Rates, underwriting rules, and policy forms

(a) No captive insurance company shall be required to join or use the rates, rating systems, underwriting rules, or policy or bond forms of a rating or advisory organization as defined in Code Section 33-9-2. (b) No captive insurance company shall be required to file its premium rates or policy forms with, or seek approval of such rates or forms from, the Commissioner or any other authority of this state. However, the Commissioner shall impose minimum premiums upon association captive insurance companies which write motor vehicle liability insurance coverage required by law and do not participate in the Georgia Insurers Insolvency Pool. History. — Code 1981, § 33-41-19, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2019, p. 533, § 2-9/HB 99; Ga. L. 2020, p. 493, § 33/SB 429. The 2019 amendment, effective July 1, 2019, substituted ‘‘Reserved.’’ for the former provisions of subsection (c), which read: ‘‘Each captive insurance company shall provide the following notice in ten-point type on the front page and declaration page on all policies and on the front page of all applications for policies: ‘‘This captive insurance company is not subject to all of the insurance laws and regulations of the State of Georgia. State insurers insolvency guaranty funds are not available to the policyholders of this captive insurance company.’’ The 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, deleted former subsection (c) which was designated as reserved. 866 33-41-20.1 33-41-20. Exclusion from insolvency funds; participation in FAIR plan or joint underwriting association; assessment for payments to Subsequent Injury Trust Fund. (a)(1) No captive insurance company other than an association or industrial insured captive insurance company issuing workers’ compensation insurance contracts shall be permitted to join or contribute financially to the Georgia Insurers Insolvency Pool under Chapter 36 of this title or any other plan, pool, or association guaranty or insolvency fund in this state. Other than an association or industrial insured captive insurance company issuing workers’ compensation insurance contracts, no captive insurance company, or its insureds or claimants against its insureds, nor its parent or any affiliated company shall receive any benefit from the Georgia Insurers Insolvency Pool or any other plan, pool, or association guaranty or insolvency fund for claims arising out of the operations of such captive insurance company. (2) No captive insurance company shall be required to participate in any FAIR Plan established and maintained in this state under Chapter 33 of this title. (3) No captive insurance company shall be required to participate in any joint underwriting association established and maintained in this state under Chapter 9 of this title. (b) Captive insurance companies shall be assessed on the same basis as self-insurers for the purpose of payments to the Subsequent Injury Trust Fund as described in Chapter 9 of Title 34. History. — Code 1981, § 33-41-20, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 1989, p. 14, § 33; Ga. L. 2007, p. 236, § 1/HB 408; Ga. L. 2016, p. 825, § 1/SB 347. 33-41-20.1. Membership of captive insurance companies in Georgia Insurers Insolvency Pool. (a) Every association and industrial insured captive insurance company issuing workers’ compensation insurance contracts shall become a member of the Georgia Insurers Insolvency Pool under Chapter 36 of this title as to workers’ compensation only. Such captive insurance companies shall be liable for assessments pursuant to Code Section 33-36-7 and for all other obligations imposed pursuant to Chapter 36 of this title as to workers’ compensation only. (b) Except as provided for in Code Section 33-36-20, the Georgia Insurers Insolvency Pool shall not be liable for any claims incurred by any captive insurance company before January 1, 2008. 867 33-41-20.1 INSURANCE History. — Code 1981, § 33-41-20.1, enacted by Ga. L. 2007, p. 236, § 2/HB 408; Ga. L. 2010, p. 1085, § 4/HB 1364; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2019, p. 533, § 1-2/HB 99. 33-41-22 The 2019 amendment, effective July 1, 2019, substituted ‘‘Every’’ for ‘‘On and after January 1, 2008, every’’ at the beginning of subsection (a). 33-41-21. Rehabilitation, reorganization, conservation, and liquidation.