24 LC 52 0317
House Bill 1049
By: Representatives Williamson of the 112
th
, Lumsden of the 12
th
, Taylor of the 173
rd
, and
Werkheiser of the 157
th
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 52 of Title 33 of the Official Code of Georgia Annotated, relating to
1
assumption reinsurance agreements, so as to enact the "Insurance Business Transfer Act";2
to provide for a short title; to provide for legislative intent; to provide for definitions; to3
provide for court authority; to provide for notice requirements; to provide for an application4
procedure; to provide for court review of a petition; to provide for ongoing jurisdiction by5
the court; to provide for court approval; to provide for appeal; to provide for confidentiality;6
to provide for ongoing oversight by the Commissioner; to provide for certain fees and costs7
to be borne by the applicant; to provide for compensation, costs, and expenses of the8
independent expert and any consultants to be borne jointly by the transferring insurer and9
assuming insurer; to provide for dismissal of petition; to provide for suspension or revocation10
of certificate; to provide for construction; to make conforming changes; to provide for related11
matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.12
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:13
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SECTION 1.
14
Chapter 52 of Title 33 of the Official Code of Georgia Annotated, relating to assumption15
reinsurance agreements, is amended by designating Code Sections 33-52-1 through 33-52-616
as Article 1.17
SECTION 2.18
Said chapter is further amended by replacing "chapter" with "article" wherever the former19
term occurs in:20
(1) Code Section 33-52-1, relating to applicability of chapter;21
(2) Code Section 33-52-2, relating to definitions; and22
(3) Code Section 33-52-4, relating to rejection of transaction by policyholders, receipt of23
notice, and transfers involving companies deemed to be in hazardous condition.24
SECTION 3.25
Said chapter is further amended by enacting a new article to read as follows:26
"ARTICLE 2
27
33-52-10.28
This Act shall be known and may be cited as the 'Insurance Business Transfer Act.'29
33-52-11.30
This article is adopted to provide options to address the limitations in the current methods31
available to insurers to transfer or assume blocks of insurance business in an efficient and32
cost-effective manner that: provides needed legal finality for such transfers in order to33
provide for improved operational and capital efficiency for insurance companies;34
stimulates the economy by attracting segments of the insurance industry to this state; makes35
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this state an attractive home jurisdiction for insurance companies; encourages economic36
growth and increased investment in the financial services sector; and increases the37
availability of quality insurance industry jobs in this state. These purposes are38
accomplished by providing a basis and procedures for the transfer and novation of policies39
from a transferring insurer to an assuming insurer by way of an insurance business transfer40
plan without the affirmative consent of policyholders or reinsureds. The novation is41
effected by court order. This article establishes the requirements for notice and disclosure42
and standards and procedures for the approval of the transfer and novation by the43
Commissioner and the Superior Court of Fulton County pursuant to an insurance business44
transfer plan. This article shall not limit or restrict other means of effecting a transfer or45
novation.46
33-52-12.47
As used in this article, the term:48
(1) 'Affiliate' means a person that directly, or indirectly through one or more49
intermediaries, controls, is controlled by, or is under common control with the person50
specified.51
(2) 'Applicant' means an assuming insurer, transferring insurer, or reinsurer applying to52
the Commissioner for the approval of an insurance business transfer plan as provided for53
in Code Section 33-52-15.54
(3) 'Approval order' means an order issued by the court approving an insurance business55
transfer plan as provided for in Code Section 33-52-15.56
(4) 'Assuming insurer' means an insurer domiciled in this state that assumes or seeks to57
assume policies from a transferring insurer pursuant to this article. An assuming insurer58
may be a company established pursuant to Chapter 41 of this title.59
(5) 'Court' means the Superior Court of Fulton County.60
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(6) 'Implementation order' means an order issued by the court implementing an insurance61
business transfer plan as provided for in Code Section 33-52-15.62
(7) 'Independent expert' means an impartial individual who assists the Commissioner and63
the court in connection with their review of a proposed transfer and novation of insurance64
business. The Commissioner shall select such expert from a list of at least two nominees65
submitted jointly by the transferring insurer and the assuming insurer; provided, however,66
that, if the Commissioner, in his or her sole discretion, rejects such nominees, the67
Commissioner may appoint another person to serve as an independent expert. An68
independent expert or nominee shall: 69
(A) Hold no financial interest in either the assuming insurer or transferring insurer or70
any of their respective affiliates;71
(B) Not have been employed by or acted as an officer, director, consultant, or other72
independent contractor for either the assuming insurer or transferring insurer within the73
previous twelve months;74
(C) Not be simultaneously appointed by the Commissioner to assist in any capacity in75
any insurer rehabilitation or delinquency proceeding;76
