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

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