Ga. Comp. R. & Regs. R. 120-2-100-.14 - Permitted Reinsurance and Credit for Reinsurance
(1) A limited purpose subsidiary may reinsure
only the risks of the organizing domestic reinsurer.
(2) Unless otherwise approved in advance by
the Commissioner, a reinsurance contract shall not contain any provision for
payment by the limited purpose subsidiary in discharge of its obligations as a
reinsurer under the reinsurance contract to any person other than the
organizing domestic reinsurer or any receiver of the organizing domestic
reinsurer.
(3) A limited purpose
subsidiary may cede risks to one or more reinsurers approved by the
Commissioner.
(4) Credit for
reinsurance shall be allowed limited purpose subsidiary as either an asset or a
reduction from liability on account of reinsurance ceded only when the
reinsurance transaction has been approved by the Commissioner.
Notes
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