Utah Code 31A-22-410. Trustee and deposit agreements
Current as of: 2023 | Check for updates
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| (1) | An insurer may hold as a part of its general assets the proceeds of any life insurance policy or annuity under a trust or other agreement, upon the terms and restrictions as to revocation by the policyholder and control by the beneficiary, and with the exemptions from the claims of creditors of the beneficiary as the insurer and the policyholder agree to in writing and as are otherwise recognized by law. |
| (i) | a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; |
| (ii) | a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and |
| (iii) | a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
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