Excess Loss Funding Program; Condition for Certificate of Authority

  1. Law
  2. Georgia Code
  3. Education
  4. Elementary and Secondary Education
  5. Interlocal Risk Management Agency
  6. Excess Loss Funding Program; Condition for Certificate of Authority

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  1. An interlocal risk management agency shall maintain at all times an excess loss funding program acceptable to the Commissioner. An excess loss funding program may consist of excess insurance, self-funding from unobligated surplus of a fund, any combination of such excess insurance or self-funding, or any other funding program acceptable to the Commissioner.
  2. The excess loss funding program of an agency shall be approved by the Commissioner as a condition to the issuance and maintenance of a certificate of authority of any agency which establishes a fund or funds authorized pursuant to this article. An agency may be permitted to purchase excess insurance:
    1. From insurers authorized to transact business in this state; or
    2. From approved surplus lines carriers.

(Code 1981, §20-2-2018, enacted by Ga. L. 1986, p. 1172, § 1; Ga. L. 1988, p. 1960, § 4.)


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