33-14-109. Adoption of rules.

The Commissioner shall, before approving a limited purpose subsidiary under this article, adopt rules pursuant to Code Section 33-2-9 to implement this article.#

The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries:#

1. (1)

   Requirements for organization of a limited purpose subsidiary;#

2. (2)

   Requirements for a plan of operation;#

3. (3)

   Capital, surplus, and risk-based capital requirements;#

4. (4)

   Requirements for reporting and notifications;#

5. (5)

   Requirements for reserves, including actuarial certification;#

6. (6)

   Requirements for authorized investments;#

7. (7)

   Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary;#

8. (8)

   Requirements and restrictions for material transactions;#

9. (9)

   Requirements for dividends and distributions;#

10. (10)

    Requirements for operations; and#

11. (11)

    Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.#