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Georgia Statutes, Title 33

Georgia/Statutes

← All Georgia coverage

Title 33

73 chapters · 1,492 sections in this title.

All chapters in Title 331,492 Ch 24, INSURANCE GENERALLY134 Ch 14, DOMESTIC STOCK AND MUTUAL INSURERS78 Ch 11, INVESTMENTS72 Ch 23, LICENSING62 Ch 37, INSURERS REHABILITATION AND LIQUIDATION59 Ch 9, REGULATION OF RATES, UNDERWRITING RU…49 Ch 15, FRATERNAL BENEFIT SOCIETIES38 Ch 5, REGULATION OF UNAUTHORIZED INSURERS37 Ch 41, CAPTIVE INSURANCE COMPANIES34 Ch 20, HEALTH CARE PLANS33 Ch 3, AUTHORIZATION AND GENERAL REQUIREMEN…32 Ch 2, DEPARTMENT AND COMMISSIONER31 Ch 17, RECIPROCAL INSURERS31 Ch 21, HEALTH MAINTENANCE ORGANIZATIONS31

72 sections·Filtered byTitle 33✕Ch 11✕

O.C.G.A. § 33-11-1 Scope of article
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(a) With the exception of Code Section 33-11-42, this article shall apply to domestic insurers only. (b) The provisions of this article shall apply only to those insurers that are not subject to Article 2 of this chapter. History. — Code 1933, § 56-1001, enacted by Ga. L. 1960, p…
O.C.G.A. § 33-11-10 Securities which are not evidenced by certiﬁcates
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Notwithstanding any other provisions of this title which might be construed to the contrary, nothing contained in this title shall be deemed to prohibit an insurer from investing its funds in or holding or owning as admitted assets securities which are not evidenced by certiﬁcate…
O.C.G.A. § 33-11-11 Loans guaranteed by government of United States
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An insurer may invest in loans guaranteed as to principal and interest by the government of the United States of America, or by any agency or instrumentality of the government of the United States of America, to the extent of such guaranty. History. — Code 1933, § 56-1010, enacte…
O.C.G.A. § 33-11-12 Securities of states of United States, District of Columbia, or government of Canada

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An insurer may invest in bonds, notes, warrants, and other securities not in default which are the direct obligations of any state of the United States or of the District of Columbia, or of the government of Canada or any province of Canada, or for which the full faith and credit…

O.C.G.A. § 33-11-12.1 Investment in direct obligations of foreign governments

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Subject to the restrictions and limitations provided in this title, an insurer may invest in bonds, notes, warrants, and other securities not in default which are the direct obligations of the government of any foreign country which the International Monetary Fund lists as an ind…

O.C.G.A. § 33-11-13 Obligations of political subdivisions or public authorities of states of United States, District of Columbia, or government of Canada

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An insurer may invest in the obligations of any county, any incorporated city, town, or village, any school district, water district, sewer district, road district, or any special district, or any other political subdivision or public authority of any state, territory, or insular…

O.C.G.A. § 33-11-14 Industrial development obligations

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An insurer may invest in the bonds, notes, certiﬁcates of indebtedness, warrants, or other evidence of indebtedness which are valid obligations issued, assumed, or guaranteed by the United States of America or any state of the United States of America, or by any county, municipal…

O.C.G.A. § 33-11-14.1 Securities of federal agencies

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An insurer may invest in bonds, debentures, or other securities issued or insured or guaranteed by any agency, authority, unit, or corporate body created by the government of the United States of America whether or not such obligations are guaranteed by the United States. History…

O.C.G.A. § 33-11-15 Securities of public housing authorities or agencies

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An insurer may invest in the bonds, debentures, or other securities of public housing authorities, issued under the act of Congress entitled the Housing Act of 1949 and approved July, 1949, the Municipal Housing Commission Act, or the Rural Housing Commission Act, and any additio…

O.C.G.A. § 33-11-16 Obligations issued, assumed, or guaranteed by International Bank for Reconstruction and Development or International Finance Corporation

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An insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development or the International Finance Corporation. The investments authorized by this Code section shall not be counted as an investment of reserves under parag…

O.C.G.A. § 33-11-17 Obligations issued, assumed, or guaranteed by Asian Development Bank

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An insurer may invest in obligations issued, assumed, or guaranteed by the Asian Development Bank, in which bank the United States is a subscribing participant by virtue of an act of Congress approved March 16, 1966, entitled Asian Development Bank Act. The investments authorized…

O.C.G.A. § 33-11-18 Obligations issued, assumed, or Inter-American Development Bank

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guaranteed by An insurer may invest in obligations issued, assumed, or guaranteed by the Inter-American Development Bank. The investments authorized by this Code section shall not be counted as an investment of reserves of paragraph (4) of Code Section 33-11-5 at any one time in …

O.C.G.A. § 33-11-19 Loans guaranteed by Georgia Higher Education Assistance Corporation

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An insurer may make and invest in loans guaranteed as to principal and interest by the Georgia Higher Education Assistance Corporation, to the extent of such guaranty. History. — Code 1933, § 56-1039, enacted by Ga. L. 1967, p. 460, § 1; Ga. L. 1999, p. 592, § 6.

