O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-14-40 (2019)

Reinsurance of risks generally; bulk insurance agreements

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) A domestic stock insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct insurance unless such reinsurance is prohibited by its charter.

(b) A domestic stock insurer may reinsure all or substantially all of its business in force or substantially all of a major class thereof with another insurer by an agreement of bulk insurance; but the agreement shall not become effective unless filed with and approved in writing by the Commissioner.

(c) The Commissioner shall approve agreements of bulk insurance within 60 days after their filing unless he finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the Commissioner does not approve the agreement, he shall so notify the insurer in writing specifying his reasons therefor.

History

Code 1933, § 56-1538, enacted by Ga. L. 1960, p. 289, § 1.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. - 44 Am. Jur. 2d, Insurance, § 1818. C.J.S. - 46A C.J.S., Insurance, § 2077 et seq. ALR. - Effect of reinsurance of life policy as modifying the amount of liability upon death of insured, 25 A.L.R. 1535.

Who may enforce liability of reinsurer, 103 A.L.R. 1485. Who may enforce liability of reinsurer, 87 A.L.R.6th 319.