Georgia Commons

Title 33. INSURANCE

Chapter 14. DOMESTIC STOCK AND MUTUAL INSURERS

78 sections · 33-14-1 to 33-14-128

Article 1. GENERAL PROVISIONS

  1. 33-14-1Applicability of chapter.
  2. 33-14-2Definitions.
  3. 33-14-3Applicability of general corporation statutes.
  4. 33-14-4Execution and contents of application for charter.
  5. 33-14-5Filing of application for charter; fee; approval or disapproval of charter.
  6. 33-14-6Grant of corporate powers and privileges; issuance of certificate of incorporation; recordation of documents; appointment of attorney for acceptance of service of process.
  7. 33-14-7Name of corporation.
  8. 33-14-8Procedures for amendment or renewal of charter.
  9. 33-14-9Powers of corporations generally.
  10. 33-14-10Sale of subscriptions for insurance securities and sale offer of insurance securities.
  11. 33-14-11Charitable, scientific, or educational donations.
  12. 33-14-12Number, qualifications, election, and terms of directors.
  13. 33-14-13Maintenance of principal place of business and records; maintenance of assets within state; removal of records or assets from state without approval.
  14. 33-14-14Filing and terms of management and exclusive agency contracts; approval or disapproval of contracts by Commissioner.
  15. 33-14-15Borrowing of money.
  16. 33-14-16Participating and nonparticipating policies; earned dividend not to be made contingent upon payment of renewal premium.
  17. 33-14-17Voting securities.
  18. 33-14-18Filing of registration statement by holding company prior to offering of stock for sale to public; contents of statement; approval or disapproval of sale by Commissioner.
  19. 33-14-19Regulation of financial interests in and transactions with insurers by officers, directors, committee members, or employees.
  20. 33-14-20Limitation on commission received by persons selling stock of insurers; participation by corporate officers in commissions.
  21. 33-14-21Limitation on organizational expenses.
  22. 33-14-22Proceedings for correction of deficiency in assets or capital of insurer; institution of delinquency proceedings upon failure to correct deficiency.
  23. 33-14-23Extinguishment of charters of corporations not actively engaged in business; automatic extinguishment of charter upon merger or consolidation.
  24. 33-14-24Procedure for voluntary dissolution generally; effective date of dissolution; conditions precedent to effectuation of dissolution.
  25. 33-14-25Procedure for surrender of charter.
  26. 33-14-26Powers and duties of directors as trustees upon expiration of period of corporate existence; filling of vacancies and replacement of directors.
  27. 33-14-27Continuance of corporate existence subsequent to dissolution or expiration.

Article 2. DOMESTIC STOCK INSURERS

  1. 33-14-40Reinsurance of risks generally; bulk insurance agreements.
  2. 33-14-41Dividends payable only out of realized profits or upon special approval of Commissioner.
  3. 33-14-42Illegal dividends.
  4. 33-14-43Authorization and procedure for merger or consolidation; receipt of consideration by directors, officers, agents, or employees; formation of domestic insurance company for sole purpose of merging or consolidating with existing domestic insurer.
  5. 33-14-44Authorization and procedure for conversion of stock insurer to mutual insurer.
  6. 33-14-45Classes of common or preferred shares.

Article 3. DOMESTIC MUTUAL INSURERS

  1. 33-14-60Bylaws.
  2. 33-14-61Types of insurance in which newly organized insurers authorized to transact business; requirements as to transaction of particular kinds of insurance generally.
  3. 33-14-62Authorization of transaction of additional kinds of insurance.
  4. 33-14-63Filing of surety bond or deposit by incorporators of proposed insurer; conditions of bond or deposit; release and discharge.
  5. 33-14-64Solicitation of applications for policies upon approval of bond or deposit; provisions and execution of applications; requirement of cash premiums.
  6. 33-14-65Deposit of premiums and fees collected; issuance and delivery of policies by insurers; effective date of insurance.
  7. 33-14-66Return of deposits or premiums upon failure of proposed insurer to complete organization and secure original certificate of authority.
  8. 33-14-67Policyholders deemed members of insurers; persons entitled to become members; liability upon insurance contracts of representatives of members; rights of members generally.
  9. 33-14-68Contingent liability of members.
  10. 33-14-69Levy of assessment by directors; computation of assessment; allowance of offsets against assessments.
  11. 33-14-70Notice of assessment; presumption as to correctness of assessment; proceedings upon failure of member to pay assessment.
  12. 33-14-71Extinguishment of contingent liability; revocation of authority to issue policies without contingent liability; issuance of nonassessable policies by foreign or alien insurers.
  13. 33-14-72Reinsurance of risks.
  14. 33-14-73Dividends payable only out of net realized savings and earnings.
  15. 33-14-74Liability of directors for declaration or payment of illegal dividend.
  16. 33-14-75Procedure for merger or consolidation.
  17. 33-14-76Authorization and procedure for conversion of mutual insurer to stock insurer.
  18. 33-14-77Distribution of assets to members upon liquidation of insurers generally; calculation of distributive shares of members.

Article 4. INSIDER TRADING OF DOMESTIC STOCK INSURER EQUITY SECURITIES

  1. 33-14-90‘‘Equity security’’ defined.
  2. 33-14-91Filing of statements of equity securities ownership.
  3. 33-14-92Authorization of actions to recover for insurer profits from purchases and sales, or sale and purchase, within period of less than six months.
  4. 33-14-93Unlawful sales of securities.
  5. 33-14-94Sales by dealers in ordinary course of business and incident to establishment or maintenance of primary or secondary market exempted from article.
  6. 33-14-95Foreign or domestic arbitrage transactions exempted from article.
  7. 33-14-96Transactions in securities registered under Section 12 of Securities Exchange Act of 1934 exempted from article.
  8. 33-14-97Promulgation of rules and regulations by Commissioner; effect of rules and regulations upon liability under Code Sections 33-14-91 through 33-14-93.

Article 5. LIMITED PURPOSE SUBSIDIARY INSURANCE COMPANIES

  1. 33-14-100Definitions.
  2. 33-14-101Authorization to organize domestic limited purpose subsidiary.
  3. 33-14-102Approval of operation plan and certificate of authority requirements; certain disclosure requirements; examination by Commissioner.
  4. 33-14-103Powers of limited purpose subsidiary.
  5. 33-14-104Investment of funds.
  6. 33-14-105Officers and directors.
  7. 33-14-106Reinsurance.
  8. 33-14-107Assets.
  9. 33-14-108Applicability of certain provisions of this title.
  10. 33-14-109Adoption of rules.

Article 6. DIVISION OF DOMESTIC INSURERS

  1. 33-14-120Definitions.
  2. 33-14-121Plans of division; requirements; amendment.
  3. 33-14-122Approval of plan of division.
  4. 33-14-123Approval by Commissioner after public notice and hearing; when plan of division not approved; factors for consideration; confidentiality; allocation of expenses; findings; final orders; additional procedures.
  5. 33-14-124Requirements for certificates of division; articles of incorporation; effective date.
  6. 33-14-125Upon division becoming effective; rights upon division; requirement for new financing statement; distributions.
  7. 33-14-126Responsibilities of resulting insurers.
  8. 33-14-127Rights of shareholders of dividing insurer.
  9. 33-14-128Regulatory authority.