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.