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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 11. INVESTMENTS · Article 2. INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS

33-11-64. Conditions under which insurer shall not acquire an investment; special rated credit instruments.

Active

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

  1. (a)

    An insurer shall not acquire an investment under this article if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this article would exceed:#

    1. (1)

      For medium and lower grade investments, 20 percent of admitted assets;#

    2. (2)

      For lower grade investments, 10 percent of admitted assets;#

    3. (3)

      For investments rated 5 or 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section 33-10-14, 5 percent of admitted assets; or#

    4. (4)

      For investments rated 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section 33-10-14, 1 percent of admitted assets.#

  2. (b)

    The aggregate amount of special rated credit instruments held by an insurer pursuant to the valuation procedures of Code Section 33-10-14 shall not exceed 10 percent of admitted assets.#

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 1981, § 33-11-64, enacted by Ga. L. 1999, p. 592, § 12.

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, page 564; merge action: carried; file SHA-256 4ecec175d949.