Georgia Administrative Code

This regulation is promulgated by the Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. §§ 33-14-100et seq.

(1) This regulation applies to any limited purpose subsidiary as defined in O.C.G.A. § 33-14-100. (2) The purposes of this regulation include: (a) Providing requirements for the organization of limited purpose subsidiaries; (b) Providing for the requirements for the plan of opera…

(1) "NAIC" means the National Association of Insurance Commissioners. (2) "Material Transaction" means a transaction or series of transactions involving amounts equal to or exceeding 5 percent of a limited purpose subsidiary's admitted assets less any letters of credit, guarantie…

(1) A limited purpose subsidiary's organizational documents shall limit the limited purpose subsidiary's authority to transact the business of reinsurance to reinsure only the risks of the organizing domestic reinsurer and shall state that the limited purpose subsidiary shall not…

(1) Each limited purpose subsidiary shall have not less than three directors. (2) At least one-fourth of the directors of a limited purpose subsidiary must be residents of this state. A majority of the directors must be citizens of the United States. (3) The officers and director…

(1) No limited purpose subsidiary shall do any reinsurance business in this state unless it first obtains from the Commissioner a certificate of authority. (2) Before receiving a certificate of authority, a limited purpose subsidiary shall do all of the following: (a) File with t…

(1) The amount of minimum capital and surplus required for each limited purpose subsidiary shall be determined on an individual basis; however, no limited purpose subsidiary shall be issued a certificate of authority unless it shall possess unimpaired capital and surplus of not l…

(1) A limited purpose subsidiary shall have a plan of operation approved by its board of directors. The plan of operation shall include all of the following: (a) A complete description of all reinsurance transactions, reinsurance security arrangements, securitizations, and any ot…

No limited purpose subsidiary shall pay any dividend or make any other distribution to the organizing domestic reinsurer until 30 days after the Commissioner has received notice of the declaration thereof and has not within such period disapproved such payment or other distributi…

(1) A limited purpose subsidiary shall file on or before March 1 of each year a financial report of its business and affairs as of December 31 of the calendar year immediately preceding. Such report shall be filed on the life and accident and health blank adopted by the NAIC. The…

(1) In addition to the reporting requirements prescribed by O.C.G.A. §§ 33-55-1et seq., a limited purpose subsidiary shall not take any of the following actions unless the limited purpose subsidiary provides the Commissioner at least 30 days' prior written notice and the Commissi…

(1) The limited purpose subsidiary's investment policy and its investments shall comply with Article 2 of Chapter 11 of Title 33 of the Official Code of Georgia Annotated unless otherwise specified in this Rule or approved by the Commissioner in the limited purpose subsidiary's p…

(1) A limited purpose subsidiary securitization, the security-offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of such insurance secur…

(1) A limited purpose subsidiary may reinsure only the risks of the organizing domestic reinsurer. (2) Unless otherwise approved in advance by the Commissioner, a reinsurance contract shall not contain any provision for payment by the limited purpose subsidiary in discharge of it…

A limited purpose subsidiary may enter into contracts and conduct other commercial activities related or incidental to and necessary to fulfil the purposes of a reinsurance contract, an insurance securitization, and this Regulation Chapter, provided such contracts and activities …

If any provision of this chapter or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the remainder of the chapter or the applicability of such provision to other person or circumstances shall not be affected.

This regulation is promulgated under authority of O.C.G.A. §33-29B-8(a) and O.C.G.A. § 33-2-9.

Definitions used in this regulation shall have the same meaning as set forth in O.C.G.A. §33-29B-2.

(1) To satisfy the requirements set forth in O.C.G.A. §33-29B-3(a), an indemnity insurer should submit at least one policy of child-only individual health coverage that follows Regulation . That coverage form should be updated by the insurer to comply with current federal Patient…

(1) Pursuant to O.C.G.A. §33-29B-3(g), insurers shall submit proposed health insurance rates that include current 2012 actuarial supporting assumptions on relevant plan design, benefits and limitations and that are reasonably related to contemporary plan designs and rates on file…

(1) Insurers are required to submit all proposed form and rate filings in the SERFF filing system for advance approval. (2) Insurers shall pay all appropriate policy form and rate filing fees, as normally required. (3) Insurers shall mark such SERFF policy form and rate filings i…

Insurers that are active in the individual health insurance market in Georgia in 2013 and comply with requirements to make child-only health products available shall report as required in O.C.G.A. §33-29B-7 by March 1, 2014. The report submitted on March 1, 2014 for the child-onl…

This regulation is adopted and promulgated by the Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. Sec. 33-2-9 and O.C.G.A. Chapter 33-63.

