Revocation or suspension of broker’s license

(a) The Commissioner shall revoke any surplus line broker’s license: (1) If the broker fails to file his quarterly affidavit or to remit the tax as required by law; 193 33-5-25 (2) If the broker fails to maintain an office in this state, or to keep records, or to allow the Commissioner to examine his records as required by law; or (3) For any of the causes for which an agent’s license may be revoked. (b) The Commissioner may revoke or suspend any or all such licenses whenever he deems such suspension or revocation to be in the best interests of the people of this state. (c) The procedures provided in Article 1 of Chapter 23 of this title for the suspension or revocation of agents’ licenses shall be applicable to suspension or revocation of a surplus line broker’s license. (d) No broker whose license has been so revoked shall again be so licensed within five years thereafter nor until any penalties or delinquent taxes owing by him or her have been paid. History. — Code 1933, § 56-625, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1972, p. 1220, § 5; Ga. L. 1982, p. 3, § 33; Ga. L. 1993, p. 91, § 33; Ga. L. 2019, p. 337, § 1-27/SB 132. The 2019 amendment, effective July 1, 2019, in subsection (d), substituted ‘‘within five years’’ for ‘‘within two years’’ and inserted ‘‘or her’’. 33-5-24. Acceptance and placement of business by surplus line brokers generally. A licensed surplus line broker may accept and place surplus line business for any insurance agent or broker licensed in this state for the kind of insurance involved and may compensate such agent or broker for the surplus line business. History. — Code 1933, § 56-619, enacted by Ga. L. 1960, p. 289, § 1. 33-5-25. Broker to ascertain financial condition of unauthorized insurer prior to placement of insurance therewith; placement of insurance with foreign or alien insurers. (a) The broker shall ascertain the financial condition of the unauthorized insurer before placing insurance with the unauthorized insurer and shall not place surplus line insurance with any insurer who does not meet, according to current available reliable financial information, the requirements provided in subsection (b) of this Code section. (b)(1) The broker shall so insure only: (A) With an insurance company domiciled in a United States jurisdiction that is authorized to write the type of insurance in its 194 33-5-25 REG. OF UNAUTHORIZED INSURERS 33-5-25 domiciliary jurisdiction and has a capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which equals the greater of: (i) The minimum capital and surplus requirements of this title; or (ii) Fifteen million dollars; The requirements of this subparagraph may be satisfied by an insurer that possesses less than the minimum capital and surplus upon an affirmative finding of acceptability by the Commissioner. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability, and company record and reputation within the industry. In no event shall the Commissioner make an affirmative finding of acceptability when the unauthorized insurer’s capital and surplus is less than $4.5 million; (B) With any group of foreign individual underwriters licensed and domiciled in a state or United States territory if such group maintains a trust or security fund of at least $10 million as security to the full amount thereof for all policyholders and creditors in the United States of each member of the group. If the group includes incorporated and unincorporated underwriters, the incorporated members shall not be engaged in any business other than underwriting as a member of the group and shall be subject to the level of solvency regulation and control by the group’s domiciliary regulatory agency as are the unincorporated members; or (C) With an alien insurer or group of underwriters domiciled outside of the United States, including, but not limited to, any Lloyd’s group, that is listed in the Quarterly Listing of Alien Insurers maintained by the International Insurers Department of the National Association of Insurance Commissioners. (2) An insurer or group of foreign individual underwriters described in subparagraph (A) or (B) of paragraph (1) of this subsection shall annually furnish to the broker a copy of its current annual financial statement and, in the case of a group of foreign individual underwriters, evidence of compliance with required trust or security fund deposits. (c) For any violation of this Code section, a broker’s license may be suspended or revoked as provided in Code Section 33-5-23. History. — Code 1933, § 56-620, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1969, p. 609, § 1; Ga. L. 1985, p. 1239, § 2; Ga. L. 1989, p. 672, § 1; Ga. L. 1992, 195 p. 6, § 33; Ga. L. 1995, p. 1165, § 2; Ga. L. 2002, p. 8, § 1; Ga. L. 2011, p. 449, § 3/HB 413; Ga. L. 2012, p. 775, § 33/HB 942. Editor’s notes. — Ga. L. 1985, p. 1239, 33-5-27 § 3, provided that that Act would apply to insurance policies issued, delivered, issued for delivery, or renewed on and after July 1, 1985. 33-5-26. Endorsement of insurance contract by broker.