Voluntary surrender of registration requires prior approval, a run-off plan, and adequate capital for orderly wind-down. An MGA may surrender its certificate of registration only with the prior written approval of the Competent Authority. Surrender requires a plan to run off the existing book of business and evidence of adequate capital to wind down operations in an orderly manner without disrupting policyholder services.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Voluntary surrender of registration requires prior approval, a run-off plan, and adequate capital for orderly wind-down.
An MGA may surrender its certificate of registration only with the prior written approval of the Competent Authority. Surrender requires a plan to run off the existing book of business and evidence of adequate capital to wind down operations in an orderly manner without disrupting policyholder services.
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