N.Y. Comp. Codes R. & Regs. tit. 11 § 126.2

Current through Register Vol. 46, No. 24, June 12, 2024

Section 126.2 - Definitions

As used in this Part, the following terms shall have the following meanings:

(a) Beneficiary means the entity for whose sole benefit the trust has been established. The trust agreement shall contain a provision that includes within the term beneficiary any successor of the beneficiary by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator. When established in conjunction with a reinsurance agreement, the beneficiary is the licensed ceding insurer.

(b) 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 reinsurer.

N.Y. Comp. Codes R. & Regs. Tit. 11 § 126.2