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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.

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