§ 33-13-37. Preparation of Report; Review and Use
The ORSA Summary Report shall be prepared consistently with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this Code section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commissioner. The review of the ORSA Summary Report and any additional requests for information […]
§ 33-13-38. Confidentiality and Protection
Documents, materials, or other information, including the ORSA Summary Report, in the possession of or control of the Department of Insurance that are obtained by, created by, or disclosed to the Commissioner or any other person under this article is recognized by this state as being proprietary and containing trade secrets. All such documents, materials, […]
§ 33-13-39. Penalty for Noncompliance
Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this article may be subject to any penalty set forth in subsection (g) of Code Section 33-2-24. The Commissioner may reduce the monetary penalty if the insurer demonstrates to the Commissioner that the imposition of the monetary penalty would […]
§ 33-13-41. Effective Date for Compliance
The requirements of this article shall become effective on July 1, 2015. The first filing of the ORSA Summary Report shall be required in 2015 pursuant to Code Section 33-13-35. History. Code 1981, § 33-13-41 , enacted by Ga. L. 2015, p. 608, § 2/SB 108.
§ 33-13-32. Definitions
As used in this article, the term: “Insurance group” means those insurers and affiliates included within an insurance holding company system as defined in paragraph (7) of Code Section 33-13-1. “Insurer” shall have the same meaning as set forth in Code Section 33-1-2, except that it shall not include agencies, authorities, or instrumentalities of the […]
§ 33-13-4. Registration of Insurers Belonging to Holding Company Systems
Requirement of registration generally. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are […]
§ 33-13-33. Maintenance of Risk Management Framework
An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer. History. Code […]
§ 33-13-5. Standards Governing Transactions by Registered Insurers With Affiliates Generally; Extraordinary Distributions; Adequacy of Surplus
Transactions within a holding company system to which an insurer subject to registration is a party shall be subject to the following standards: The terms shall be fair and reasonable; Agreements for cost sharing services and management shall include such provisions as required by the Commissioner by rule or regulation; Charges or fees for services […]
§ 33-13-34. Required Conduct of Orsa
Subject to Code Section 33-13-36, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually, but also at any time when there are significant changes to the risk […]
§ 33-13-6. Powers of Commissioner to Examine Insurers; Access to Books and Records; Use of Experts and Consultants; Payment of Expenses; Compelling Production
Powers of Commissioner. Subject to the limitation contained in this Code section and in addition to the powers which the Commissioner has under this title relating to the examination of insurers, the Commissioner shall have the power to examine any insurer registered under Code Section 33-13-4 and its affiliates to ascertain the financial condition […]