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GR-4.1.4

Past version: effective up to Dec 31 2006.
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A portfolio transfer is not the same as an insurance firmG ceding (reinsuring) some or all of its policyholder liabilities to a reinsurer. Reinsurance creates an additional set of rights and obligations between the insurance firmG and the reinsurer but does not change the insurance firm'sG obligations to its policyholdersG nor does it create any direct obligations (to each other) between the insurance firm'sG policyholders and the insurance firm'sG reinsurer.

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Up to Dec 31 2006
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