Conn. Gen. Stat. § 38a-934
(Formerly Sec. 38-452.) Reinsurer's liability
Connecticut · General Statutes of Connecticut Chapter 704c — Insurers Rehabilitation and Liquidation Act and Termination of Domestic Life Insurance Companies · Status: effective
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- Citation
- Conn. Gen. Stat. § 38a-934, (Formerly Sec. 38-452.) Reinsurer's liability, Connecticut, version 1 as recorded 2026-10-03, yourstate.us, https://yourstate.us/provision/2203567
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Full text
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 (1) the reinsurance contract provides for payment of the reinsurance proceeds to another payee, (2) the underlying insurance policy, including any amendments or endorsements, provides for the assumption of the policy obligations by the reinsurer, or (3) there has been a novation of the underlying policy obligations and an assumption of those obligations by the reinsurer and the proceeds are payable to another payee.