O.C.G.A. § 33-11-19.1 Obligations issued, assumed, or guaranteed by African Development Bank

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An insurer may invest in obligations issued, assumed, or guaranteed by the African Development Bank. The investments authorized by this Code section shall not be counted as an investment of reserves of paragraph (4) of Code Section 33-11-5 at any one time in an amount greater tha…

O.C.G.A. § 33-11-19.2 Loans guaranteed by United Student Aid Funds, Inc

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An insurer may make and invest in loans guaranteed as to principal and interest by the United Student Aid Funds, Inc., to the extent of such guaranty. History. — Code 1981, § 33-11-19.2, enacted by Ga. L. 1988, p. 1844, § 1; Ga. L. 1999, p. 592, § 6.

O.C.G.A. § 33-11-2 Eligible investments; investment limitations

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(a) Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this article. (b) Eligibility of an investment shall be determined as of the date of its making or acquisition. (c) Any investment li…

O.C.G.A. § 33-11-20 Obligations of corporations generally

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(a) An insurer may invest in bonds, debentures, notes, and other evidences of indebtedness issued, assumed, or guaranteed by any solvent institution existing under the laws of the United States of America or of Canada, or any state or province thereof, which are not in default as…

O.C.G.A. § 33-11-21 Corporate stocks

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An insurer may invest in nonassessable dividend-paying stocks, common or preferred, of any solvent corporation other than a corporation engaged solely in the business of operating real estate or a corporation having substantially all of its assets invested in the shares of such c…

O.C.G.A. § 33-11-22 Equipment trust obligations or certiﬁcates

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An insurer may invest in equipment trust obligations or certiﬁcates adequately secured and evidencing an interest in transportation equipment, wholly or in part within the United States of America, and the right to receive determined portions of rental, purchase, or other ﬁxed ob…

O.C.G.A. § 33-11-23 Loans secured by pledge of securities or by pledge or assignment of life insurance policies

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An insurer may invest in loans which are secured by pledge of securities eligible for investment under this article or by the pledge or assignment of life insurance policies issued by other insurers authorized to transact insurance in this state. On the date made, no loan shall e…

O.C.G.A. § 33-11-25 Obligations secured by ﬁrst mortgage or deed of trust upon improved or income-producing real property in United States or Canada

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(a) An insurer may invest in: (1) Bonds, notes, or other evidences of indebtedness, in addition to those eligible under Code Section 33-11-20 (corporate bonds and debentures) which are secured by ﬁrst mortgage or deed of trust or deed to secure debt upon fee simple, unencumbered …

O.C.G.A. § 33-11-25.1 Security representing interest in pool of loans secured by mortgage or deed of trust upon property in United States or Canada

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(a) In addition to the investment authority granted to insurers under Code Sections 33-11-20, 33-11-21, and other applicable provisions of this title, an insurer authorized to transact insurance in this state, other than an insurer authorized to transact mortgage guaranty insuran…

O.C.G.A. § 33-11-26 Chattel mortgage loans

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(a) In connection with a loan on the security of real estate designed and used primarily for residential purposes only, which loan was acquired pursuant to Code Section 33-11-25, an insurer may lend or invest an amount not exceeding 20 percent of the amount loaned on or invested …

O.C.G.A. § 33-11-27 Abstract plant and equipment and stocks of abstract companies

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(a) In addition to other investments eligible under this article, a title insurer may invest and have invested an amount not exceeding 50 percent of its paid-in capital stock in its abstract plant and equipment and, with the Commissioner’s consent, in stocks of abstract companies…

O.C.G.A. § 33-11-28 Investments incidental to preservation or enhancement of earnings of real property securing evidence of indebtedness held by insurer

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(a) If real property securing any evidence of indebtedness held by an insurer is used for agricultural purposes and a proceeding to foreclose the security instrument or an insolvency proceeding relating to the mortgagor has been commenced or, if the mortgagor has made an assignme…

O.C.G.A. § 33-11-29 Acquisition or holding of real property generally

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(a) An insurer shall not directly or indirectly acquire or hold real estate except as authorized in this Code section and in Code Sections 33-11-30 through 33-11-32. An insurer may acquire and hold: (1) Land and buildings on such land used or acquired for use as its principal hom…

O.C.G.A. § 33-11-3 Acquisition of securities or investments by insurers generally

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(a) No security or investment, other than real and personal property acquired under Code Sections 33-11-28, 33-11-29, and 33-11-32 and cash and deposits under Code Section 33-11-6, shall be eligible for acquisition unless it is interest bearing or interest accruing or dividend or…

O.C.G.A. § 33-11-30 Investment of assets in real estate acquired for purposes of leasing

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(a) Authority to make; terms and conditions. Every insurance company organized and doing business by virtue of the laws of this state shall have authority, in addition to all other investments authorized by law, to invest assets in real estate acquired for the purpose of leasing …

