TITLE 33 INSURANCE

Section 52. Assumption Reinsurance Agreements, 33-52-1 through 33-52-6.

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-52-1. Applicability of chapter.

1. 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.
2. This chapter shall not apply to:
   1. Any reinsurance agreement or transaction in which the ceding insurercontinues to remain directly liable for its insurance obligations or risks under the contracts of insurance subject to the reinsurance agreement;
   2. The substitution of one insurer for another upon expiration of insurance coverage pursuant to statutory or contractual requirements and the issuance of a new contract of insurance by another insurer;
   3. The transfer of contracts of insurance pursuant to mergers or consolidations of two or more insurers to the extent that those transactions are regulated by statute;
   4. Any insurer subject to a judicial order of liquidation or rehabilitation; or
   5. Any contract controlled by a state guaranty association or a state insolvency pool.

(Code 1981, §33-52-1, enacted by Ga. L. 1992, p. 1385, § 1.)