§ 33-16-1. Scope of Chapter
This chapter applies only to domestic farmers’ mutual fire insurance companies. History. Code 1933, § 56-2001, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-10. Inclusion in Policy of Provision Against Waiver of Bylaws
The companies may provide in the policy that officers and agents elected by them do not have the power to waive any provision of the bylaws. History. Code 1933, § 56-2010, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-11. Holding of Annual and Special Meetings of Members; Notice of Meetings
An annual meeting of such company shall be held at such a time as is fixed in the bylaws of the company. Special meetings may be held for such purposes and in such manner as may be specified in the insurer’s bylaws, consistent with this chapter. All such meetings shall be held in the insurer’s […]
§ 33-16-12. Voting by Policyholders at Meetings
Each policyholder in a farmers’ mutual fire insurance company shall be entitled to only one vote in all policyholders’ meetings. No voting by proxy shall be permitted unless it is specially authorized in the bylaws and approved by the Commissioner. History. Ga. L. 1923, p. 113, § 9; Code 1933, § 56-1416; Code 1933, § […]
§ 33-16-13. Amount of Minimum Surplus Required
The amount of minimum surplus required for each farmers’ mutual fire insurance company shall be determined on an individual basis; however, no farmers’ mutual fire insurance company shall be issued a certificate of authority unless it shall possess and thereafter maintain a minimum of $150,000.00 in surplus. Minimum surplus of up to $150,000.00 shall be […]
§ 33-16-14. Limitations on Amounts of Risks
The maximum amount of insurance that a farmers’ mutual fire insurance company may retain on any subject or subjects of insurance reasonably exposed to loss from the same fire shall not exceed 10 percent of its surplus. In determining the amount at risk and retained by the insurer, any valid and applicable reinsurance authorized shall […]
§ 33-16-15. Reinsurance
A farmers’ mutual fire insurance company shall not accept reinsurance of the risk of any other insurer. History. Ga. L. 1923, p. 113, § 17; Code 1933, § 56-1424; Code 1933, § 56-2007, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-16. Liability of Members for Losses and Expenses of Companies
No member of such insurer shall be liable to assessment to pay losses and expenses accruing prior to the time his policy became effective nor for losses and expenses accruing after termination or expiration of the policy. History. Code 1933, § 56-2019, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. […]
§ 33-16-17. Actions by or Against Companies
Companies organized under this chapter may bring and defend actions in the name under which they are doing business. History. Code 1933, § 56-2020, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-18. Filing of Annual Statement With Commissioner
Every farmers’ mutual fire insurance company shall, on or before March 1 of each year, make and file with the Commissioner an annual statement of its business as of December 31 of the preceding year, on the form prescribed by the Commissioner. History. Code 1933, § 56-2016, enacted by Ga. L. 1960, p. 289, § […]
§ 33-16-19. Examination of Companies by Commissioner; Payment of Costs of Examinations
The Commissioner shall at least once in five years, or as often as he or she deems necessary, examine farmers’ mutual fire insurance companies. The costs of the examination shall be paid by the company. History. Code 1933, § 56-2018, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § […]
§ 33-16-2. “Domestic Farmers’ Mutual Fire Insurance Companies” Defined; Risks Against Which Companies May Write Insurance
“Domestic farmers’ mutual fire insurance companies” are companies organized for the purpose of insuring property against loss or damage by fire, lightning, windstorm, extended coverage, and hail, and for all, or any, of such purposes. Domestic farmers’ mutual fire insurance companies may write insurance against said hazards on such property risks as their charter and […]
§ 33-16-20. Exemption From Taxes, Costs, and Fees
Any company organized under this chapter shall be exempt from all taxes, costs, and fees, including those listed in Chapter 8 of this title, except as expressly provided in this chapter and except taxes payable upon real and personal property owned by the company. History. Code 1933, § 56-2017, enacted by Ga. L. 1960, p. […]
§ 33-16-21. Applicability of Other Provisions of Title to Companies
In addition to this chapter, farmers’ mutual fire insurance companies shall be subject to the following chapters of this title to the extent so applicable: Chapters 1, 2, 5, 6, 12, and 37, and Article 1 of Chapter 11. History. Code 1933, § 56-2022, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. […]
§ 33-16-22. Conversion of Companies Into Mutual Insurance Companies
Any company organized under this chapter may be converted into a mutual insurance company by complying with the applicable provisions of Chapter 14 of this title. History. Code 1933, § 56-2021, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-3. Procedure for Incorporation of Companies Generally; Filing and Contents of Application for Charter; Granting of Charter by Secretary of State
Twenty or more persons a majority of whom are citizens of this state may become a body corporate for the purpose of transacting insurance upon the farmers’ mutual fire insurance plan as defined in Code Section 33-16-2 by making an application for a charter signed by the persons applying for the charter or their counsel […]
§ 33-16-4. Issuance of Certificate of Authority; Qualifications; Proposed Changes to Plan of Operation
No person shall transact or attempt to transact business as a farmers’ mutual fire insurance company unless so authorized by an effective certificate of authority issued by the Commissioner. The Commissioner shall not issue or permit to exist any certificate of authority as to any insurer not qualified for such certificate unless it is shown […]
§ 33-16-5. Annual License Fee
Farmers’ mutual fire insurance companies shall pay no annual fees or charges other than an annual license fee as provided in Code Section 33-8-1. History. Code 1933, § 56-2005, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1992, p. 2725, § 20; Ga. L. 2012, p. 1040, § 1/SB 203.
§ 33-16-6. Board of Directors Generally
In companies organized under this chapter, the number of directors shall be not less than three. A majority of the board of directors shall be a quorum for the transaction of business. No person shall be or act as a director of the insurer who does not have insurance in force in the insurer. History. […]
§ 33-16-7. Power of Board to Borrow Money and Pledge Assets of Company
The board of directors of a farmers’ mutual fire insurance company may, at any time, borrow such sum or sums of money as they may deem necessary to pay its losses, accrued or unaccrued, and may pledge the assets of the company including the contingent liability of policyholders for the losses as security for the […]