§ 33-14-107. Assets
Assets of a limited purpose subsidiary that are approved by the Commissioner as admitted assets must comply with requirements established by the Commissioner under rules adopted pursuant to this article. All other assets shall not be admitted assets. History. Code 1981, § 33-14-107 , enacted by Ga. L. 2011, p. 446, § 1/HB 341; Ga. […]
§ 33-14-108. Applicability of Certain Provisions of This Title
The following provisions of this title shall not apply to a limited purpose subsidiary organized under this article: Code Section 33-3-6; Code Section 33-3-7; Code Section 33-3-8; Code Section 33-7-14; Article 2 of Chapter 11; Code Section 33-13-4; Code Section 33-13-5; Code Section 33-14-40; and Chapter 56. History. Code 1981, § 33-14-108 , enacted by […]
§ 33-14-109. Adoption of Rules
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. The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries: Requirements for organization of a limited purpose subsidiary; Requirements […]
§ 33-14-120. Definitions
As used in this article, the term: “Capital” means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. “Director” means a person: By or under whose authority the powers of a corporation are exercised; and […]
§ 33-14-121. Plans of Division; Requirements; Amendment
Any domestic insurer may, in accordance with the requirements of this article, divide into two or more resulting insurers pursuant to a plan of division. A plan of division shall include: The name of the dividing insurer seeking to divide; The name of each resulting insurer or insurers that will be created by the proposed […]
§ 33-14-122. Approval of Plan of Division
Except as provided in subsections (b) and (c) of this Code section, a dividing insurer shall not file a plan of division with the Commissioner unless such plan has been approved in accordance with: All provisions of its articles of incorporation and bylaws; or If its articles of incorporation and bylaws do not provide for […]
§ 33-14-123. Approval by Commissioner After Public Notice and Hearing; When Plan of Division Not Approved; Factors for Consideration; Confidentiality; Allocation of Expenses; Findings; Final Orders; Additional Procedures
A division does not become effective until it is approved by the Commissioner after reasonable notice and a public hearing. A hearing conducted under this Code section must be conducted pursuant to Chapter 2 of this title. Subject to subsection (l) of this Code section, the Commissioner shall approve a plan of division unless the […]
§ 33-14-124. Requirements for Certificates of Division; Articles of Incorporation; Effective Date
After a plan of division has been adopted and approved under Code Sections 33-14-122 and 33-14-123, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division. The certificate of division shall set forth: The name of the dividing insurer; A statement disclosing whether the dividing insurer will survive the […]
§ 33-14-125. Upon Division Becoming Effective; Rights Upon Division; Requirement for New Financing Statement; Distributions
When a division becomes effective pursuant to subsection (d) of Code Section 33-14-124: If the dividing insurer has survived the division: It continues to exist; Its articles of incorporation, if any, shall be amended as provided in the plan of division; and Its bylaws, if any, shall be amended as provided in the plan of […]
§ 33-14-126. Responsibilities of Resulting Insurers
Except as provided in this Code section, when a division becomes effective, a resulting insurer shall be responsible: Individually for the policies and other liabilities the resulting insurer issues, undertakes, or incurs in its own name after the division; Individually for the policies and other liabilities of the dividing insurer that are allocated to or […]