§ 33-41-1. Short Title
This chapter shall be known and may be cited as the “Georgia Captive Insurance Company Act.” History. Code 1981, § 33-41-1 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.
§ 33-41-10. Application for and Issuance of Certificate of Authority
The application for an original certificate of authority for a captive insurance company must be filed with the Commissioner and shall contain the following: A copy of the captive insurance company’s adopted or proposed articles of incorporation and bylaws or articles of organization and operating agreement; and A business plan which shall contain the following: […]
§ 33-41-11. Refusal, Suspension, or Nonrenewal of Certificate; Expiration, Renewal, Amendment
The certificate of authority of a captive insurance company to transact insurance in this state may be refused or suspended or not be renewed pursuant to Code Sections 33-3-17 through 33-3-19, inclusive. A certificate of authority shall expire, be renewed, and be amended by the Commissioner pursuant to Code Section 33-3-16; provided, however, that captive […]
§ 33-41-12. Assets
For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13, the reporting of business affairs pursuant to Code Section 33-41-15, and the examinations and investigations pursuant to Code Section 33-41-16, there shall be allowed as assets of […]
§ 33-41-13. Reserves
Every captive insurance company shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all unpaid losses and claims incurred, whether reported or unreported, for which such captive insurance company may be liable, together with the expenses of adjustment or settlement of such losses and claims. Every captive insurance […]
§ 33-41-14. Reinsurance
A captive insurance company may cede any part of its risks to a reinsurer pursuant to a written reinsurance agreement and may take credit as an asset or a deduction from its liabilities for the amount of reinsurance premiums recoverable under such reinsurance agreement: If the reinsurer is in compliance with Code Section 33-7-14; To […]
§ 33-41-15. Reports
Each captive insurance company shall be required to file annual and other reports of its business affairs and operations as prescribed by Code Section 33-3-21. History. Code 1981, § 33-41-15 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.
§ 33-41-16. Examination by Commissioner or Agent; Confidentiality
The Commissioner or his or her designated agent may visit each captive insurance company at any time and examine its affairs in order to ascertain its financial condition, its ability to fulfill its contractual obligations, and its compliance with this chapter. For these purposes, the Commissioner or his or her designated agent shall have free […]
§ 33-41-17. Fines
The Commissioner may impose fines as prescribed by Code Section 33-3-20. History. Code 1981, § 33-41-17 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.
§ 33-41-18. Investments
Except as provided in Code Section 33-41-8: Risk retention group captive insurance companies, industrial insured captive insurance companies, and association captive insurance companies shall comply with the investment requirements contained in Article 2 of Chapter 11 of this title; and Pure captive insurance companies and agency captive insurance companies shall not be subject to any […]
§ 33-41-19. Rates, Underwriting Rules, and Policy Forms
No captive insurance company shall be required to join or use the rates, rating systems, underwriting rules, or policy or bond forms of a rating or advisory organization as defined in Code Section 33-9-2. No captive insurance company shall be required to file its premium rates or policy forms with, or seek approval of such […]
§ 33-41-2. Definitions
Terms not defined in this chapter shall have the same meaning ascribed to them in this title. As used in this chapter, unless the context otherwise requires, the term: “Affiliate” means any person in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, […]
§ 33-41-20. Exclusion From Insolvency Funds; Participation in Fair Plan or Joint Underwriting Association; Assessment for Payments to Subsequent Injury Trust Fund
No captive insurance company other than an association or industrial insured captive insurance company issuing workers’ compensation insurance contracts shall be permitted to join or contribute financially to the Georgia Insurers Insolvency Pool under Chapter 36 of this title or any other plan, pool, or association guaranty or insolvency fund in this state. Other than […]
§ 33-41-20.1. Membership of Captive Insurance Companies in Georgia Insurers Insolvency Pool
Every association and industrial insured captive insurance company issuing workers’ compensation insurance contracts shall become a member of the Georgia Insurers Insolvency Pool under Chapter 36 of this title as to workers’ compensation only. Such captive insurance companies shall be liable for assessments pursuant to Code Section 33-36-7 and for all other obligations imposed pursuant […]
§ 33-41-21. Rehabilitation, Reorganization, Conservation, and Liquidation
The provisions of Chapter 37 of this title shall apply to and govern the rehabilitation, reorganization, conservation, and liquidation of captive insurance companies. History. Code 1981, § 33-41-21 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.
§ 33-41-22. Taxation
In lieu of any other taxes imposed by this title, all captive insurance companies licensed under this chapter shall pay the following taxes: A tax at the rate of 0.4 percent on the first $20 million and 0.3 percent on each dollar thereafter on its direct premiums collected, after deducting from the direct premiums subject […]
§ 33-41-23. Certificate of Dormancy
A captive insurance company that meets the definition of a dormant captive insurance company set forth in this chapter may apply to the Commissioner for a certificate of dormancy on a form or forms as may be prescribed by the Commissioner. A dormant captive insurance company that has been issued a certificate of dormancy pursuant […]
§ 33-41-24. Rule Making Authority
The Commissioner may adopt rules establishing standards to ensure that a pure captive insurance company’s parent or any of its affiliated companies is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company; provided, however, that, until such time as rules under […]
§ 33-41-25. Regulatory Authority
The Commissioner may establish such rules and regulations and issue such interpretive rulings as may be necessary to carry out the provisions of this chapter. History. Code 1981, § 33-41-25 , enacted by Ga. L. 2019, p. 533, § 2-13/HB 99. Effective date. — This Code section became effective July 1, 2019.
§ 33-41-26. Inconsistent Provisions Not Applicable to Captive Insurance Companies
Any provisions of this title which are inconsistent with the provisions of this chapter shall not apply to captive insurance companies; provided, however, that pure and agency captive insurance companies shall not be subject to the requirements of Chapter 13 of this title. History. Code 1981, § 33-41-26 , enacted by Ga. L. 2019, p. […]