-61 — Amount recoverable not affected by delinquency proceedings

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 is the verbatim text of N.J.S.A. 17B:32-61, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.