This is an obsolete version of the rule. Please click on the rule number to view the current version.

6.6.3801    DEFINITIONS

For the purposes of this subchapter, the following terms have the following meanings:

(1) "Beneficiary" means the entity for whose sole benefit the trust has been established and any successor of the beneficiary by operation of law. If a court of law appoints a successor in interest to the named beneficiary, then the named beneficiary includes and is limited to the court appointed domiciliary receiver (including conservator, rehabilitator or liquidator) .

(2) "Grantor" means the entity that has established a trust for the sole benefit of the beneficiary. When established in conjunction with a reinsurance agreement, the grantor is the unlicensed, unaccredited assuming insurer.

(3) "Obligations", as used in ARM 6.6.3802(1) (j) of this subsection, means:

(a) Reinsured losses and allocated loss expenses paid by the ceding company, but not recovered from the assuming insurer;

(b) Reserves for reinsured losses reported and outstanding;

(c) Reserves for reinsured losses incurred but not reported; and

(d) Reserves for allocated reinsured loss expenses and unearned premiums.

History: Sec. 33-1-313 and 33-2-1517, MCA; IMP, Sec. 33-2-1216 and 33-2-1517, MCA; NEW, 1993 MAR p. 2408, Eff. 10/15/93.

Home  |   Search  |   About Us  |   Contact Us  |   Help  |   Disclaimer  |   Privacy & Security