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O.C.G.A. § 33-14-40 — Reinsurance of risks generally; bulk insurance agreements | Georgia Code
O.C.G.A. § 33-14-40 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 14. Domestic Stock and Mutual Insurers, 33-14-1 through 33-14-109.

ARTICLE 2 DOMESTIC STOCK INSURERS

33-14-40. Reinsurance of risks generally; bulk insurance agreements.

  1. 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.
  2. 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.
  3. 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.

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

RESEARCH REFERENCES

Am. Jur. 2d.

- 44 Am. Jur. 2d, Insurance, § 1818.

C.J.S.

- 46A C.J.S., Insurance, § 2051.

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.

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This Georgia Code resource is curated by Graham W. Syfert, Esq., a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.