Georgia § 33-52-5 Novation of insurance contract

Georgia Statutes

§ 33-52-5 — Novation of insurance contract

Georgia § 33-52-5

Title33

This text of Georgia § 33-52-5 (Novation of insurance contract) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 33-52-5 (2026).

Text

If a transfer takes place pursuant to Code Section 33-52-4 , there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks.

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If a transfer takes place pursuant to Code Section 33-52-4 , there shall be a novation of the contract of insurance subject to the assumption reinsurance agreement with the result that the transferring insurer shall thereby be relieved of all insurance obligations or risks transferred under the assumption reinsurance agreement and the assuming insurer shall become directly and solely liable to the policyholder for those insurance obligations or risks.