31A-22-1202. Other reinsurance contracts.
109 words·~1 min read·
/ut/title-31a/chapter-22/31a-22-1202A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
31A-22-1202. Other reinsurance contracts.
(1)If there is no assumption agreement under Subsection 31A-22-1201(2) , the reinsurer's sole obligation is to the ceding insurer.
(2)No guaranty fund, security fund, or any other person, except the estate of the ceding insurer, has a claim against a reinsurer.
(3)Subject to contractual rights of offset, if a ceding insurer is put into receivership, the reinsurer shall pay any amount due under the contract in full, without reduction because of the receivership:
(a)to the domiciliary receiver if there is one; or
(b)if there is not domiciliary receiver, to a Utah receiver.
Amended by Chapter 257 , 2008 General Session