| | | (5)__Reference may not be made to the fact that these | | funds may represent reinsurance premiums or that the | | funds have been deposited for any specific purpose. |
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| | | G.__The trust agreement described in paragraph E must be | | established for the sole use and benefit of the ceding | | insurer at least to the full extent of the reinsurance | | vehicle's obligations to the ceding insurer under the | | contract.__In the case of more than one ceding insurer, a | | separate trust agreement must be entered into with each | | ceding insurer and a separate trust account must be | | maintained for each ceding insurer. |
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| | | H.__The trust agreement described in paragraph E must | | provide for the trustee to: |
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| | | (1)__Receive assets and hold all assets in a safe | | place; |
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| | | (2)__Determine that all assets are in a form that the | | ceding insurer or the trustee, upon direction by the | | ceding insurer, may whenever necessary negotiate the | | assets, without consent or signature from the | | reinsurance vehicle or any other person or entity; |
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| | | (3)__Furnish to the reinsurance vehicle, the | | superintendent and the ceding insurer a statement of | | all assets in the trust account referred to in | | paragraph E reported at fair value upon its inception | | and at intervals no less frequent than the end of each | | calendar quarter; |
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| | | (4)__Notify the reinsurance vehicle and the ceding | | insurer within 10 days of any deposits to or | | withdrawals from the trust account referred to in | | paragraph E; |
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| | | (5)__Upon written demand of the ceding insurer, | | immediately take steps necessary to transfer absolutely | | all right, title and interest in the assets held in the | | trust account referred to in paragraph E to the ceding | | insurer and deliver physical custody of the assets to | | the ceding insurer; and |
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| | | (6)__Allow no substitutions or withdrawals of assets | | from the trust account referred to in paragraph E | | except on written instructions from the ceding insurer. |
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| | | I.__The trust agreement described in paragraph E must provide | | that at least 30 days but not more than 45 days before | | termination of the trust account written notification |
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