(D) Not receive or be promised compensation in connection with the insurance77
business transfer for which he or she is selected to serve as an independent expert;78
provided, however, that a fee may be approved by the Commissioner that is not79
contingent upon the approval, implementation, or consummation of an insurance80
business transfer plan; and81
(E) Provide proof of insurance covering the services provided as an independent expert82
as determined by the Commissioner.83
(8) 'Insurance business transfer' means a transfer and novation in accordance with this84
article. An approved insurance business transfer transfers insurance obligations, risks,85
rights, or any combination thereof, of existing or in-force contracts of insurance or86
reinsurance from a transferring insurer to an assuming insurer. An approval order and87
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an implementation order of an insurance business transfer plan will effect a transfer and88
novation of the transferred contracts of insurance or reinsurance with the result that the89
assuming insurer becomes directly liable to the policyholders of the transferring insurer90
and the transferring insurer's insurance obligations, risks, rights, or any combination91
thereof, under the contracts are extinguished.92
(9) 'Insurance business transfer plan' or 'plan' means the plan submitted to the department93
to accomplish the transfer and novation pursuant to an insurance business transfer,94
including any associated transfer of assets and rights from or on behalf of the transferring95
insurer to the assuming insurer.96
(10) 'Insurer' means an insurance or surety company, including a reinsurance company,97
and includes a corporation, company, partnership, association, society, order, individual,98
or aggregation of individuals engaging in or proposing or attempting to engage in any99
kind of insurance or surety business, including the exchanging of reciprocal or100
interinsurance contracts between individuals, partnerships, and corporations.101
(11) 'Notice' means written notice, telephone notice, electronic notice, or substitute102
notice, as consented to in an agreement included in or related to the subject business, or103
as provided by rules and regulations promulgated by the Commissioner.104
(12) 'Petitioner' means an assuming insurer, transferring insurer, or reinsurer petitioning105
a court for an approval order and an implementation order of a plan pursuant to this106
article.107
(13) 'Policy' means a policy, contract or certificate of insurance or a contract of108
reinsurance pursuant to which an insurer agrees to assume an insurance obligation or risk,109
or both, of a policyholder or to make payments on behalf of, or to, such policyholder or110
its beneficiaries, and shall include property, casualty, life, health, and any other line of111
insurance the Commissioner deems appropriate for an insurance business transfer.112
(14) 'Policyholder' means an insured or a reinsured under a policy that is part of the113
subject business.114
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(15) 'Subject business' means the policy or policies designated for transfer and novation115
pursuant to a corresponding insurance business transfer plan.116
(16) 'Transfer and novation' means the transfer of insurance obligations, risks, rights, or117
any combination thereof, of existing or in-force policies from a transferring insurer to an118
assuming insurer, with the result that the assuming insurer becomes directly liable to the119
policyholders of the transferring insurer on the transferred policies and the transferring120
insurer's insurance obligations, risks, rights, or any combination thereof, under the121
transferred policies are extinguished.122
(17) 'Transferring insurer' means an insurer or reinsurer that seeks to or has123
accomplished a transfer and novation of insurance obligations, risks, rights, or any124
combination thereof, under one or more policies to an assuming insurer pursuant to an125
insurance business transfer plan and the provisions of this article.126
33-52-13.127
Notwithstanding any other provision of law, the court may issue any order, process, or128
judgment it deems necessary or appropriate to carry out the provisions of this article. No129
provision of this article shall be construed to preclude the court from, on its own motion,130
taking any action or making any determination necessary or appropriate to enforce or131
implement court orders or rules, or to prevent an abuse of power.132
33-52-14.133
(a) When notice is required under this article and except as otherwise permitted or directed134
by the court or the Commissioner, such notice shall be transmitted within 45 days of the135
event triggering such requirement:136
(1) To the chief insurance regulatory official in each jurisdiction in which the137
transferring insurer:138
(A) Holds or has ever held a certificate of authority; and139
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(B) In which policies that are part of the subject business were issued or policyholders140
currently reside;141
(2) To the National Conference of Insurance Guaranty Funds, the National Organization142
of Life and Health Insurance Guaranty Associations, and all state insurance guaranty143
associations for the states in which the transferring insurer:144
(A) Holds or has ever held a certificate of authority; and145
(B) In which policies that are part of the subject business were issued or policyholders146
currently reside;147
(3) To reinsurers of the transferring insurer pursuant to the notice provisions of the148
reinsurance agreements applicable to the policies that are part of the subject business, or149
where an agreement has no provision for notice, by internationally recognized delivery150
