The purpose of this chapter is to regulate the formation and operation of risk retention groups in this state formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (RRA 1986). History. Code 1981, § 33-40-1 , enacted by Ga. L. 1987, p. 875, § 1.
No risk retention group shall be allowed to do business in this state if an insurance company is directly or indirectly a member or owner of such risk retention group, other than in the case of a risk retention group comprised solely of insurance companies. History. Code 1981, § 33-40-10 , enacted by Ga. L. […]
A risk retention group not chartered in this state and doing business in this state must comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state insurance commissioner if there has been a finding of financial impairment after an examination under Code Section 33-40-7. History. […]
No risk retention group shall be permitted to join or contribute financially to the Georgia Insurers Insolvency Pool under Chapter 36 of this title nor shall any risk retention group or its insureds receive any benefit from the Georgia Insurers Insolvency Pool for claims arising out of the operations of such risk retention group. History. […]
Any purchasing group meeting the criteria established under the provisions of the federal Liability Risk Retention Act of 1986 shall be exempt from any law of this state relating to the creation of groups for the purchase of insurance, prohibition of group purchasing, or any law that would discriminate against a purchasing group or its […]
A purchasing group which intends to do business in this state shall furnish to the Commissioner notice which shall: Identify the state in which the group is domiciled; Specify the lines and classifications of casualty or liability insurance which the purchasing group intends to purchase; Identify the insurance company from which the group intends to […]
A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations […]
The Commissioner is authorized to make use of any of the powers established under this title to enforce the laws of this state so long as those powers are not specifically preempted by the federal Product Liability Risk Retention Act of 1981, as amended by the Risk Retention Amendments of 1986. This includes, but is […]
Any risk retention group which violates any provision of this chapter will be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license or the right to do business in this state. History. Code 1981, § 33-40-18 , enacted by Ga. L. 1987, p. 875, § 1.
Any person acting or offering to act as an agent or broker for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing any such activity, obtain a license from the Commissioner. History. […]
As used in this chapter, the term: “Commissioner” means the Commissioner of Insurance of the State of Georgia or the commissioner, director, or superintendent of insurance in any other state. “Completed operations liability” means liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled […]
An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state, in all states, or in any territory or possession of the United States upon a finding that such a group is in a hazardous financial condition shall be enforceable […]
A risk retention group seeking to be chartered in this state must be chartered and licensed as a casualty or liability insurance company as provided in this title or as a risk retention group captive insurance company under Chapter 41 of this title and, except as provided elsewhere in this chapter or in Chapter 41, […]
Risk retention groups chartered in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as provided in this Code section. Before offering insurance in this state, a risk retention group shall submit to the Commissioner: A […]
All premiums paid for coverages within this state to risk retention groups shall be subject to taxation at the rate of 4 percent on all premiums paid or due and payable during the preceding quarter, less return premium. Risk retention groups shall be subject to interest, fines, and penalties for nonpayment or nonreporting as provided […]
Any risk retention group and its agents and representatives shall comply with Chapter 6 of this title and all rules and regulations promulgated pursuant to such chapter. History. Code 1981, § 33-40-6 , enacted by Ga. L. 1987, p. 875, § 1.
Any risk retention group must submit to an examination by the Commissioner to determine its financial condition if the commissioner of the jurisdiction in which the group is chartered has not initiated an examination or does not initiate an examination within 60 days after a request by the Commissioner of this state. Any such examination […]
Any policy issued by a risk retention group shall contain in ten-point type on the front page and the declaration page the following notice: NOTICE This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance […]
The following acts by a risk retention group are prohibited: The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in such group; and The solicitation or sale of insurance by, or operation of, a risk retention group that is in a hazardous financial condition […]
