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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 41. CAPTIVE INSURANCE COMPANIES · Article 1. GENERAL PROVISIONS

33-41-4. Prerequisites to transacting insurance.

Active

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

  1. No captive insurance company may transact any insurance in this state unless:

  2. (1)

    It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state;#

  3. (2)

    It maintains its principal place of business in this state;#

  4. (3)

    Any organization providing the principal administrative or management services to such captive insurance company shall be approved by the Commissioner;#

  5. (4)

    Its board of directors or board of managers holds at least one meeting each year in this state; and#

  6. (5)

    It appoints a registered agent to accept service of process in this state, provided that, whenever such registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the Commissioner shall be an agent of such captive insurance company upon whom any process, notice, or demand may be served.#

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, § 33-41-4, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-2/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 3/SB 173; Ga. L. 2019, p. 533, § 2-4/HB 99. The 2019 amendment, effective July 1, 2019, deleted ‘‘and’’ at the end of paragraph (3), substituted ‘‘; and’’ for the period at the end of paragraph (4), and added paragraph (5).

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, pages 867 to 868; merge action: carried; file SHA-256 1cdfeaa4b73e.