The Act allows officers, directors, committee members, and employees of an insurance company to engage in transactions with the insurance company if a written request is given to the Insurance Commissioner’s office and the request is not denied. The Act also changes the law relating to a corporation’s insurable interests. If a corporation is merged, sold, or otherwise becomes part of another corporation, the new corporation may retain the former corporation’s insurable interests.
Judy L. Poag,
INSURANCE Domestic Stock and Mutual Insurers: Create Exceptions to Prohibited Transactions for Directors and Employees; Permit Transferability of Insurable Interests,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol12/iss1/17