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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS · Article 1. GENERAL PROVISIONS

33-14-12. Number, qualifications, election, and terms of directors.

Active

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

  1. (a)

    The affairs of every domestic insurer shall be managed by not less than three directors.#

  2. (b)

    Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than three years each and until their successors are elected and have qualified; and if to be elected for terms of more than one year the insurer’s bylaws shall provide for a staggered term system under which the terms of a proportionate part of the members of the board of directors will expire on the date of each annual meeting of stockholders or members.#

  3. (c)

    At least one-fourth of the directors of the insurer must be residents of this state. A majority of the directors must be citizens of the United States.#

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, § 56-1519, enacted by Ga. L. 1960, p. 289, § 1.

Cross references

Management contracts, § 33-14-14.

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 666 to 667; merge action: carried; file SHA-256 4ecec175d949.