The following words and phrases when used in this chapter
shall have the meanings given to them in this section unless the
context clearly indicates otherwise:
"Commissioner." The Insurance Commissioner of the
Commonwealth.
"Contract." An allocated or unallocated group annuity
contract:
(1) That is issued by an insurer to an employer or an
employee defined pension benefit plan on behalf of an
employer, for the purpose of providing retirement benefits to
employees or former employees of the employer.
(2) Whose annuity benefits will no longer be protected
under the Employee Retirement Income Security Act of 1974
(Public Law 93-406, 88 Stat. 829) or the Federal Pension
Benefit Guaranty Corporation.
§ 7902. Transfer ISSUANCE, TRANSFER or assumption of contract.
(a) Confirmation of financial strength necessary.--A
contract may not be ISSUED, transferred or assumed by another AN
insurer without confirmation by the commissioner that the
insurer assuming the obligations of the contract has the
financial strength to fulfill its obligations under the
contract.
(b) Determination by commissioner.--Within 60 days after
notification from the insurer of the proposed ISSUANCE, transfer
or assumption under subsection (a), the commissioner shall
review the financial strength of the insurer who is proposed to
assume the obligations of the contract and determine whether the
insurer can fulfill its obligations under the contract.
Section 2. Section 8124(b)(1) introductory paragraph of
Title 42 is amended, the paragraph is amended by adding a
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