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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 3903.32 | Reducing recovery from reinsurer.

Ohio Revised Code
/
Title 39 Insurance
/
Chapter 3903 Reserve Valuation; Rehabilitation And Liquidation
 
Effective:
April 12, 2004
Latest Legislation:
House Bill 282 - 125th General Assembly
PDF:
Download Authenticated PDF
 

The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement. Payment made by a reinsurer directly to an insured or other creditor does not diminish the reinsurer's obligation to the insurer's estate except when the reinsurance contract or other written agreement either provides for direct payment of the reinsurance to the insured or beneficiary of the insurance policy in the event of the insolvency of the ceding insurer or provides for payment to a third party and has received the prior written approval of the superintendent of insurance.

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