Subject to prior approval of the Commissioner, an insurer may acquire and hold real property for recreation, hospitalization, convalescence, and retirement purposes of its employees. All investments under this Code section shall not exceed 5 percent of the insurer's surplus; or, if a mutual or reciprocal insurer, all of those investments shall not exceed 5 percent of the insurer's surplus in excess of the surplus required to be maintained under this title for its authority to transact insurance.
(Code 1933, § 56-1030, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)
OPINIONS OF THE ATTORNEY GENERAL
Foreign insurer's investments not limited.
- The "quality" clause of former Code 1933, § 56-1036 (see O.C.G.A. § 33-11-42(a)) does not limit a foreign insurer's investments to only those investments specifically permitted for domestic insurers under former Code 1933, §§ 56-1028 through 56-1031 (see O.C.G.A. §§ 33-11-29 through33-11-32). 1970 Op. Att'y Gen. No. 70-180.