Current through the 2024 Fourth Special Session
Section 31A-22-1202 - Other reinsurance contracts(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.Amended by Chapter 257, 2008 General Session.