Protected Cells; Prior Written Approval; Annual Filing of Financial Reports; Notification Upon Insolvency

  1. Law
  2. Georgia Code
  3. Insurance
  4. Captive Insurance Companies
  5. Sponsored Captive Insurance Companies
  6. Protected Cells; Prior Written Approval; Annual Filing of Financial Reports; Notification Upon Insolvency

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  1. A sponsored captive insurance company may establish one or more protected cells if the Commissioner has approved in writing a business plan, or an amendment to such plan, with respect to each protected cell that includes information about the participant, the associated participant contract or contracts, and any other information requested by the Commissioner.
  2. No participant contract shall take effect without the Commissioner's prior written approval. The addition of each new protected cell, the withdrawal of any current participant, or the termination of any existing protected cell shall constitute a change in the business plan of the sponsored captive insurance company and shall require the Commissioner's prior written approval.
  3. Each sponsored captive insurance company shall annually file with the Commissioner such financial reports as he or she shall require. Any such financial report shall include, without limitation, accounting statements detailing the financial experience of each protected cell.
  4. Each sponsored captive insurance company shall notify the Commissioner in writing within ten business days of any protected cell becoming insolvent or otherwise unable to meet its claim, expense, insurance, or reinsurance obligations.

(Code 1981, §33-41-102, enacted by Ga. L. 2019, p. 533, § 2-14/HB 99.)


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