Permission for full or partial transfer of insurance (re-insurance) contract to other insurer (re-insurer)

Permission for full or partial transfer of insurance (re-insurance) contract to other insurer (re-insurer)

 

1. In case the license of insurer (reinsurer) has been restricted, suspended or terminated, with the agreement of the current insurer (reinsurer) and the written agreement of FIMSA, insurer (reinsurer) may partially or totally transfer the insurance (reinsurance) agreements to another insurer (reinsurer).

2. Within the 3 working days of the decision on transferring the insurance (reinsurance) contracts to another insurer (reinsurer), insurer (reinsurer) must notify in written (with the proof of delivery) to the residential address (the address of legal entity) and mobile number of the insured (reinsured) whose contracts are planned to be transferred.  

3. If no objection received by the insured (reinsured) within the 7 business days of receiving the last notification delivered with the requirements set by Article 2, this will mean a consent of the insured (reinsured).

4. If there is an objection received by the insured (reinsured) on transferring their insurance (reinsurance) contract to another insurer (reinsurer) within the timeframe described in Article 3, their contract will be transferred to either the insurer (reinsurer) chosen by the insured (reinsured) or the existing contract will be terminated.

5. FIMSA does not allow the transfer of insurance (reinsurance) contracts to another insurer (reinsurer) in following cases:

5.1 If the interest of the insured (reinsured) and benefited people is not taken into adequate consideration while transferring the insurance (reinsurance) contracts;

5.2 If there is no active license in the given business of the insurer (reinsurer) receiving the insurance (reinsurance) contracts, or there is no permission of the insurer (reinsurer) in the type of the insurance business in receiving the insurance (set forth in the Article 11.4 of this Law, as well as reinsurance) contracts;

6. Not having the relevant reinsurance license of the foreign reinsurer in their country that receive the reinsurance contracts.