33-33-3. Requirement of participation in plan by property insurers.

Active

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

(a)
Each insurer authorized to write and writing property insurance in this state shall be required to become and remain a member of the plan and the underwriting association and to comply with the requirements of the plan and the underwriting association as a condition of its authority to transact property insurance business.#
(b)
Each insurer shall participate in the writings, expenses, profits, and losses of the association in the following manner:#
1. (1)
  For habitational risks, the same proportion as its habitational premiums written bear to the aggregate habitational premiums written by all insurers in the program; and#
2. (2)
  For commercial risks, the same proportion as its commercial premiums written bear to the aggregate commercial premiums written by all insurers in the program.#

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

Ga. L. 1970, p. 282, § 2; Ga. L. 1975, p. 22, § 2; Ga. L. 1995, p. 629, § 1.

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-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, page 632; merge action: carried; file SHA-256 1cdfeaa4b73e.

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