Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
175 Division 10 Transfer of Business and Fundamental Reinsurance Interpretation
agreement in which an insurer
(a) fundamentally reinsures any of its contracts of insurance,
(b) fundamentally reinsures any of the contracts of insurance of
any other insurer, or
(c) sells all or substantially all of its assets.
(2) In this Division, a contract of insurance is fundamentally
reinsured if
(a) the insurer under the contract transfers or assigns all rights
and obligations under the contract to another insurer, or
(b) the contract is replaced by novation and the insurer under
the replacement contract is different from the insurer under
the original contract.
1999 cI-5.1 s175
RSA 2000