Notwithstanding Section 27-5B-16, in the event that a life and health insurance guaranty association has made the election to succeed to the rights and obligations of the insolvent insurer under the contract of reinsurance, the reinsurer's liability to pay covered reinsured claims shall continue under the contract of reinsurance subject to the payment to the reinsurer of the reinsurance premiums for the coverage. Payment for the reinsured claims shall only be made by the reinsurer pursuant to the direction of the guaranty association or its designated successor. Any payment made at the direction of the guaranty association or its designated successor by the reinsurer shall discharge the reinsurer of all further liability to any other party for the claim payment.
Structure Code of Alabama
Section 27-5B-2 - Reinsurance Permitted.
Section 27-5B-3 - Credit Allowed a Domestic Ceding Insurer.
Section 27-5B-4 - Licensed Reinsurer.
Section 27-5B-5 - Accredited Reinsurer.
Section 27-5B-6 - Reinsurer Domiciled in State With Substantially Similar Law.
Section 27-5B-7 - Reinsurer Maintaining a Trust Fund.
Section 27-5B-8 - Certified Reinsurer.
Section 27-5B-8.1 - Reinsurer Domiciled in a Reciprocal Jurisdiction.
Section 27-5B-9 - Credit for Reinsurance Required by Law.
Section 27-5B-12 - Accredited or Certified Reinsurer Ceasing to Meet Requirements.
Section 27-5B-13 - Concentration Risk.
Section 27-5B-15 - Qualified u.s. Financial Institutions.
Section 27-5B-16 - Insolvency Clause.
Section 27-5B-17 - Guaranty Association Election.
Section 27-5B-18 - Notice by Domiciliary Liquidator.