service;151
(4) To all policyholders holding policies that are part of the subject business at their last152
known address as indicated by the records of the transferring insurer or to the address to153
which premium notices or other policy documents are sent. Notice shall also be sent to154
the transferring insurer's agents or brokers of record on the subject business; and155
(5) By publication in a newspaper or other publication of general circulation in the state156
in which the transferring insurer has its principal place of business and in such other157
publications that the Commissioner requires.158
(b) When notice is given in accordance with this Code section, any information or orders159
under this article shall be conclusive with respect to all intended recipients of the notice,160
whether or not the intended recipients receive actual notice.161
(c) When notice is required by an applicant or petitioner but a receiver of the insurer has162
been appointed pursuant to the laws of the insurer's home jurisdiction, the receiver shall163
provide the required notice.164
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33-52-15.165
(a) Application to the Commissioner for approval of an insurance business transfer166
plan.167
(1) An insurance business transfer plan shall be filed by the applicant with the168
Commissioner for review and approval. The plan shall contain the information set forth169
below or an explanation as to why such information is not included. The plan may be170
supplemented or revised with additional, updated, or other information when deemed171
necessary by the Commissioner and as it becomes available:172
(A) The name, address, and telephone number of the transferring insurer and the173
assuming insurer and their respective direct and indirect controlling persons, if any;174
(B) A summary of the insurance business transfer plan;175
(C) Identification and description of the subject business;176
(D) The most recent audited financial statements and annual and quarterly reports of177
the transferring insurer and assuming insurer filed with their respective domiciliary178
regulator;179
(E) The most recent actuarial report and actuarial opinion that quantify the liabilities180
associated with the subject business;181
(F) Pro-forma financial statements showing the projected statutory balance sheet,182
results of operations, and cash flows of the assuming insurer for the three years183
following the proposed transfer and novation;184
(G) Officers' certificates of the transferring insurer and the assuming insurer attesting185
that each has obtained all required internal approvals and authorizations regarding the186
insurance business transfer plan and completed all necessary and appropriate actions187
relating thereto;188
(H) Proposal for plan implementation and administration;189
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(I) Form of notice to be provided under the plan to any policyholder whose policy is190
part of the subject business, including a full description as to how such notice shall be191
provided;192
(J) Description of any reinsurance arrangements that will pass to the assuming insurer193
under the insurance business transfer plan;194
(K) Description of any guarantees or additional reinsurance that will cover the subject195
business following the transfer and novation;196
(L) A statement describing the assuming insurer's proposed investment policies and197
any contemplated third-party claims management and administration arrangements;198
(M) Evidence of approval or nonobjection of the transfer from the chief insurance199
regulatory official of the jurisdiction of the transferring insurer's domicile; and200
(N) An opinion report from an independent expert. Such report shall provide the201
following:202
(i) A statement of the independent expert's professional qualifications and experience203
that qualify him or her as an expert suitable for the engagement;204
(ii) The scope of the report;205
(iii) A summary of the terms of the insurance business transfer plan relevant to the206
report;207
(iv) A list of and summaries for documents, reports, and other material information208
the independent expert has considered in preparing the report and whether any209
information requested was not provided;210
(v) The extent to which the independent expert has relied on information and211
judgment provided by others;212
(vi) The persons upon whom the independent expert has relied and why such reliance213
is reasonable;214
(vii) The independent expert's opinion of the likely effects of the insurance business215
transfer plan on policyholders, reinsurers, and claimants, distinguishing between:216
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(I) Transferring policyholders, reinsurers, and claimants;217
(II) Policyholders, reinsurers, and claimants of the transferring insurer whose218
policies will not be transferred; and219
(III) Policyholders, reinsurers, and claimants of the assuming insurer;220
(viii) For each opinion that the independent expert expresses in the report, the facts221
and circumstances supporting such opinion; and222
(ix) Consideration as to whether the security position of policyholders that are223
affected by the insurance business transfer are materially adversely affected by the224
transfer.225
(2) The independent expert's opinion report as required by subparagraph (a)(1)(N) of this226
Code section shall include, but shall not be limited to, a review of the following:227
(A) Analysis of the transferring insurer's actuarial review of reserves for the subject228
business to determine the reserve adequacy;229
(B) Analysis of the financial condition of the transferring insurer and of the assuming230
insurer and the effect the insurance business transfer shall have on the financial231
