§ 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 […]
§ 33-14-127. Rights of Shareholders of Dividing Insurer
A shareholder of a dividing insurer shall be entitled to appraisal rights and to obtain payment of the fair value of that shareholder’s shares pursuant to Code Section 14-2-1302. History. Code 1981, § 33-14-127 , enacted by Ga. L. 2019, p. 474, § 1/SB 156.
§ 33-14-128. Regulatory Authority
The Commissioner may, in accordance with the procedures set forth in Code Section 33-2-9, promulgate rules and regulations necessary to implement and enforce the provisions of this article. If the Commissioner should find that extraordinary circumstances exist and that it would be in the best interests of the citizens of this state, the Commissioner may […]
§ 33-14-104. Investment of Funds
An organizing domestic reinsurer may invest funds from the surplus of the organizing domestic reinsurer in a limited purpose subsidiary that is organized by the organizing domestic reinsurer pursuant to this article. History. Code 1981, § 33-14-104 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
§ 33-14-105. Officers and Directors
The officers and directors of an organizing domestic reinsurer may serve as officers and directors of a limited purpose subsidiary organized by the organizing domestic reinsurer pursuant to this article. History. Code 1981, § 33-14-105 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
§ 33-14-106. Reinsurance
A limited purpose subsidiary may, upon approval of the Commissioner, reinsure the risks assumed by the limited purpose subsidiary. History. Code 1981, § 33-14-106 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
§ 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 […]