Insurance Business Transfer means a transfer and novation

Insurance Business Transfer means a transfer and novation in accordance with this act. Insurance Business Transfers will transfer insurance obligations or risks, or both, of existing or in-force contracts of insurance or reinsurance from a transferring insurer to an assuming insurer. Once approved pursuant to this act, the Insurance Business Transfer will effect a novation of the transferred contracts of insurance or reinsurance with the result that the assuming insurer becomes directly liable to the policyholders of the transferring insurer and the transferring insurer's insurance obligations or risks, or both, under the contracts are extinguished.

Insurance Business Transfer means the transfer of liabilities and assets in accordance with the procedures delineated in this Regulation. An Insurance Business Transfer must be approved by the Department and sanctioned by the Court resulting in a novation of the insurance business identified in the Insurance Business Transfer Plan.

Examples of Insurance Business Transfer in a sentence

Within thirty (30) days after notice from the Commissioner that the applicant may proceed with the court filing, the applicant shall apply to the court for approval of the Insurance Business Transfer Plan.
Application to the court for approval of the Insurance Business Transfer Plan.
At any time before the court issues an order approving the Insurance Business Transfer Plan, the applicant may withdraw the Insurance Business Transfer Plan without prejudice.
The application shall be in the form of a verified petition for implementation of the Insurance Business Transfer Plan in the court.
After the comment period pursuant to paragraph 6 of subsection B of this section has ended the Insurance Business Transfer Plan shall be presented by the applicant for approval by the court.

More Definitions of Insurance Business Transfer

Insurance Business Transfer means a policy transfer or a reinsurance transfer.

Insurance Business Transfer means a transaction in which a Division Entity transfers and novates its insurance obligations, risks and rights to an assuming insurer, pursuant to and in accordance with the applicable Laws of the state of domicile of the assuming insurer and the terms set forth in Schedule 5.20(a).

Insurance Business Transfer means a transfer and novation in accordance with this

Insurance Business Transfer means a transfer and novation by a transferring insurer to an assuming insurer made under the bill's provisions;