Alaska Statutes 21.78.272 – Reinsurer’s liability
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Alaska Statutes 21.78.272
- Contract: A legal written agreement that becomes binding when signed.
- 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.
The amount recoverable by the receiver from reinsurers may not be reduced as a result of delinquency proceedings, regardless of a provision in the reinsurance contract or other agreement. Payment made directly to an insured or other creditor does not diminish the reinsurer’s obligation to the insurer’s estate unless the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation.