§ 33-14-109. Adoption of Rules

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.

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