Subscribers’ advisory committee

(a) The advisory committee of a domestic reciprocal insurer exercising the subscribers’ rights shall be selected under such rules as the subscribers adopt. 757 33-17-16 (b) The committee shall: (1) Supervise the finances of the insurer; (2) Supervise the insurer’s operations to such extent as to assure conformity with the subscribers’ agreement and power of attorney; (3) Procure the audit of the accounts and records of the insurer and of the attorney at the expense of the insurer; and (4) Have any additional powers and functions as may be conferred by the subscribers’ agreement. History. — Code 1933, § 56-2120, enacted by Ga. L. 1960, p. 289, § 1. 33-17-15. Modifications of terms of subscribers’ agreement or of power of attorney. Modifications of the terms of the subscribers’ agreement or of the power of attorney of a domestic reciprocal insurer shall be made jointly by the attorney and the subscribers’ advisory committee. No modification shall be effective until it has been filed with and approved by the Commissioner, and no modification shall be effective retroactively. Furthermore, no modification shall affect any insurance contract issued prior to the modification. History. — Code 1933, § 56-2111, enacted by Ga. L. 1960, p. 289, § 1. 33-17-16. General requirements for transaction of insurance by domestic reciprocal insurers. (a) A domestic reciprocal insurer formed under this chapter, if it has otherwise complied with the applicable provisions of this title, may be authorized to transact insurance if it has and thereafter maintains surplus funds as follows: (1) To transact property insurance, surplus funds of not less than $1.5 million; and (2) To transact casualty insurance, surplus funds of not less than $1.5 million. (b) In addition to surplus required to be maintained under subsection (a) of this Code section, the insurer shall have, when first authorized to transact insurance, expendable surplus in such amount as is required of a like foreign reciprocal insurer under Code Section 33-3-7. (c) A domestic reciprocal insurer may be authorized to transact additional kinds of insurance if it has otherwise complied with the 758 33-17-16 provisions of this title applicable to a domestic reciprocal insurer and possesses and so maintains surplus funds in an amount equal to the minimum paid-in capital stock required of a stock insurer for authority to transact a like combination of kinds of insurance. (d) There shall be maintained at all times assets in cash, premium balances, or securities authorized by the laws of this state for the investment of assets of insurance companies doing a similar business in an amount equivalent to the pro rata unearned premiums or deposits of subscribers and reserves for losses outstanding and unpaid or any other liabilities of the reciprocal insurer. History. — Code 1933, § 56-2107, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1990, p. 1275, § 6. Editor’s notes. — Ga. L. 1990, p. 1275, § 7, not codified by the General Assembly, provided that the 1990 amendment was effective for purposes of application to new or newly admitted insurers on January 1, 1991, and effective for all other purposes on July 1, 1992.