GA HB1049

Enacts the "Insurance Business Transfer Act," creating a legal framework for insurers to transfer and novate blocks of insurance policies from a transferring insurer to a Georgia-domiciled assuming insurer without requiring affirmative consent of policyholders or reinsureds, effected through court order by the Superior Court of Fulton County.

Requires applicants to file a detailed insurance business transfer plan with the Insurance Commissioner, who has 60 business days (extendable by 30 days) to review and must authorize submission to the court unless the transfer would likely have a material adverse effect on policyholders, reinsurers, or claimants.

Mandates appointment of an independent expert—selected by the Commissioner from nominees submitted by the insurers—to prepare an opinion report analyzing reserve adequacy, financial impacts on both insurers, effects on policyholders, and whether any policyholder group would be materially adversely affected, including changes to state insurance guaranty association coverage.

Establishes extensive notice requirements to policyholders, state insurance regulators, guaranty associations, and reinsurers, with a minimum 60-day public comment period before a court hearing, and prohibits transfer of out-of-state policyholders' policies unless the assuming insurer is licensed in their state of residence.

Imposes a $10,000 nonrefundable application fee, requires applicants to bear all department review costs and consultant expenses, and requires the Commissioner to promulgate implementing rules and regulations before any transfer plan may be approved.