The reinsurance of an entire portfolio at a premium relating to the estimated outstanding claims and unearned premium under that portfolio. Usually used by a reinsurer wanting to close a treaty year and pass on the liability to the following year for administrative reasons.
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UK: The transfer of general or life insurance business, usually involving many individual policies, from one insurer to another. Transfer applications must be approved by the court (FSMA, s. 107). The FSA monitors the progress of the application to ensure that policyholders (of both transferor and transferee) are treated fairly and remain secure. An FSA appointed independent expert reports on the impact on both sets of policyholders.