As used in this article, the term: “Capital” means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. “Director” means a person: By or under whose authority the powers of a corporation are exercised; and […]
Any domestic insurer may, in accordance with the requirements of this article, divide into two or more resulting insurers pursuant to a plan of division. A plan of division shall include: The name of the dividing insurer seeking to divide; The name of each resulting insurer or insurers that will be created by the proposed […]
Except as provided in subsections (b) and (c) of this Code section, a dividing insurer shall not file a plan of division with the Commissioner unless such plan has been approved in accordance with: All provisions of its articles of incorporation and bylaws; or If its articles of incorporation and bylaws do not provide for […]
A division does not become effective until it is approved by the Commissioner after reasonable notice and a public hearing. A hearing conducted under this Code section must be conducted pursuant to Chapter 2 of this title. Subject to subsection (l) of this Code section, the Commissioner shall approve a plan of division unless the […]
After a plan of division has been adopted and approved under Code Sections 33-14-122 and 33-14-123, an officer or duly authorized representative of the dividing insurer shall sign a certificate of division. The certificate of division shall set forth: The name of the dividing insurer; A statement disclosing whether the dividing insurer will survive the […]
When a division becomes effective pursuant to subsection (d) of Code Section 33-14-124: If the dividing insurer has survived the division: It continues to exist; Its articles of incorporation, if any, shall be amended as provided in the plan of division; and Its bylaws, if any, shall be amended as provided in the plan of […]
Except as provided in this Code section, when a division becomes effective, a resulting insurer shall be responsible: Individually for the policies and other liabilities the resulting insurer issues, undertakes, or incurs in its own name after the division; Individually for the policies and other liabilities of the dividing insurer that are allocated to or […]
A shareholder of a dividing insurer shall be entitled to appraisal rights and to obtain payment of the fair value of that shareholder’s shares pursuant to Code Section 14-2-1302. History. Code 1981, § 33-14-127 , enacted by Ga. L. 2019, p. 474, § 1/SB 156.
The Commissioner may, in accordance with the procedures set forth in Code Section 33-2-9, promulgate rules and regulations necessary to implement and enforce the provisions of this article. If the Commissioner should find that extraordinary circumstances exist and that it would be in the best interests of the citizens of this state, the Commissioner may […]
