Ga. Comp. R. & Regs. 120-2-78-.10

Current through Rules and Regulations filed through June 17, 2024

Rule 120-2-78-.10 - Credit for Reinsurance Required by Law

Pursuant to O.C.G.A. § 33-7-14(a)(6), the commissioner shall allow credit for reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of O.C.G.A. § 33-7-14(a)(1) - (5)but only as to the insurance of risks located in jurisdictions where the reinsurance is required by the applicable law or regulation of that jurisdiction. As used in this section, "jurisdiction" means state, district or territory of the United States and any lawful national government.

Ga. Comp. R. & Regs. R. 120-2-78-.10

O.C.G.A. §§ 33-2-9, 33-7-14.

Original Rule entitled "Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer not Meeting the Requirements of Sections 4 Through 9" adopted. F. May 23, 2013; eff. June 12, 2013.

Repealed: New Rule entitled "Credit for Reinsurance Required by Law" adopted. F. Jan. 13, 2022; eff. Jan. 1, 2022, as specified by the Agency.