376.733. Assignment of rights to association by persons receiving benefits, when. - Missouri Statutes

Assignment of rights to association by persons receiving benefits,when.

376.733. 1. Any person receiving benefits under sections376.715 to 376.758 shall be deemed to have assigned the rightsunder, and any causes of action relating to, the covered policyor contract to the association to the extent of the benefitsreceived because of the provisions of sections 376.715 to376.758, whether the benefits are payments of or on account ofcontractual obligations, continuation of coverage or provisionof substitute or alternative coverages. The association mayrequire an assignment to it of such rights and cause of actionby any payee, policy or contract owner, beneficiary, insured orannuitant as a condition precedent to the receipt of any rightor benefits conferred by sections 376.715 to 376.758 upon suchperson.

2. The subrogation rights of the association under thissection have the same priority against the assets of theimpaired or insolvent insurer as that possessed by the personentitled to receive benefits under sections 376.715 to 376.758.

3. In addition to subsections 1 and 2 of this section, theassociation shall have all common law rights of subrogation andany other equitable or legal remedy which would have beenavailable to the impaired or insolvent insurer or holder of apolicy or contract with respect to such policy or contracts.

(L. 1988 S.B. 430 § 13)