31A-22-410 - Trustee and deposit agreements. - Utah Statutes

31A-22-410. Trustee and deposit agreements.
(1) An insurer may hold as a part of its general assets the proceeds of any life insurancepolicy or annuity under a trust or other agreement, upon the terms and restrictions as to revocationby the policyholder and control by the beneficiary, and with the exemptions from the claims ofcreditors of the beneficiary as the insurer and the policyholder agree to in writing and as areotherwise recognized by law.
(2) An insurer may also receive funds in amounts and upon conditions which the insurerand the policyholder agree to in writing:
(a) as premiums in advance upon life insurance policies or annuities; or
(b) to accumulate for the purchase of future life insurance policies or annuities.

Enacted by Chapter 242, 1985 General Session