Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 3. AUTHORIZATION AND GENERAL REQUIREMENTS FOR TRANSACTION OF INSURANCE

33-3-6. Requirements as to capital stock or surplus generally.

Active

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

(a)
On or after July 1, 2000, to qualify for an original certificate of authority to transact one or more classes of insurance, an insurer shall possess and thereafter maintain a minimum of $1.5 million in capital stock or in surplus.#
(b)
As to surplus required for initial qualification to transact one kind of insurance and thereafter to be maintained, domestic mutual insurers shall be governed by Chapter 14 of this title and domestic reciprocal insurers shall be governed by Chapter 17 of this title. Farmers’ mutual fire insurance companies shall be governed by Chapter 16 of this title.#

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, § 56-306, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1984, p. 1080, § 1; Ga. L. 1985, p. 149, § 33; Ga. L. 1990, p. 1275, § 2; Ga. L. 1992, p. 1539, § 1; Ga. L. 1995, p. 637, § 1; Ga. L. 2000, p. 1246, § 2; Ga. L. 2017, p. 164, § 6/HB 127.

Editor's notes

Ga. L. 1990, p. 1275, § 7, not codified by the General Assembly, provides that the 1990 amendment is ‘‘effective for purposes of application to new or newly admitted insurers on January 1, 1991, and effective for all purposes on July 1, 1992.’’

Code Commission notes

Pursuant to Code Section 28-9-5, in 1990, a comma was inserted following ‘‘insurance’’ in paragraph (1) of subsection (a).

Law reviews

For article discussing restrictions on the establishment and transaction of business by a foreign insurer in Georgia with emphasis on threshold requirements for establishment by alien insurers, see 27 Mercer L. Rev. 629 (1976).

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 107 to 108; merge action: carried; file SHA-256 4ecec175d949.

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