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Rule Title: DEFINITIONS
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Department: STATE AUDITOR
Chapter: INSURANCE DEPARTMENT
Subchapter: Credit for Reinsurance
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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6.6.3811    DEFINITIONS

For the purposes of this subchapter, the following definitions apply:

(1) "Beneficiary" includes any successor by operation of law of the named beneficiary, including without limitation any liquidator, rehabilitator, receiver, or conservator.

(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) "Reinsurance agreement" or "reinsurance contract" means an agreement or contract between the assuming insurer and any other party for purposes of Title 33, chapter 2, part 12, MCA, and these rules. The original insured (ceding insurer) has no interest in a contract of reinsurance.

 

History: 33-1-313, 33-2-1517, MCA; IMP, 33-2-1216, 33-2-1217, MCA; NEW, 2016 MAR p. 2186, Eff. 11/26/16.


 

 
MAR Notices Effective From Effective To History Notes
6-226 11/26/2016 Current History: 33-1-313, 33-2-1517, MCA; IMP, 33-2-1216, 33-2-1217, MCA; NEW, 2016 MAR p. 2186, Eff. 11/26/16.
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