Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
60B.365 REINSURER'S LIABILITY.
Subdivision 1. Generally. The amount recoverable by the liquidator from reinsurers must
not be reduced as a result of the delinquency proceedings, regardless of any provision in the
reinsurance contract or other agreement, except as provided in subdivision 2.
Subd. 2. Payments. Payments by the reinsurer must be made directly to the ceding insurer
or its receiver, except where the contract of insurance or reinsurance specifically provides for
another payee for the reinsurance in the event of insolvency of the ceding insurer according to
the applicable requirements of statutes, rules, or orders of the domiciliary state of the ceding
insurer. The receiver and reinsurer are entitled to recover from a person who unsuccessfully
makes a claim directly against the reinsurer the receiver's attorneys' fees and expenses incurred
in preventing any collection by the person.
History: 1999 c 177 s 21
Subdivision 1. Generally. The amount recoverable by the liquidator from reinsurers must
not be reduced as a result of the delinquency proceedings, regardless of any provision in the
reinsurance contract or other agreement, except as provided in subdivision 2.
Subd. 2. Payments. Payments by the reinsurer must be made directly to the ceding insurer
or its receiver, except where the contract of insurance or reinsurance specifically provides for
another payee for the reinsurance in the event of insolvency of the ceding insurer according to
the applicable requirements of statutes, rules, or orders of the domiciliary state of the ceding
insurer. The receiver and reinsurer are entitled to recover from a person who unsuccessfully
makes a claim directly against the reinsurer the receiver's attorneys' fees and expenses incurred
in preventing any collection by the person.
History: 1999 c 177 s 21
Official Publication of the State of Minnesota
Revisor of Statutes