In addition to the general provisions of Article 1 of this chapter, the provisions of this article shall apply to sponsored captive insurance companies. History. Code 1981, § 33-41-100 , enacted by Ga. L. 2019, p. 533, § 2-14/HB 99.
As used in this article, the term: “General account” means all the assets and liabilities of a sponsored captive insurance company that are not attributable to a protected cell. “Incorporated protected cell” means a protected cell that is established as a stock corporation or manager-managed limited liability company separate from the sponsored captive insurance company […]
A sponsored captive insurance company may establish one or more protected cells if the Commissioner has approved in writing a business plan, or an amendment to such plan, with respect to each protected cell that includes information about the participant, the associated participant contract or contracts, and any other information requested by the Commissioner. No […]
A sponsored captive insurance company licensed under this chapter may establish and maintain one or more protected cells to insure or reinsure risks subject to the provisions, terms, and conditions set forth in this chapter, and it is the intent of the General Assembly to provide sponsored captive insurance companies with the option to establish […]
All attributions of assets and liabilities to the protected cells and the general account shall be made by the sponsored captive insurance company in accordance with the business plan and applicable participant contracts as approved by the Commissioner, and unless the sponsor consents and the Commissioner has granted prior written approval, the general account shall […]
In connection with the conservation, rehabilitation, or liquidation of captive insurance companies set forth in Code Section 33-41-21, including sponsored captive insurance companies, the assets and liabilities of a protected cell shall at all times be kept separate from, and shall not be commingled with, those of other protected cells and the sponsored captive insurance […]
All provisions set forth in subsection (c) of Code Section 33-41-16 shall also apply to sponsored captive insurance companies in the same manner. History. Code 1981, § 33-41-106 , enacted by Ga. L. 2019, p. 533, § 2-14/HB 99.