condition of each insurance company;232
(C) The plans or proposals the assuming insurer has with respect to the administration233
of the subject business;234
(D) Whether the proposed transfer will likely have a material adverse effect on the235
policyholders, reinsurers, or claimants of the transferring insurer and the assuming236
insurer;237
(E) Analysis of the assuming insurer's corporate governance structure to ensure proper238
board and management oversight and expertise to manage the subject business; and239
(F) Any other information the Commissioner deems necessary to review the insurance240
business transfer plan.241
(3) The Commissioner shall have 60 business days from the date of receipt of a complete242
insurance business transfer plan to review such plan to determine if the applicant is243
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authorized to submit such plan to the court. The Commissioner may extend such review244
period for an additional 30 business days.245
(4) The Commissioner shall authorize the submission of the plan to the court unless he246
or she finds that the insurance business transfer will likely have a material adverse effect247
on the interests of policyholders, reinsurers, or claimants that are part of the subject248
business.249
(5) When the Commissioner determines that the insurance business transfer will likely250
have a material adverse effect on the interests of policyholders, reinsurers, or claimants251
that are part of the subject business, the Commissioner shall notify the applicant and252
specify any modifications, supplements, or amendments, and any additional information253
or documentation with respect to the plan that shall be provided to the Commissioner254
before he or she will authorize the filing of such insurance business transfer plan with the255
court.256
(6) The applicant shall have 30 days from the date the Commissioner notifies him or her,257
as provided in paragraph (5) of this subsection, to file an amended plan providing the258
modifications, supplements, or amendments, and additional information or259
documentation as requested by the Commissioner. If necessary, the applicant may260
request in writing an extension of up to 30 days. If the applicant does not make an261
amended filing within the time period provided for in this paragraph, including any262
extension of time granted by the Commissioner, the plan filing shall terminate and a263
subsequent filing by the applicant shall be considered a new filing which shall require264
compliance with all provisions of this article as if the prior filing had never been made.265
(7) The Commissioner's review period provided for in paragraph (3) of this subsection266
shall recommence upon receipt of the amended plan providing the modification,267
supplement, amendment, and the additional information or documentation requested in268
paragraph (5) of this subsection.269
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(8) When the Commissioner authorizes the applicant to proceed with filing a petition270
with the court seeking approval and implementation of the plan, the Commissioner shall271
confirm such determination in writing to the applicant.272
(b) Petition to the court for approval of the insurance business transfer plan and an273
implementation order.274
(1) Within 30 days of the Commissioner's order determining an insurance business275
transfer plan satisfies the requirements of this article, the assuming insurer, transferring276
insurer, or reinsurer may file a petition with the court seeking an approval order and an277
implementation order of such plan. Upon written request by the applicant to the278
Commissioner, the period for filing a petition with the court may be extended for an279
additional 30 days.280
(2) The petition provided for in paragraph (1) of this subsection shall include:281
(A) The relief sought;282
(B) Information, arguments, and authorities supporting the requested relief, including283
information and analysis in support of the court's finding that the plan will not likely284
have a material adverse effect to any policyholder, reinsurer, or claimant;285
(C) The insurance business transfer plan;286
(D) A preliminary list of witnesses and exhibits that the petitioner reasonably intends287
to present to the court; and288
(E) A request for the court to enter judgment in favor of the petitioner and that such289
judgment shall include findings of fact, conclusions of law, an approval order, an290
implementation order, and the court's retention of jurisdiction to allow the parties to291
request any orders regarding incidental, consequential, and supplementary matters292
necessary to assure the full and effective implementation of such plan.293
(3) The Commissioner shall be a party to the proceeding before the court concerning the294
petition and shall be served with copies of all filings. The Commissioner's position in the295
proceeding shall not be limited by his or her initial review of the plan.296
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(4) Within 30 days after the filing of the petition provided for in paragraph (1) of this297
subsection, the petitioner shall file a request for a preliminary scheduling order, which298
shall include a date and time for a status conference. The status conference shall occur299
no fewer than 14 days after the conclusion of the 60 day comment period provided in300
paragraph (7) of this subsection.301
(5) Within 45 days after the court enters the preliminary scheduling order, the petitioner302
shall cause the transmission and publication of a notice of the matter before the court in303
accordance with the notice provisions of Code Section 33-52-14.304
(6) The notice provided for in paragraph (5) of this subsection shall include:305
