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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 10. ASSETS AND LIABILITIES

33-10-10. Title insurance, required reserves.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:

  2. (1)

    Ten percent of the total amount of the risk premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and#

  3. (2)

    During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1933, § 56-911, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-58/SB 132. The 2019 amendment, effective July 1, 2019, deleted ‘‘hereafter’’ following ‘‘risk premiums’’ in paragraph (1).

Cross references

Definition of title insurance, § 33-7-8.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, pages 474 to 475; merge action: carried; file SHA-256 4ecec175d949.