This chapter shall govern domestic mutual and stock insurers. History. Code 1933, § 56-1501, enacted by Ga. L. 1960, p. 289, § 1. Law reviews. For note on 2000 amendments of O.C.G.A. §§ 33-14-5 , 33-14-6 , 33-14-8 , 33-14-24 , 33-14-25 , see 17 Ga. St. U.L. Rev. 212 (2000).
As used in this Code section, “insurance securities” means the securities of an insurer who is the issuer of a security as the word “security” is defined in Chapter 5 of Title 10, the “Georgia Uniform Securities Act of 2008.” No person shall sell, offer for sale, or propose to sell to the public any […]
An insurer shall have power to make donations for the public welfare or for charitable, scientific, or educational purposes subject to such limitations, if any, as may be contained in its charter or any amendment thereto. History. Code 1933, § 56-1518, enacted by Ga. L. 1960, p. 289, § 1.
The affairs of every domestic insurer shall be managed by not less than three directors. Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than three years each and until their successors are elected […]
Every domestic insurer shall have and maintain its principal place of business in this state, and shall keep in its principal place of business complete records of the assets, transactions, and affairs in accordance with the methods and systems which are customary or suitable as to the kind or kinds of insurance transacted. Every domestic […]
No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business for the insurer unless the contract is filed with […]
A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, to provide it with surplus funds, or for any purpose required by its business upon a written agreement that the money is required to be repaid only out of the insured’s surplus in excess of that stipulated in the […]
If so provided in its charter, a domestic stock or domestic mutual insurer may issue any or all of its policies with or without participation in profits, savings, or unabsorbed portions of premiums, may classify policies issued on a participating or nonparticipating basis, and may determine the right to participate and the extent of participation […]
As used in this Code section, the term “voting security” means any instrument which in law or by contract gives the holder the right to vote, consent, or authorize any corporate action of an insurer. The Commissioner may by regulation prescribe the form, content, and manner of solicitation of any proxy, consent, or authorization in […]
Any corporation or other form of business entity which is organized for the purpose of organizing or holding the stock of a domestic insurer shall first obtain the written approval of the Commissioner prior to offering its stock for sale to the public. Prior to any offer of stock for sale to the public a […]
Any officer, director, member of any committee, or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer’s funds shall not: Deposit or invest the funds except in the insurer’s corporate name, except as otherwise authorized by this title; Borrow the funds of the insurer; Be pecuniarily […]
As used in this chapter, the term: “Mutual insurer” means an incorporated insurer without capital stock or shares which is owned and governed by its policyholders. “Stock insurer” means an incorporated insurer with capital divided into shares and owned by its shareholders. History. Code 1933, § 56-1502, enacted by Ga. L. 1960, p. 289, § […]
No officer, agent, or other person selling or negotiating stock in any domestic insurance company shall receive either directly or indirectly more than 10 percent of the sales price of any of said stock. No president, vice-president, secretary, treasurer, or director or any other executive officer of any insurance company shall participate in the commission […]
The total expenses of organization of any insurer organized under this chapter including commissions for the sale of stock shall not exceed 12 1/2 percent of the amount for which the stock is sold in the case of a stock insurer and 12 1/2 percent of the paid-in surplus in the case of a mutual […]
If the capital of a domestic stock insurer becomes impaired or the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it by this chapter for authority to transact the kinds of insurance being transacted, the Commissioner shall at once determine the amount of the […]
The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer, and which corporation, during any period of 36 consecutive months after January 1, 1961, is not actively engaged in business as a domestic insurer under a certificate of authority issued to it by the […]
If, while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be in the best interests of the insurer and its stockholders or members that the insurer be dissolved, the board of directors shall adopt a resolution to that effect and call a special meeting […]
Any insurance corporation chartered by the Secretary of State may surrender its charter upon the company filing in the office of the Commissioner of Insurance an application in triplicate, signed with its corporate name and under its corporate seal, stating: The name of the company and the location of its principal place of business in […]
Upon the dissolution of a domestic stock or mutual insurer under Code Section 33-14-25, or upon the expiration of the period of its corporate existence in any other manner, except under Chapter 37 of this title, the directors of the corporation shall be trustees of the corporation with the full power to settle the affairs, […]
All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for a term of three years from such expiration or dissolution, except in any dissolution under Chapter 37 of this title, as bodies corporate for the purpose of prosecuting and defending actions by […]
