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Current as of May 05, 2022 | Updated by FindLaw Staff
(1) If there is no assumption agreement under Subsection 31A-22-1201(2), the reinsurer's sole obligation is to the ceding insurer.
(2) No guaranty fund, security fund, or any other person, except the estate of the ceding insurer, has a claim against a reinsurer.
(3) Subject to contractual rights of offset, if a ceding insurer is put into receivership, the reinsurer shall pay any amount due under the contract in full, without reduction because of the receivership:
(a) to the domiciliary receiver if there is one; or
(b) if there is not domiciliary receiver, to a Utah receiver.
Cite this article: FindLaw.com - Utah Code Title 31A. Insurance Code § 31A-22-1202. Other reinsurance contracts - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-31a-insurance-code/ut-code-sect-31a-22-1202/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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