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.)