(A) The date and time of the status conference;306
(B) The name, address and telephone number of the assuming insurer, transferring307
insurer, and Commissioner;308
(C) Procedures and deadlines for policyholders, claimants, and third parties to submit309
comments, objections, or requests to be heard at the trial regarding the plan;310
(D) The procedure for a policyholder that is unable to access or acquire an electronic311
copy of the plan and associated information to request the petitioner to provide one free312
hard copy to a policyholder;313
(E) A summary of the order entered by the Commissioner, including the effect the plan314
shall have on policyholders, if any;315
(F) The name and location of the court in which the petition is filed;316
(G) The case number, parties, and other identifying information of the matter in the317
petition;318
(H) The relief sought in the petition;319
(I) The procedure to access an electronic copy of the insurance business transfer plan320
and associated information, if any;321
(J) Further notice of filings, schedules, orders, and other information, as provided in322
paragraph (9) of this subsection; and323
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(K) If the plan is approved by the court, the court shall enter a judgment consistent324
with paragraph (3) of subsection (c) of this Code section.325
(7) The last date of the transmission and publication of the notice shall be followed by326
a comment period of no fewer than 60 days.327
(8) Any person, including by their legal representative, that provides written notice328
within the 60 day comment period provided for in paragraph (7) of this subsection and329
that asserts to be materially adversely affected by the approval and implementation of a330
plan may present comment or evidence to the court at the trial; provided, however, that331
such comment or evidence shall not confer standing as a party on any person. Any332
person participating in the pretrial proceeding or the trial of the petitioner's request for333
an order of approval and an implementation order of the plan shall follow the process334
established by the court and shall bear their own costs and attorney's fees.335
(9) Only parties to this matter and those persons and other third parties that file a request336
to provide comment or evidence as provided for in paragraph (8) of this subsection shall337
receive further notice and copies of filings with the court.338
(10) Within 45 days of the status conference required as provided for in paragraph (4)339
of this subsection, the petitioner shall file a motion for a scheduling order and to enter this340
matter on the court's trial docket.341
(c) Approval order by the court of an insurance business transfer plan and342
implementation order.343
(1) Pursuant to the court's scheduling order or other orders by the court, the petitioner344
shall present the insurance business transfer plan, evidence, and arguments to the court345
for approval and implementation of the plan.346
(2) At any time before the court issues a judgment, the petitioner may withdraw the347
petition without prejudice to refiling.348
(3) When the court finds that the approval and implementation of the insurance business349
transfer plan will not materially adversely affect the interests of policyholders or350
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claimants to policies that are part of the subject business, the court shall enter judgment351
in favor of the petitioner and an implementation order. Such judgment and order shall352
include and provide for:353
(A) Findings of fact;354
(B) Conclusions of law;355
(C) The approval order and the implementation order, including:356
(i) The simultaneous transfer and novation from the transferring insurer to the357
assuming insurer of the subject business with respect to all policyholders, reinsurers,358
and claimants and their respective policies and reinsurance agreements under the359
subject business;360
(ii) The simultaneous transfer and novation from the transferring insurer and the361
assuming insurer of all insurance obligations, risks, rights, or any combination362
thereof, including, but not limited to, the ceded reinsurance of transferred policies and363
contracts included in the subject business, notwithstanding any non-assignment364
provisions in any such reinsurance contracts or other agreements;365
(iii) Documentation that the assuming insurer shall have all of transferring insurer's366
obligations, risks, rights, or any combination thereof, regarding the subject business367
as if it were the original insurer of such policies, including the same standing as the368
transferring insurer pursuant to contract, statute, and interpretation, relating back to369
the issuance of such policies; and370
(iv) Documentation that the policyholders' and claimants' obligations, risks, rights,371
or any combination thereof, if any, under their respective policies which are part of372
the subject business shall not be enlarged, extended, limited, or reduced; provided,373
however, that the policyholders and claimants may not pursue or be pursued by the374
transferring insurer to satisfy their respective obligations, risks, rights, or any375
combination thereof, but rather, the policyholders and claimants may pursue or be376
pursued by the assuming insurer;377
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(D) Notice of such judgment, including the resulting transfer and novation, shall be378
provided by the petitioner in accordance with the notice requirements as provided in379
Code Section 33-52-14;380
(E) Other orders and provisions with respect to incidental, consequential, and381
supplementary matters as are necessary to assure full and effective implementation of382
