Excluded assets

In addition to assets impliedly excluded by Code Section 33-10-1, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer: (1) Trade names and other similar intangible assets; (2) Advances to officers other than policy loans whether secured or not and advances other than policy loans to employees, agents, and other persons on personal security only; (3) Stock of such insurer, owned by such insurer, or any equity in such stock or loans secured by such stock or any proportionate interest in such stock acquired or held through the ownership by such insurer of a controlling interest in another firm, corporation, or business unit; (4) Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature, and supplies other than data processing and accounting system authorized under paragraph (3) of Code Section 33-10-1, except, in the case of title insurers, such materials and plants as the insurer is expressly authorized to invest in under Code Section 33-11-27 and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to Chapter 11 of this title or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by such insurer for home office, branch office, or similar purposes; and (5) The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value of the investments as determined under this chapter. History. — Code 1933, § 56-903, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1988, p. 1540, § 1; Ga. L. 2019, p. 337, § 1-56/SB 132; Ga. L. 2019, p. 869, § 2/HB 277. The 2019 amendments. — The first 2019 amendment, effective July 1, 2019, substituted ‘‘such insurer’’ for ‘‘him’’ near the beginning of paragraph (3) and near the end of paragraph (4). The second 2019 amendment, effective July 1, 2019, substituted the present provisions of paragraph (1) for the former provisions, which read: ‘‘Good will, trade names, and other similar intangible assets, except that good will may be allowed as an asset under such limitations as are imposed by rule of the Commissioner;’’. 33-10-3. Deduction of assets from liabilities and liabilities from assets generally. Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, in accordance 454 33-10-5 with the form of annual statement applicable to such insurer as directed by the Commissioner or otherwise in his or her discretion. History. — Code 1933, § 56-902, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-57/SB 132. The 2019 amendment, effective July 1, 2019, substituted ‘‘as directed’’ for ‘‘as prescribed’’ and inserted ‘‘or her’’ near the end of this Code section. 33-10-4. Reporting of unallowed assets and assets of doubtful value or character as deduction from gross assets. All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Commissioner or in any examiner’s report to said Commissioner shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer. History. — Code 1933, § 56-904, enacted by Ga. L. 1960, p. 289, § 1.