26.1-31 Reinsurance and Double Insurance
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<![CDATA[CHAPTER 26.1-31REINSURANCE AND DOUBLE INSURANCE26.1-31-01. Reinsurance contract defined. A reinsurance contract is one by which aninsurer contracts with a third person to insure the insurer against loss or liability by reason of an<br>original insurance contract made by the insurer.26.1-31-02. Scope of reinsurance contract. A reinsurance contract is presumed to bea contract of indemnity against liability and not merely against damage.26.1-31-03. Interest of insured in reinsurance contract. The original insured has nointerest in a reinsurance contract.26.1-31-04.Disclosures required on reinsurance.When an insurer obtainsreinsurance, the insurer shall communicate all the representations of the original insured and all<br>the knowledge and information the insurer possesses, regardless of when acquired, which is<br>material to the risk.26.1-31-05.Double insurance defined.A double insurance exists when the sameperson is insured by several insurers separately in respect to the same interest.26.1-31-06. Double insurance of one of several things. The procurement of any otherinsurance contract upon one or more of several distinct interests insured by one insurance policy<br>does not render void any insurance upon the interests not covered by such other insurance<br>contract. In case of loss or damage, the value of property doubly insured must be deducted from<br>the value of all the property covered by the insurance policy. Any agreement made to waive the<br>provisions of this section is void.26.1-31-07.Contribution of insurers on fire loss doubly insured.Repealed byS.L. 1985, ch. 330, </p>
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