§ 20-2-2005. Certificate of Authority
No interlocal risk management agency shall establish a group self-insurance fund or funds until such agency has been issued a certificate of authority by the Commissioner as provided in this Code section and under such rules and regulations as the Commissioner may promulgate to assure compliance with this article. The Commissioner shall not be authorized […]
§ 20-2-2006. Issuance, Renewal, or Revocation of Certificate
The Commissioner shall examine the application made under Code Section 20-2-2005 to determine whether the agency and any established fund will be able to comply with this article and applicable rules and regulations. If the Commissioner finds that the agency and any established fund are capable of complying with such requirements, he shall issue a […]
§ 20-2-2007. Minimum Surplus Required
Each fund formed pursuant to this article shall possess and thereafter maintain minimum surplus in an amount such as the Commissioner may reasonably establish or subsequently require for the protection of the members. The Commissioner may authorize a fund to maintain a deposit consisting of securities eligible for deposit by domestic insurance companies in accordance […]
§ 20-2-2008. Investments
The investable assets of a fund may be invested in securities or other investments permitted by the laws of this state for the investment of assets constituting the legal reserves of property and casualty insurance companies or in such other securities or investments as the Commissioner may permit such insurers to invest their funds under […]
§ 20-2-2009. Joint and Several Liability of Fund Members
Each board of education shall be jointly and severally liable for all legal obligations of a fund which arise out of an event which occurred while such board was a member of such fund; provided, however, that a fund shall not assume a risk greater than an amount to be determined by the Commissioner; and […]
§ 20-2-2010. Administrator
If an agency contracts with an administrator, the agency and the administrator must enter into a written agreement which shall be subject to review and approval by the Commissioner in accordance with this Code section and which shall contain at least the following: A contractual provision obligating the administrator to obtain and maintain such bonds, […]
§ 20-2-2011. Bond, Liability Insurance, and Claim Office of Administrator
The Commissioner shall require each administrator to have and maintain a fidelity bond in an amount which the Commissioner deems appropriate but which is not less than $100,000.00. Errors and omissions coverage or other appropriate liability insurance in an amount which is not less than that specified by the rules and regulations of the Commissioner […]
§ 20-2-2012. Grounds for Revocation, Suspension, or Refusal to Issue or Renew Certificate; Hearing; Voluntary Dissolution of Fund
The Commissioner may revoke, suspend, or refuse to issue or renew the certificate of authority of any agency when and if, after investigation, he finds that: Any certificate of authority issued to the agency was obtained by fraud; There was any material misrepresentation in the application for the certificate of authority; The agency, any fund […]
§ 20-2-2013. Tax Exemption
Interlocal risk management agencies and funds established by such agencies shall be exempt from state and local taxes and fees. History. Code 1981, § 20-2-2013 , enacted by Ga. L. 1986, p. 1172, § 1.
§ 20-2-2014. Examination of Funds by Commissioner
The Commissioner shall have the authority to require and conduct periodic examinations to verify the solvency of funds in the same manner and under the same conditions as insurers are examined under Chapter 2 of Title 33. History. Code 1981, § 20-2-2014 , enacted by Ga. L. 1986, p. 1172, § 1.