Ga. Comp. R. & Regs. R. 120-2-27-.11 - Reinsurance of Credit Risks
(1) Any insurance company writing credit life
or credit accident and sickness insurance subject to the provisions of this
Regulation, may reinsure its liability under any or all of such insurance with
any domestic or foreign or alien insurance company authorized or approved to
transact reinsurance in this State in accordance with the provisions of Section
33-7-14 of the Georgia Insurance
Code; provided, that in the event such reinsurance is placed with an insurer
not so authorized or approved to transact reinsurance in this State, the ceding
insurer shall, notwithstanding such unauthorized reinsurance, be required to
maintain all of the reserves required by Title 33, the Georgia Insurance Code
for such line or lines of insurance ceded as if such reinsurance contract or
treaty had not been entered into and no credit shall be allowed, as an asset or
as a deduction from liability, to any ceding insurer for such reinsurance nor
shall such ceding insurer be authorized to increase the amount it has at risk
as a result of such unauthorized reinsurance.
(2) No reinsurance between insurers,
takeover, or other change of insurers over which the debtor has no control
shall operate to reduce the benefits or advantages which the insured debtor is
entitled to receive under the policy or certificate of insurance in any
manner.
Notes
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