Assumption Reinsurance Services
Over the past decade the insurance industry has been experiencing a wave of transfers of blocks of business, generally referred to as assumption reinsurance. For many companies this is a one time experience and complying with the vast differences in state regulations can be difficult.
As a result of our activity and experience in handling assumptions, First Consulting has gained an extensive knowledge of the various state requirements. We have tailored our compliance services to assist ceding and assuming carriers. These services include
- Reviewing the assumption agreement
- Advising carriers of each state’s requirements
- Drafting the Certificate of Assumption and Notice of Transfer, including state variations of these forms
- Filing the Certificate of assumption and, where required, the Notice of Transfer for approval in all states
- Advising the carriers of the consent requirements