O.C.G.A. § 33-11-82 — Deﬁnitions

As used in this article, the term: (1) ‘‘Business entity’’ means a corporation, limited liability company, association, partnership, joint-stock company, joint venture, mutual fund trust, or other similar form of business organization, whether organized for proﬁt or not for proﬁt. 559 33-11-82 (2) ‘‘Class one money market mutual fund’’ means a mutual fund that at all times qualiﬁes for investment using the bond class one reserve factor under the Purposes and Procedures of the SVO or any successor publication. (3) ‘‘Government money market mutual fund’’ means a money market mutual fund that at all times: (A) Invests only in obligations issued, guaranteed, or insured by the government of the United States or collateralized repurchase agreements composed of such obligations; and (B) Qualiﬁes for investment without a reserve under the Purposes and Procedures of the SVO or any successor publication. (4) ‘‘Money market mutual fund’’ means a mutual fund that meets the conditions of 17 C.F.R. 270.2a-7, under the Investment Company Act of 1940, 15 U.S.C. Section 80a-1, et seq., as amended. (5) ‘‘Obligation’’ means a bond, note, debenture, or trust certiﬁcate, including equipment certiﬁcate, production payment, negotiable bank certiﬁcate of deposit, banker’s acceptance, credit tenant loan, loan secured by ﬁnancing net leases, and other evidence of indebtedness for the payment of money, or participation, certiﬁcates, or other evidences of an interest in any of the foregoing, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment. (6) ‘‘Qualiﬁed bank’’ means a national bank, state bank, or trust company that at all times is no less than adequately capitalized as determined by the standards provided by federal banking regulations and that is either regulated by state banking laws or is a member of the Federal Reserve System. (7) ‘‘Repurchase transaction’’ means a transaction in which an insurer purchases securities from a business entity that is obligated to repurchase the purchased securities or equivalent securities from the insurer at a speciﬁed price, either within a speciﬁed period of time or upon demand. (8) ‘‘Reverse repurchase transaction’’ means a transaction in which an insurer sells securities to a business entity and is obligated to repurchase the sold securities or equivalent securities from the business entity at a speciﬁed price, either within a speciﬁed period of time or upon demand. (9) ‘‘Securities lending transaction’’ means a transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned securities or equivalent securities to the insurer, either within a speciﬁed period of time or upon demand. 560 33-11-83 (10) ‘‘SVO’’ means the Securities Valuation Office of the National Association of Insurance Commissioners. History. — Code 1981, § 33-11A-3, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, § 33-11-82, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15. 33-11-83. Authorization and requirements for insurers acquiring investments in investment pools. (a) Notwithstanding any provisions of Article 1 or Article 2 of this chapter to the contrary, an insurer may under this article acquire investments in investments pools that: (1) Invest only in: (A) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating by a nationally recognized statistical rating organization recognized by the SVO or, in the absence of an SVO 1 or 2 rating or equivalent rating, the issuer has outstanding obligations with an SVO 1 or 2 rating or equivalent rating by a nationally recognized statistical rating organization recognized by the SVO and which have: (i) A remaining maturity of 397 days or less or a put that entitles the holder to receive the principal amount of the obligation, which put may be exercised through maturity at speciﬁed intervals not exceeding 397 days; or (ii) A remaining maturity of three years or less and a ﬂoating interest rate that resets no less frequently than quarterly on the basis of a current short-term index, including federal funds, prime rate, treasury bills, London InterBank Offered Rate (LIBOR), or commercial paper, and is subject to no maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes; (B) Government money market mutual funds or class one money market mutual funds; or (C) Securities lending, repurchase, and reverse repurchase transactions that meet all the requirements of Code Section 33-11-7; or (2) Invest only in investments which an insurer may acquire under this title, if the insurer’s proportionate interest in the amount invested in such investments does not exceed the applicable limits of this title. History. — Code 1981, § 33-11A-4, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, § 33-11-83, as redesignated by Ga. L. 1999, p. 592, §§ 14, 15. 561 33-11-83 INSURANCE