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.
Structure Mississippi Code
Chapter 24 - Insurers Rehabilitation and Liquidation Act
§ 83-24-3. Declaration of purpose
§ 83-24-5. Application of chapter
§ 83-24-15. Commencement of proceedings under former law; application of current provisions
§ 83-24-17. Restrictions on insurer after commencement of delinquency proceedings
§ 83-24-21. Confidentiality of records pertaining to proceedings
§ 83-24-33. Petition for order directing liquidation; grounds
§ 83-24-39. Petition for order to dissolve corporate existence
§ 83-24-63. Recovery from reinsurers; amount
§ 83-24-79. Failure of secured creditor to file claim; distribution on claim
§ 83-24-83. Priority of distribution of claims; order of distribution
§ 83-24-87. Payment of distributions
§ 83-24-93. Reopening proceedings after discharge of liquidator; orders
§ 83-24-95. Destruction of records
§ 83-24-107. Discretion of commissioner of insurance to institute proceedings