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,
(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.