1.  Payment by or on behalf of an insured to an administrator shall be deemed to have been received by the insurer.

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2.  Payment to the administrator by the insurer of return premiums or claim settlements shall not be deemed to be payment to the insured or claimant until the money is received by the insured or claimant.

3.  This section does not limit any right of the insurer against the administrator resulting from a failure to make payments to an insurer, insured or claimant.