31A-22-1202 - Other reinsurance contracts. - Utah Statutes

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Statutes > Utah > Title-31a > Chapter-22 > 31a-22-1202

31A-22-1202. Other reinsurance contracts.
(1) If there is no assumption agreement under Subsection 31A-22-1201(2), the reinsurer'ssole obligation is to the ceding insurer.
(2) No guaranty fund, security fund, or any other person, except the estate of the cedinginsurer, has a claim against a reinsurer.
(3) Subject to contractual rights of offset, if a ceding insurer is put into receivership, thereinsurer shall pay any amount due under the contract in full, without reduction because of thereceivership:
(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

State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-22 > 31a-22-1202

31A-22-1202. Other reinsurance contracts.
(1) If there is no assumption agreement under Subsection 31A-22-1201(2), the reinsurer'ssole obligation is to the ceding insurer.
(2) No guaranty fund, security fund, or any other person, except the estate of the cedinginsurer, has a claim against a reinsurer.
(3) Subject to contractual rights of offset, if a ceding insurer is put into receivership, thereinsurer shall pay any amount due under the contract in full, without reduction because of thereceivership:
(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

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-31a > Chapter-22 > 31a-22-1202

31A-22-1202. Other reinsurance contracts.
(1) If there is no assumption agreement under Subsection 31A-22-1201(2), the reinsurer'ssole obligation is to the ceding insurer.
(2) No guaranty fund, security fund, or any other person, except the estate of the cedinginsurer, has a claim against a reinsurer.
(3) Subject to contractual rights of offset, if a ceding insurer is put into receivership, thereinsurer shall pay any amount due under the contract in full, without reduction because of thereceivership:
(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