Transcription of ASSUMPTION REINSURANCE MODEL ACT Table of Contents - …
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ASSUMPTION REINSURANCE MODEL ACT Table of Contents - …
NAIC MODEL Laws, Regulations, Guidelines and Other Resources July 1999 1999 National Association of Insurance Commissioners 803-1 ASSUMPTION REINSURANCE MODEL ACT Table of Contents Section 1. Purpose Section 2. Scope Section 3. Definitions Section 4. Notice Requirements Section 5. Policyholder Rights Section 6. Effect of Consent Section 7. Commissioner s Discretion Section 8. Effective Date Appendix A. Notice of Transfer Section 1. Purpose This Act provides for the regulation of the transfer and novation of contracts of insurance by way of ASSUMPTION REINSURANCE . It defines ASSUMPTION REINSURANCE and establishes notice and disclosure requirements which protect and define the rights and obligations of policyholders, regulators and the parties to ASSUMPTION REINSURANCE agreements. Section 2. Scope A. This Act applies to any insurer authorized in this state which either assumes or transfers the obligations or risks, or both, on contracts of insurance pursuant to an ASSUMPTION REINSURANCE agreement.
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