(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. 692 33-14-109 DOMESTIC STOCK AND MUTUAL INS. 33-14-120 (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. History. — Code 1981, § 33-14-109, enacted by Ga. L. 2011, p. 446, § 1/HB 341. ARTICLE 6 DIVISION OF DOMESTIC INSURERS Effective date. — This article became effective July 1, 2019.
Adoption of rules
O.C.G.A. § 33-14-109 — under Title 33.
O.C.G.A. § 33-14-109