the insurance business transfer plan; and383
(F) The retention of jurisdiction of the matter so as to allow the parties to request such384
additional orders regarding incidental, consequential, and supplemental matters385
necessary to assure the full and effective implementation of the plan.386
(4) When the court finds that the insurance business transfer plan should not be387
approved, the court by its order may:388
(A) Deny the petition; or389
(B) Provide the petitioner leave to file an amended petition, including an amended390
insurance business transfer plan.391
(5) Nothing in this Code section in any way affects the right of appeal of any party.392
(d) An unexpired and in-force policy issued to a policyholder that resides in a state other393
than this state shall not be transferred and novated unless or until the assuming insurer is394
licensed, authorized, permitted, or otherwise legally allowed to administer the subject395
business in the same manner as the transferring insurer in the state of such policyholder's396
residence.397
(e) The court may approve the requested transfer and novation of the subject business,398
with effectiveness of all or part of the implementation deferred until the assuming insurer399
is able to satisfy the requirements pursuant to subsection (d) of this Code section.400
(f) The Commissioner shall promulgate rules and regulations to effectuate the provisions401
of this article. No insurance business transfer plan shall be approved in this state unless402
and until such rules and regulations are promulgated. Such rules and regulations may403
address, but shall not be limited to, the following issues:404
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(1) Guaranty association coverage;405
(2) The financial implications of the transaction, including solvency, capital adequacy,406
cash flow, reserves, asset quality, and risk-based capital;407
(3) An analysis of the assuming insurer’s corporate governance structure to ensure408
proper board management oversight and expertise to manage the subject business;409
(4) The competency, experience, and integrity of the persons who would control the410
operations of an involved insurer; and411
(5) Ensuring the transaction is not being made for improper purposes, including fraud.412
(g) All testimony, documents, exhibits, analysis, communications, or other information or413
evidence submitted to the Commissioner or independent expert in contemplation of an414
application, submitted to the court in support of a petition, or developed by the415
Commissioner or independent expert in connection with such application or petition for an416
approval order and an implementation order of a plan, shall be treated for purposes of417
confidentiality as an examination of the financial condition or market conduct of the418
transacting companies as provided in Code Section 33-2-14.419
33-52-16.420
Insurers subject to this article consent to the jurisdiction of the Commissioner with regard421
to ongoing oversight of operations, management, and solvency relating to the transferred422
business, including the authority of the Commissioner to conduct financial analysis and423
examinations.424
33-52-17.425
(a) At the time of filing its application with the Commissioner for review and approval of426
an insurance business transfer plan, an applicant shall pay a nonrefundable fee to the427
department in the amount of $10,000.00.428
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(b) In the Commissioner's discretion, in connection with the department's participation in429
the proceedings undertaken pursuant to this article, an applicant shall reimburse the430
department for any compensation and benefits paid to the personnel of the department for431
time spent engaged in the proceedings, including, but not limited to, examiners, actuaries,432
attorneys, managers, and paraprofessionals.433
(c) The Commissioner may retain independent authorized consultants, including attorneys,434
appraisers, actuaries, certified public accountants, or other professionals and specialists to435
assist department personnel in connection with the review required by this article, the cost436
of which shall be borne by the applicant.437
(d) The applicant shall pay the expenses of the department and its authorized consultants438
incurred in fulfilling their obligations under this article, including the actual expenses of439
the department or the expenses and compensation of any consultants retained by the440
department.441
(e) The transferring insurer and the assuming insurer shall jointly be obligated to pay any442
compensation, costs, and expenses of the independent expert and any consultants retained443
by the independent expert and approved by the department incurred in fulfilling the444
obligations of the independent expert under this article. Nothing in this article shall be445
construed to create any duty for the independent expert to any party other than the446
department or the court.447
(f) Failure to pay any of the requisite fees or reimbursements within 30 days of demand448
shall be grounds for the Commissioner to request that the court dismiss the petition for449
approval of the insurance business transfer plan prior to the filing of an implementation450
order by the court, or, if after the filing of an implementation order, the Commissioner may451
suspend or revoke the assuming insurer's certificate of authority to transact insurance452
business in this state."453
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SECTION 4.
454
This Act shall become effective upon its approval by the Governor or upon its becoming law455
without such approval.456
SECTION 5.457
All laws and parts of laws in conflict with this Act are repealed.458
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