§ 33-13A-1. Short Title
This chapter shall be known and may be cited as the “Mutual Insurance Holding Company Act.” History. Code 1981, § 33-13A-1 , enacted by Ga. L. 2015, p. 846, § 3/HB 185.
§ 33-13A-10. Policyholder Meetings
Within 45 days after the date of the Commissioner’s approval of a reorganization plan or merger plan pursuant to this chapter, unless extended by the Commissioner for good cause, the mutual insurer shall hold a meeting of its policyholders to vote upon such plan. The mutual insurer shall give notice at least 30 days before […]
§ 33-13A-11. Treatment of Stock
The majority of the voting stock of the reorganized stock insurer, which is required by this Code section to be at all times owned by a mutual insurance holding company, shall not be conveyed, transferred, assigned, pledged, subject to a security interest or lien, encumbered, or otherwise hypothecated or alienated by the mutual insurance holding […]
§ 33-13A-12. Legislative Intent Regarding Impact on Taxation
It is the intent of the General Assembly that the formation of a mutual insurance holding company shall not increase the Georgia tax burden of the mutual insurance holding company system and that a reorganized stock insurer shall continue to be subject to Georgia insurance premium taxation in lieu of all other taxes except as […]
§ 33-13A-13. Regulatory Authority
The Commissioner shall have the authority to promulgate rules and regulations to implement and enforce the provisions of this chapter. History. Code 1981, § 33-13A-13 , enacted by Ga. L. 2015, p. 846, § 3/HB 185.
§ 33-13A-2. Definitions
As used in this chapter, the term: “Intermediate stock holding company” means one or more stock corporations that own all of the shares of voting stock of one or more reorganized stock insurers after a reorganization under Code Section 33-13A-3 or a merger under Code Section 33-13A-4. “Majority of the voting stock of the reorganized […]
§ 33-13A-3. Reorganization Plans
A domestic mutual insurer, upon approval of the Commissioner, may reorganize by forming an insurance holding company system, which shall be designated as a mutual insurance holding company, based upon a reorganization plan and continuing the corporate existence of the reorganizing insurer as a stock insurer. Such a reorganization plan must be adopted by the […]
§ 33-13A-4. Procedure for Reorganization
A domestic mutual insurer, upon the approval of the Commissioner, may reorganize by merging its policyholders’ membership interests into a mutual insurance holding company formed pursuant to Code Section 33-13A-3 and continuing the corporate existence of the reorganizing insurer as a stock insurer subsidiary of the mutual insurance holding company or an intermediate stock holding […]
§ 33-13A-5. Incorporation of Reorganized Insurer
A mutual insurance holding company resulting from the reorganization of a domestic mutual insurer and the reorganized stock insurer shall be incorporated and governed pursuant to Chapter 14 of this title and subject to Chapter 13 of this title. This requirement shall supersede any conflicting provisions of Chapter 2 of Title 14. The articles of […]
§ 33-13A-6. Required Compliance; Treatment of Assets
A mutual insurance holding company is deemed to be an insurer subject to this title and shall automatically be a party to any proceeding under this title involving an insurer that, as a result of a reorganization pursuant to Code Section 33-13A-3 or a merger pursuant to Code Section 33-13A-4, is a subsidiary of the […]
§ 33-13A-7. Application of Other Statutory Provisions
Code Section 33-14-76 is not applicable to a reorganization or merger pursuant to this chapter. The demutualization of a mutual insurance holding company is subject to the requirements of Code Section 33-14-76. History. Code 1981, § 33-13A-7 , enacted by Ga. L. 2015, p. 846, § 3/HB 185.
§ 33-13A-8. Effect of Membership Interest
A membership interest in a mutual insurance holding company shall not constitute a security as such term is defined in Code Section 11-8-102. History. Code 1981, § 33-13A-8 , enacted by Ga. L. 2015, p. 846, § 3/HB 185.
§ 33-13A-9. Offerings of Voting Stock; Duties of Commissioner
The offerings of voting stock by a reorganized stock insurer or intermediate stock holding company to any person other than the mutual insurance holding company or a wholly owned subsidiary thereof, which offering is to occur in connection with the reorganization or merger or is the first to occur after the effective date of the […]