Georgia Commons

Official Code of Georgia Annotated

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

33-41-9. Letters of credit.

Active

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

  1. (a)

    Any letter of credit used to meet the requirements set forth in this chapter shall be:#

    1. (1)

      Clean, irrevocable, and unconditional;#

    2. (2)

      Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System;#

    3. (3)

      Presentable and payable within the State of Georgia; and#

    4. (4)

      Provided in conformity with any other requirements established by the Commissioner.#

  2. (b)

    The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company’s policyholders.#

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, § 33-41-9, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2019, p. 533, § 2-7/HB 99. The 2019 amendment, effective July 1, 2019, substituted ‘‘this chapter’’ for ‘‘Code Sections 33-41-8, 33-41-12, and 33-41-14’’ in the introductory paragraph of subsection (a).

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 875; merge action: carried; file SHA-256 1cdfeaa4b73e.

Ask about this section

The answer is drawn from this section and, when they fit, the other sections of its chapter. It quotes the text and names the section for each claim. Not legal advice.

Answers come from this document. Not legal advice.

O.C.G.A. § 33-41-9. Letters of credit. | Georgia Commons