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Current as of January 01, 2024 | Updated by Findlaw Staff
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 contracts or other agreements. The reinsurance shall be payable under contracts reinsured by the assuming insurer on the basis of reported claims allowed by the Superior Court of the District of Columbia, without diminution because of the insolvency of the ceding insurer. The payments shall be made directly to the ceding insurer or to its domiciliary liquidator, except where:
(1) The contracts or other written agreements specifically provide for another payee of the reinsurance in the event of the insolvency of the ceding insurer; or
(2) The assuming insurer, with the consent of the direct insureds, has assumed the policy obligations of the ceding insurer as the direct obligation of the assuming insurer to the payees under such policies and in substitution for the obligations of the ceding insurer to the payees.
Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 31-1330. Reinsurer's liability. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-31-1330/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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