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Searching 2019-2020 Session

The Vermont Statutes Online

The statutes were updated in November, 2018, and contain all actions of the
2018 legislative session.

Title 8 : Banking and Insurance

Chapter 145 : SUPERVISION, REHABILITATION, AND LIQUIDATION OF INSURERS

Subchapter 003 : FORMAL PROCEEDINGS

(Cite as: 8 V.S.A. § 7071)
  • § 7071. Reinsurer's liability

    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. (Added 1991, No. 45, § 2, eff. May 29, 1991.)