§ 26-31-111 — Exhaustion of remedies under policy; claims recoverable from more than one association; claim limitation

(a) Any person having a claim against an insurer under an
insurance policy other than a policy of an insolvent insurer
which is also a covered claim, shall first exhaust his right
under the policy. Any amount payable on a covered claim under
this chapter shall be reduced by the amount of any recovery
under the insurance policy.
(b) Any person having a claim which may be recovered under
more than one (1) insurance guaranty association or its
equivalent shall seek recovery first from the association of the
insured's place of residence, except that if it is a first party
claim for damage to property with a permanent location, he shall
seek recovery first from the association of the location of the
property. If it is a worker's compensation claim, he shall seek
recovery first from the association of the claimant's residence.
Any recovery under this chapter shall be reduced by the amount
of recovery from any other insurance guaranty association or its
equivalent.
(c) Notwithstanding any provision in this chapter, a
covered claim shall not include any claim filed with the
association after the earlier of:
(i) The final date set by the court for the filing of
claims against the liquidator or receiver of an insolvent
insurer; or
(ii) Twenty-five (25) months after the date of the
order of liquidation.