31. 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.
N.J. Stat. Ann. § 17B:32-61
Amount recoverable not affected by delinquency proceedings
Known as the New Jersey Life and Health Insurance Guaranty Association Act
The act spans §§ 17B:17-1 to 17B:37-9 (1,003 sections).
L.1992,c.65,s.31.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.