Risk Retention Groups Not Chartered in This State

  1. Law
  2. Georgia Code
  3. Insurance
  4. Risk Retention Groups
  5. Risk Retention Groups Not Chartered in This State

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  1. Risk retention groups chartered in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as provided in this Code section.
  2. Before offering insurance in this state, a risk retention group shall submit to the Commissioner:
    1. A statement identifying the state or states in which the risk retention group is chartered and licensed as a casualty or liability insurance company, date of chartering, its principal place of business, and such other information, including information on its membership, as the Commissioner may require to verify that the risk retention group is qualified under this chapter;
    2. A copy of its plan of operations or a feasibility study and revisions of such plan or study submitted to its state of domicile; provided, however, that the provision relating to the submission of a plan of operation or a feasibility study shall not apply with respect to any line or classification of liability insurance which was defined in the Product Liability Risk Retention Act of 1981 before October 27, 1986, and which was offered before such date by any risk retention group which had been chartered and operating for not less than three years before such date;
    3. A statement of registration which designates the Commissioner as its agent for the purpose of receiving service of legal documents or process; and
    4. A fee or fees as provided in Code Section 33-8-1, which shall accompany such statements and plans required under paragraphs (1), (2), and (3) of this subsection.
  3. Any risk retention group doing business in this state shall submit to the Commissioner:
    1. A copy of the group's financial statement submitted to its state of domicile, which shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist approved by the Commissioner;
    2. A copy of each examination of the risk retention group as certified by the Commissioner or public official conducting the examination;
    3. Upon request by the Commissioner, a copy of any audit performed with respect to the risk retention group;
    4. Such information as may be required to verify its continuing qualification as a risk retention group under this chapter; and
    5. A fee or fees as provided in Code Section 33-8-1, which shall accompany such copies required under paragraphs (1) and (2) of this subsection.

(Code 1981, §33-40-4, enacted by Ga. L. 1987, p. 875, § 1; Ga. L. 1992, p. 2725, § 29.)


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