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.