507C.32 Reinsurer’s liability. Notwithstanding a provision in the reinsurance contract or other agreement, the amount recoverable by the liquidator from reinsurers shall not be reduced as a result of delinquencyproceedings. Payment made directly to an insured or other creditor shall not diminish thereinsurer’s obligation to the insurer’s estate except when either of the following applies: 1. The contract or other written agreement specifically provides for another payee of the reinsurance in the event of the insolvency of the ceding insurer. 2. The assuming insurer, with the consent of the direct insured, has assumed the policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payeesunder the policies and in substitution for the obligations of the ceding insurer to the payees. 84 Acts, ch 1175, §32; 98 Acts, ch 1057, §2 Sat Dec 23 00:39:47 2023 Iowa Code 2024, Section 507C.32 (17, 0)
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