Ala. Code § 27-5B-16 (1975) Insolvency Clause

• Library: Alabama Statutes
• Edition: 2023
• Currency: Current with legislation from the 2023 Regular and Special Sessions.
• Year: 2023
• Citation: Ala. Code § 27-5B-16 (1975)

Except as provided in Section 27-5B-17, no credit sh...

(1) Where the contract or other written agreement specifically provides another payee of the reinsurance in the event of the insolvency of the ceding insurer.

(2) Where 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 payees under the policies and in substitution for the obligations of the ceding insurer to the payees.

Cite as Ala. Code § 27-5B-16 (1975)

History: Added by Act 2013-209,§ 1, eff. 1/1/2014.