Adoption of Rules

  1. Law
  2. Georgia Code
  3. Insurance
  4. Domestic Stock and Mutual Insurers
  5. Limited Purpose Subsidiary Insurance Companies
  6. Adoption of Rules

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  1. The Commissioner shall, before approving a limited purpose subsidiary under this article, adopt rules pursuant to Code Section 33-2-9 to implement this article.
  2. The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries:
    1. Requirements for organization of a limited purpose subsidiary;
    2. Requirements for a plan of operation;
    3. Capital, surplus, and risk-based capital requirements;
    4. Requirements for reporting and notifications;
    5. Requirements for reserves, including actuarial certification;
    6. Requirements for authorized investments;
    7. Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary;
    8. Requirements and restrictions for material transactions;
    9. Requirements for dividends and distributions;
    10. Requirements for operations; and
    11. Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.

(Code 1981, §33-14-109, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)


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