17B:32-61 - Amount recoverable not affected by delinquency proceedings - New Jersey Statutes

17B:32-61.   Amount recoverable not affected by delinquency proceedings 
     31.  The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contract or other agreement.  Payment made directly to an insured or other creditor shall not diminish the reinsurer's obligation to the insurer's estate except when the reinsurance contract provided for direct coverage of a named insured and the payment was made in discharge of that obligation. 

    L.1992,c.65,s.31.