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For purposes of Paragraph GR-4.1.1, a business transfer refers to a transfer of all the rights and obligations of one insurance licenseeG to another insurance licenseeG , so that the policyholdersG and reinsurers continue to be subject to the same terms and conditions as those originally agreed. Business transfers may enable licensees that have ceased writing certain lines of business to manage their affairs more effectively and be beneficial both to the insurance licenseeG and the policyholdersG , particularly if the insurance licenseeG that is assuming the business is financially stronger than the insurance licenseeG transferring the business.

Amended: January 2007
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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