As used in this article, the term: “Limited purpose subsidiary” means a subsidiary life, accident, and sickness reinsurer that is organized under this article and is wholly owned by an organizing domestic reinsurer. “Organizing domestic reinsurer” means a domestic life, accident, and sickness reinsurer that organizes a limited purpose subsidiary under this article. “Reinsurer” means […]
A domestic life, accident, and sickness reinsurer may organize a domestic limited purpose subsidiary pursuant to the provisions of this article. History. Code 1981, § 33-14-101 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
Before assuming risk under a reinsurance agreement, a limited purpose subsidiary must: Obtain from the Commissioner approval of the limited purpose subsidiary’s plan of operation; and Be granted a certificate of authority to engage in the business of reinsurance in Georgia. A limited purpose subsidiary shall produce or disclose in its plan of operation, amendments, […]
A limited purpose subsidiary that is granted a certificate of authority by the Commissioner under this article: Is wholly owned by the organizing domestic reinsurer; Is authorized to engage in the business of reinsurance only for the lines of insurance for which the organizing domestic reinsurer is authorized; May reinsure only risks of the organizing […]
An organizing domestic reinsurer may invest funds from the surplus of the organizing domestic reinsurer in a limited purpose subsidiary that is organized by the organizing domestic reinsurer pursuant to this article. History. Code 1981, § 33-14-104 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
The officers and directors of an organizing domestic reinsurer may serve as officers and directors of a limited purpose subsidiary organized by the organizing domestic reinsurer pursuant to this article. History. Code 1981, § 33-14-105 , enacted by Ga. L. 2011, p. 446, § 1/HB 341.
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.
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. […]
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 […]
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 […]
