Vermont Statutes Title 8 Sec. 7071
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Terms Used In Vermont Statutes Title 8 Sec. 7071
- Contract: A legal written agreement that becomes binding when signed.
- Creditor: is a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, fixed, or contingent. See
- Insurer: means any person who has done, purports to do, is doing or is licensed to do an insurance business, and is or has been subject to the authority of, or to liquidation, rehabilitation, reorganization, supervision, or conservation by, any insurance commissioner. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
§ 7071. Reinsurer’s liability
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. (Added 1991, No. 45, § 2, eff. May 29, 1991.)