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This entry was published on 2014-09-22
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Payments from funds; subrogation; limit on payments
Insurance (ISC) CHAPTER 28, ARTICLE 76
§ 7608. Payments from funds; subrogation; limit on payments. (a)
Payments from the funds shall be made by the commissioner to the
superintendent acting as liquidator, rehabilitator or conservator
pursuant to article seventy-four of this chapter upon the authority of
appropriate certificates filed with him by the superintendent acting in
such capacity.

(b) (1) Payments from the funds upon allowed claims give no right of
recovery by the commissioner as custodian of the funds against
principals or assureds under policies of insurance or surety bonds, for
the benefit and reimbursement of the fund.

(2) Any assured under such a policy of insurance or surety bond who
pays, in whole or in part, any injured party claim which is eligible for
payment, in whole or in part, from the funds, shall thereupon be
subrogated to the injured party's rights against the fund but not in
excess of the subrogee's claim as allowed in the proceeding under
article seventy-four of this chapter.

(c) No payment from the funds shall exceed the limit of liability
provided for in the insurance policy or surety bond.