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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 5. LIMITED PURPOSE SUBSIDIARY INSURANCE COMPANIES

33-14-102. Approval of operation plan and certificate of authority requirements; certain disclosure requirements; examination by Commissioner.

Active

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

  1. (a)

    Before assuming risk under a reinsurance agreement, a limited purpose subsidiary must:#

    1. (1)

      Obtain from the Commissioner approval of the limited purpose subsidiary’s plan of operation; and#

    2. (2)

      Be granted a certificate of authority to engage in the business of reinsurance in Georgia.#

  2. (b)

    A limited purpose subsidiary shall produce or disclose in its plan of operation, amendments, and records, books, documents, reports, and other information that the Commissioner requires the limited purpose subsidiary to produce or disclose under:#

    1. (1)

      This article;#

    2. (2)

      Rules adopted pursuant to this article; or#

    3. (3)

      An order pursuant to an examination performed in accordance with the provisions of Chapter 2 of this title.#

  3. (c)

    The Commissioner shall examine domestic limited purpose subsidiaries pursuant to Code Section 33-2-11.#

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, § 33-14-102, enacted by Ga. L. 2011, p. 446, § 1/HB 341.

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 706; merge action: carried; file SHA-256 4ecec175d949.