Utah Admin. Code R590-143-5 - Written Agreements

(1) A reinsurance agreement or an amendment may not be used to reduce a liability or to establish an asset in a financial statement filed with the department, unless an agreement, an amendment, or a binding letter of intent was executed by both parties no later than the "as of date" of the financial statement.

(2) A binding letter of intent, a reinsurance agreement, or an amendment to a reinsurance agreement shall be executed within a reasonable time, not to exceed 90 days from the execution date of the letter of intent, for credit to be granted for the reinsurance ceded.

(3) A reinsurance agreement shall contain the following provisions :

(a) the agreement constitutes the entire agreement between the parties; and

(b) any change or modification to the agreement is void unless made by amendment to the agreement and signed by both parties.

Notes

Utah Admin. Code R590-143-5

Amended by Utah State Bulletin Number 2022-07, effective 3/16/2022