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.
Miss. Code Ann. § 83-24-63
Recovery from reinsurers; amount
Known as the Insurers Rehabilitation and Liquidation Act
The act spans §§ 83–83 (59 sections).
Laws, 1991, ch. 417, § 32, eff from and after passage (approved March 20, 1991
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.