(1) As used in this section: (a) "Beneficiary" means the domiciliary insurance commissioner, as liquidator of the insurer for whose sole benefit a reinsurance recoverable trust is established. (b) "Grantor" means the reinsurer who has established a reinsurance recoverable trust for the sole benefit of the beneficiary. (c) "Qualified United States financial institution" means an institution that: (i) (A) is organized under the laws of the United States or any state of the United States; or (B) in the case of a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state of the United States; (ii) is granted authority to operate with fiduciary powers; and (iii) is regulated, supervised, and examined by federal or state authorities having regulatory authority over banks and trust companies. (d) "Reinsurance recoverable trust" means a trust established pursuant to Section 31A-27a-515. (2) (a) The trustee of a reinsurance recoverable trust shall be a qualified United States financial institution. (b) The trust agreement governing a reinsurance recoverable trust shall: (i) be entered into by the beneficiary, the grantor, and a trustee; (ii) create a trust account into which assets shall be deposited in accordance with Section 31A-27a-515; (iii) provide that the beneficiary may withdraw assets from the trust only: (A) (I) on the basis of a filed claim allowed pursuant to Section 31A-27a-603 or 31A-27a-605; (II) where the grantor is notified, in writing, of the allowance of the claim; (III) to the extent that the amount to be withdrawn exceeds any setoff permitted by Section
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