In any determination of the financial condition of an insurer, there shall be allowed as assets only such assets as are owned by the insurer and which consist of: Cash in the possession of the insurer or in transit under its control, including the true balance of any deposit in a solvent bank, a trust […]
In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows: Ten percent of the total amount of the risk premiums written in the calendar year for title insurance […]
In lieu of the unearned premium reserve required on surety insurance under subsection (a) of Code Section 33-10-6, the Commissioner may require any surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single premium bonds without definite expiration data, furnished in judicial proceedings, equal to […]
If the loss experience shows that an insurer’s loss reserves, however estimated, are inadequate, the Commissioner shall require the insurer to maintain loss reserves of increased amounts as are needed to make them adequate. This Code section does not apply to life insurance. History. Code 1933, § 56-910, enacted by Ga. L. 1960, p. 289, […]
This Code section shall be known and may be cited as the “Standard Valuation Law.” The following definitions shall apply on or after the operative date of the valuation manual. For the purposes of this Code section, the term: “Accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss […]
The value or amount of investments, unless otherwise specified in this chapter, and excluding assets of separate accounts which are subject to Code Sections 33-11-65 through 33-11-67, shall be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published […]
Real property acquired under a mortgage loan or under a deed to secure debt or pursuant to a contract of sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the […]
Mortgages on real property referred to in subsection (a) of Code Section 33-10-16 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of the real property, whichever is less. History. Code 1933, § 56-916, enacted by Ga. L. 1960, p. […]
In addition to assets impliedly excluded by Code Section 33-10-1, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: Trade names and other similar intangible assets; Advances to officers other than policy loans whether secured or not and advances other than policy loans to employees, […]
Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, in accordance with the form of annual statement applicable to such insurer as directed by the Commissioner or otherwise in his or her discretion. History. Code 1933, § 56-902, enacted by Ga. L. 1960, p. 289, § […]
All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Commissioner or in any examiner’s report to said Commissioner shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer. History. Code […]
In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include: The amount of its capital stock outstanding, if any; The amount, estimated consistent with this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date […]
With reference to insurance against loss or damage to property, except as provided in Code Section 33-10-7, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force. The Commissioner may require that such reserves shall be equal to the unearned portions […]
With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the Commissioner may require the insurer to carry a reserve thereon equal to 100 percent on trip risks written during the month ended as of the date of statement. History. Code 1933, § 56-907, enacted by Ga. L. 1960, […]
For all accident and sickness insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less in the aggregate than the reserve according to such method of calculation as the Commissioner may approve. History. Code 1933, § 56-908, […]
