§ 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 […]
§ 33-14-93. Unlawful Sales of Securities
It shall be unlawful for any beneficial owner, director, or officer directly or indirectly to sell any equity security of such insurer if the person selling the security or his principal: Does not own the security sold; If owning the security, does not deliver it against such sale within 20 days thereafter; or Does not […]
§ 33-14-94. Sales by Dealers in Ordinary Course of Business and Incident to Establishment or Maintenance of Primary or Secondary Market Exempted From Article
Code Section 33-14-92 shall not apply to any purchase and sale, or sale and purchase, and Code Section 33-14-93 shall not apply to any sale of an equity security of a domestic stock insurer not then or theretofore held by him in an investment account by a dealer in the ordinary course of his business […]
§ 33-14-95. Foreign or Domestic Arbitrage Transactions Exempted From Article
Code Sections 33-14-91 through 33-14-93 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of any rules and regulations as the Commissioner may adopt in order to carry out the purposes of this article. History. Code 1933, § 56-1605, enacted by Ga. L. 1965, p. 378, § 3.
§ 33-14-96. Transactions in Securities Registered Under Section 12 of Securities Exchange Act of 1934 Exempted From Article
Code Sections 33-14-91 through 33-14-93 shall not apply to equity securities of a domestic stock insurer if the securities shall be registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended. History. Code 1933, § 56-1607, enacted by Ga. L. 1965, p. 378, § 3. U.S. Code. Section 12 of the […]
§ 33-14-97. Promulgation of Rules and Regulations by Commissioner; Effect of Rules and Regulations Upon Liability Under Code Sections 33-14-91 Through 33-14-93
The Commissioner shall have the power to make any reasonable rules and regulations as may be necessary for the execution of the functions vested in him by this article and may for that purpose classify domestic stock insurers, securities, and other persons or matters within his jurisdiction. No provision of Code Sections 33-14-91 through 33-14-93 […]