ARM 6.6.3801. DEFINITIONS

For the purposes of this subchapter, the following terms have the following meanings: (1) "Beneficiary" means the entity for whose sole benefit the trust has been established and any successor of the beneficiary by operation of law. If a court of law appoints a successor in interest to the named beneficiary, then the named beneficiary includes and is limited to the court appointed domiciliary receiver (including conservator, rehabilitator or liquidator) . (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) "Obligations", as used in ARM 6.6.3802(1) (j) of this subsection, means: (a) Reinsured losses and allocated loss expenses paid by the ceding company, but not recovered from the assuming insurer; (b) Reserves for reinsured losses reported and outstanding; (c) Reserves for reinsured losses incurred but not reported; and (d) Reserves for allocated reinsured loss expenses and unearned premiums.