Official Code of Georgia Annotated

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

33-14-103. Powers of limited purpose subsidiary.

Active

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

(a)
As used in this Code section, the term “sponsor” means any entity that sponsors or co-sponsors the formation of a limited purpose subsidiary or the issuances of securities by a limited purpose subsidiary or participates in a limited purpose subsidiary as an investor or otherwise assists with the raising of equity or debt for a limited purpose subsidiary.#
(b)
A limited purpose subsidiary that is granted a certificate of authority by the Commissioner under this article:#
1. (1)
  Is wholly owned by the organizing domestic reinsurer or one or more sponsors;#
2. (2)
  Is authorized to engage in the business of reinsurance only for the lines of insurance for which the organizing domestic reinsurer or a sponsor is authorized; and#
3. (3)
  May access alternative forms of financing.#

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, § 33-14-103, enacted by Ga. L. 2011, p. 446, § 1/HB 341; Ga. L. 2025, p. 633, § 1/HB 348, effective June 1, 2025.

Amendments

The 2025 amendment, effective June 1, 2025, added subsection (a), designated the existing provisions of this Code section as subsection (b), added “or one or more sponsors” at the end of paragraph (b)(1), inserted “or a sponsor” and “and” near the end of paragraph (b)(2), deleted former paragraph (b)(3), and redesignated former paragraph (b)(4) as present paragraph (b)(3).

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

Text read from t33-ch1-22-(v24)-pdf.pdf, Volume V24, 2020 edition, 2025 supplement, pages 174 to 175; merge action: replaced; file SHA-256 56140d876051.

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