No captive insurance company may transact any insurance in this state unless: (1) It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state; (2) It maintains its principal place of business in this state; 851 33-41-5 (3) Any organization providing the principal administrative or management services to such captive insurance company shall be approved by the Commissioner; (4) Its board of directors or board of managers holds at least one meeting each year in this state; and (5) It appoints a registered agent to accept service of process in this state, provided that, whenever such registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the Commissioner shall be an agent of such captive insurance company upon whom any process, notice, or demand may be served. History. — Code 1981, § 33-41-4, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-2/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 3/SB 173; Ga. L. 2019, p. 533, § 2-4/HB 99. The 2019 amendment, effective July 1, 2019, deleted ‘‘and’’ at the end of paragraph (3), substituted ‘‘; and’’ for the period at the end of paragraph (4), and added paragraph (5). 33-41-5. Incorporation.
Prerequisites to transacting insurance
O.C.G.A. § 33-41-4 — under Title 33.
O.C.G.A. § 33-41-4