Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-100 - Limited Purpose Subsidiaries
Rule 120-2-100-.14 - Permitted Reinsurance and Credit for Reinsurance
Current through Rules and Regulations filed through March 20, 2024
(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.
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
