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Current as of March 28, 2024 | Updated by Findlaw Staff
(a) 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.
(b) The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries:
(1) Requirements for organization of a limited purpose subsidiary;
(2) Requirements for a plan of operation;
(3) Capital, surplus, and risk-based capital requirements;
(4) Requirements for reporting and notifications;
(5) Requirements for reserves, including actuarial certification;
(6) Requirements for authorized investments;
(7) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary;
(8) Requirements and restrictions for material transactions;
(9) Requirements for dividends and distributions;
(10) Requirements for operations; and
(11) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.
Cite this article: FindLaw.com - Georgia Code Title 33. Insurance § 33-14-109 - last updated March 28, 2024 | https://codes.findlaw.com/ga/title-33-insurance/ga-code-sect-33-14-109/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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