This chapter shall apply to any insurer authorized or doing business in this state which transfers or assumes the obligations or risks on contracts of insurance written or assumed in this state to or from another insurer pursuant to an assumption reinsurance agreement. This chapter shall not apply to: Any reinsurance agreement or transaction in […]
As used in this chapter: “Assuming insurer” means the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement. “Assumption reinsurance agreement” means any contract which both: Transfers insurance obligations or risks of existing or in-force contracts of insurance from a transferring insurer to an assuming insurer; […]
The transferring insurer shall provide or cause to be provided to each policyholder by first-class mail, addressed to the policyholder’s last known address or to the address to which premium notices or other policy documents are sent, a notice of transfer; provided, however, that, upon application by the transferring insurer, the Commissioner may approve an […]
Every policyholder shall have the right to reject the transfer and novation of his or her contract of insurance. Policyholders electing to reject the assumption transaction shall provide the transferring insurer with the pre-addressed, postage-paid response card or other written notice that the assumption is rejected no later than 60 days after the date on […]
If a transfer takes place pursuant to Code Section 33-52-4, there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become […]
The Commissioner shall approve or disapprove the entire assumption reinsurance transaction. The following items shall be submitted to the Commissioner: A detailed statement explaining the reason or reasons for the transfer; The assumption reinsurance agreement; The certificate of assumption; If either the ceding company or the assuming company is not domiciled in Georgia, copies of […]
