Rule 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.Ga. Comp. R. & Regs. R. 120-2-100-.14
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
Original Rule entitled "Permitted Reinsurance and Credit for Reinsurance" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.