Text: HF02468                           Text: HF02470
Text: HF02400 - HF02499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

House File 2469

Partial Bill History

• Bill Introduced: H.J. 368
• Committee Report Issued: S.J. 759
• Passed House: H.J. 542
• Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  Section 507C.32, Code 1997, is amended to read
  1  2 as follows:
  1  3    507C.32  REINSURER'S LIABILITY.
  1  4    Notwithstanding a provision in the reinsurance contract or
  1  5 other agreement, the amount recoverable by the liquidator from
  1  6 reinsurers shall not be reduced as a result of delinquency
  1  7 proceedings.  Payment made directly to an insured or other
  1  8 creditor shall not diminish the reinsurer's obligation to the
  1  9 insurer's estate except when the reinsurance contract provided
  1 10 for direct coverage of a named insured and the payment was
  1 11 made in discharge of that obligation either of the following
  1 12 applies:
  1 13    1.  The contract or other written agreement specifically
  1 14 provides for another payee of the reinsurance in the event of
  1 15 the insolvency of the ceding insurer.
  1 16    2.  The assuming insurer, with the consent of the direct
  1 17 insured, has assumed the policy obligations of the ceding
  1 18 insurer as direct obligations of the assuming insurer to the
  1 19 payees under the policies and in substitution for the
  1 20 obligations of the ceding insurer to the payees.  
  1 21                           EXPLANATION 
  1 22    The bill provides that the reinsurer's obligation to the
  1 23 insurer's estate is not reduced as a result of delinquency
  1 24 proceedings except when the agreement provides for another
  1 25 payee of the reinsurance to make payment or when an assuming
  1 26 insurer has assumed the policy obligations of the ceding
  1 27 insurer.  
  1 28 LSB 4229HV 77
  1 29 mg/cf/24
     

Text: HF02468                           Text: HF02470
Text: HF02400 - HF02499                 Text: HF Index
Bills and Amendments: General Index     Bill History: General Index

© 1998 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Fri Apr 3 03:42:52 CST 1998
URL: /DOCS/GA/77GA/Legislation/HF/02400/HF02469/980226.html
jhf