{"data":{"id":"us-ut/utah-code-31a-22-1201","jurisdiction":"us-ut","citation":"Utah Code § 31A-22-1201","heading":"Assumption agreement.","body":"(1) Subject to Subsection (2), a credit for reinsurance ceded under Section 31A-17-404 or 31A-17-404.1 is not allowed unless, in addition to meeting the requirements of Section 31A-17-404 or 31A-17-404.1, the reinsurance agreement provides in substance that if the ceding insurer is insolvent, the reinsurance is payable by the assuming insurer:\n(a) on the basis of the liability of the ceding insurer under the contract or contracts reinsured;\n(b) without diminution because of the insolvency of the ceding insurer; and\n(c) directly to the ceding insurer or to its domiciliary liquidator or receiver.\n(2) Subsection (1) applies except if:\n(a) a contract specifically provides another payee of the insurance in the event of the insolvency of the ceding insurer; or\n(b) the assuming insurer, with the consent of the one or more direct insureds, assumes the policy obligations of the ceding insurer:\n(i) as direct obligations of the assuming insurer to the payees under the policies; and\n(ii) in substitution for the obligations of the ceding insurer to the payees.","path":["Title 31A Insurance Code","Chapter 31A-22 Contracts in Specific Lines","Part 31A-22-12 Reinsurance"],"source_url":"https://le.utah.gov/xcode/Title31A/Chapter22/31A-22-S1201.html","current_through":"2026 General Session","vintage":"","retrieved_at":"2026-09-03T11:34:33Z","sha256":"a568c3091e57e959a0853da0555b52a45ef08032d6bf5e9056256a180b5b3a3d","source_id":"us-ut","stale":false,"prev":"us-ut/utah-code-31a-22-1102","next":"us-ut/utah-code-31a-22-1202"},"notice":"GroundRules: Original legal text. Not legal advice."}