The purpose of this regulation is to set forth rules and procedural requirements which the Commissioner deems necessary to carry out the provisions of O.C.G.A. Chapter 33-63 relating to guaranteed asset protection waivers.

(1) "Administrator" means a person, other than an insurer or creditor that performs administrative or operational functions pursuant to guaranteed asset protection waiver programs. (2) "Borrower" means a debtor, retail buyer, or lessee under a finance agreement. (3) "Creditor" me…

A retail installment seller must insure its guaranteed asset protection waiver obligations under a contractual liability or other insurance policy issued by an insurer. However, retail installment sellers that are lessors on motor vehicles are not required to insure obligations r…

(1) Guaranteed asset protection waivers may be offered, sold, or provided to borrowers in this state in compliance with this chapter. (2) Guaranteed asset protection waivers may, at the option of the creditor, be sold for a single payment or may be offered with a monthly or perio…

Guaranteed asset protection waivers must disclose, as applicable, in writing and in clear, understandable language that is easy to read the following: (1) The name and address of the initial creditor and the borrower at the time of sale and the identity of any administrator if di…

(1) Guaranteed asset protection waiver agreements may be cancelable or noncancelable after the free look period. Guaranteed asset protection waivers must provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the…

Subsection (c) of O.C.G.A. Section 33-63-4 and O.C.G.A. Code Sections 33-63-6 and 33-63-9 shall not be applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction. A retail installment s…

The Commissioner of Insurance may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing the Commissioner may: (1) Order the c…

If any provision of this regulation or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction, the remainder of this regulation or the applicability of such provision to other persons or circumstances shall not be affected.

This regulation is made and promulgated by the Insurance Commissioner pursuant to the authority set forth in Code Sections 33-2-9 and 33-24-19.1(p).

The purpose of this regulation is to establish guidelines, procedures and best business practices for the issuance and delivery of property and casualty certificates of insurance in the State of Georgia.

This regulation shall apply to all certificate holders, policyholders, insurers, insurance producers, and certificate of insurance forms issued as evidence of insurance coverages on property, operations or risks located in this state, regardless of where the certificate holder, p…

For the purpose of this regulation: (1) "Certificate" or "certificate of insurance" means any document or instrument, no matter how titled or described, which is prepared or issued by an insurer or insurance producer as evidence of property or casualty insurance coverage. "Certif…

(1) No person, wherever located, may prepare, issue, or request the issuance of a certificate of insurance unless the form has been filed with and approved by the Commissioner. Forms shall be submitted in the same manner as any other form filing through the SERFF filing system wi…

Insurers shall provide to their producers written instructions clearly outlining the insurer's procedures and each party's responsibilities for issuing and servicing certificates. These instructions shall include but not be limited to: (a) The procedure for issuing notice of canc…

(1) No person, wherever located, shall demand or request the issuance of a certificate of insurance from an insurer, insurance producer, or policyholder that contains any false or misleading information, or which purports to affirmatively or negatively amend, extend, modify or al…

Any person, no matter where located, who commits a violation of this regulation or requests information to be provided which is in conflict with this regulation may be subject to a fine not to exceed $5,000 per violation.

If any rule or portion of a rule in this chapter or the applicability thereof to any particular circumstances is held invalid by a court of competent jurisdiction, the remainder of the rules or the applicability of such provision to other persons or circumstances shall not be aff…

This chapter is made and promulgated by the Insurance Commissioner pursuant to O.C.G.A. Sections 33-2-9, 33-29-22, and 33-30-13.

The purpose of this chapter is to inform the public about the correlation between anticipated health insurance premium rate increases and the Patient Protection and Affordable Care Act ("PPACA"). Nothing in this chapter prohibits an insurer from disclosing to a consumer as a part…

(a) Notice of any premium increase shall be mailed or delivered to each holder of an individual accident and sickness insurance policy not less than 60 days prior to the effective date of such increase. (b) Concurrently with any notice of premium increase or offer of new coverage…

(a) Notice of the maximum amount of a group premium increase shall be mailed or delivered to the group policyholder and to each employer group or subgroup insured under the group policy not less than 60 days prior to the effective date of such increase. (b) Concurrently with any …

If any rule or portion of a rule in this chapter or the applicability thereof to any particular circumstances is held invalid by a court of competent jurisdiction, the remainder of the rules or the applicability of such provision to other persons or circumstances shall not be aff…

This chapter shall stand repealed on December 31, 2014.