Hawaii Revised Statutes 431:15-321 – Reinsurer’s liability
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Terms Used In Hawaii Revised Statutes 431:15-321
- Contract: A legal written agreement that becomes binding when signed.
- 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 Hawaii Revised Statutes 431:15-103
- 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 liquidator from reinsurers shall not be reduced as a result of 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.