This section is applicable when there is a transfer of risk from an insurer in receivership to another insurer whereby the insurer agrees to assume all obligations of the insurer in receivership as of a certain date with respect to the assumed "book of business." A "book of business" refers to the insurer in receivership’s in force policies.
In order to purchase books of business of an insurer in receivership, the potential purchaser will need to be a licensed carrier who is authorized to write the types of insurance products that are for sale.
For a list of books of business (with assumption) that are currently for sale, please click here.
Below are the procedures involved in the purchase of books of business (with assumption) from an insurer in receivership. The first step will allow an interested party to pre-register with the Receiver to receive notification when books of business (with assumption) are for sale. The remaining steps identify various processes that have to be completed to finalize the transaction.
*The Court previously approved the Receiver’s plan to sell books of business of the insurer.