O.C.G.A. § 33-11-31 Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees

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Subject to prior approval of the Commissioner, an insurer may acquire and hold real property for recreation, hospitalization, convalescence, and retirement purposes of its employees. All investments under this Code section shall not exceed 5 percent of the insurer’s surplus; or, …

O.C.G.A. § 33-11-32 Limitation on investments pursuant to Code Sections 33-11-30 or 33-11-31

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No investment in real property shall be made by any insurer pursuant to Code Section 33-11-30 or 33-11-31 which will cause the insurer’s investment in all real property owned or held by it directly or indirectly to exceed 25 percent of its admitted assets. History. — Code 1933, §…

O.C.G.A. § 33-11-33 Prohibited investments; underwriting of offering of securities or property by other persons

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(a) In addition to investments excluded pursuant to other provisions of this title, an insurer shall not directly or indirectly invest in or lend its funds upon the security of: (1) Any investment or security which is found by the Commissioner to be designed to evade any prohibit…

O.C.G.A. § 33-11-37 Investment of funds in excess of reserve and capital, or surplus, in authorized and approved investments

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After satisfying requirements of this article, any funds of any domestic insurer in excess of its reserve and capital, if a stock insurer, or surplus, if a mutual or reciprocal insurer, required to be maintained may be invested without limitation in any investments otherwise auth…

O.C.G.A. § 33-11-39 Time limit for disposal by insurer of real estate

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(a) Except as provided in subsection (d) of this Code section, an insurer shall dispose of real property within time limits as follows: (1) If acquired under paragraph (1) of subsection (a) of Code Section 33-11-29 or Code Section 33-11-31, the insurer shall sell the property wit…

O.C.G.A. § 33-11-4 Authorization of loan or investment of insurer

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An insurer shall not make any investment or loan other than policy loans or annuity contract loans of a life insurer unless the same is authorized or approved by the insurer’s board of directors or by a committee authorized by the board and charged with the supervision or making …

O.C.G.A. § 33-11-40 Time limit for disposal by insurer of personal property or securities deemed unauthorized investments

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Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three years from date of acquisition unless within that period the security has at…

O.C.G.A. § 33-11-41 Effect of failure of insurer to dispose of real estate, personal property, or securities

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(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section…

O.C.G.A. § 33-11-42 Investments of foreign and alien insurers; place of domicile

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(a) The investments of foreign and alien insurers shall be as permitted by the laws of their domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers. (b) For the purposes of this Code section the do…

O.C.G.A. § 33-11-5 Required investments; limitations

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An insurer shall invest in or hold as admitted assets categories of investments that fall within the applicable limits listed in paragraphs (1) through (3) of this Code section: (1) One person. Any insurer shall not, except with the Commissioner’s consent, have at any one time an…

O.C.G.A. § 33-11-6 Authorized investments generally; cash or deposits

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An insurer may have as assets cash or deposits in checking or savings accounts under certiﬁcates of deposit or in any other form in banks and trust companies and in savings accounts, certiﬁcates of deposit, or similar certiﬁcates or evidences of deposits in savings and loan assoc…

O.C.G.A. § 33-11-7 Securities of open-end management investment company or investment trust

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An insurer may invest in the securities of any open-end management type investment company or investment trust registered with the Federal Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended, if such investment company or trus…

O.C.G.A. § 33-11-8 Foreign securities

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An insurer authorized to transact insurance in a foreign country may make investments, in a manner consistent with the laws of such country, in securities or other investments within such foreign country which are similar in characteristics and quality to like investments require…

O.C.G.A. § 33-11-9 Obligations of government of United States generally

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An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the government of the United States of America or for which the full faith and credit of the government of the United States of America is pledged for the payment …

O.C.G.A. § 33-11-50 Legislative purpose; application of article; separate accounts

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(a) The purpose of this article is to protect and to further the interests of insureds, creditors, and the general public. This objective will be met by the establishment of: (1) Prudent standards by which an insurer shall develop its investment policy and investment portfolio; (…

O.C.G.A. § 33-11-51 Deﬁnitions

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For purposes of this article, the term: (1) ‘‘Admitted assets’’ means assets permitted to be reported as admitted assets on the statutory ﬁnancial statement of the insurer most recently required to be ﬁled with the Commissioner. (2) ‘‘Asset-backed/mortgage-backed securities’’ sha…

O.C.G.A. § 33-11-52 Determining minimum ﬁnancial security benchmark

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(a)(1) Unless otherwise established in accordance with paragraphs (2) and (3) of this subsection, the amount of the minimum ﬁnancial security benchmark for an insurer shall be the greater of: (A) The authorized control level risk-based capital applicable to the insurer as set for…

O.C.G.A. § 33-11-53 Factors to be considered in determining prudence

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The following factors shall be evaluated by the insurer and considered along with its business in determining whether an investment portfolio or investment policy is prudent, and the Commissioner shall consider the following factors prior to making a determination that an insurer…

O.C.G.A. § 33-11-54 Written plan and policy; duty of board of directors

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(a) An insurer’s board of directors shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that speciﬁes guidelines as to the quality, maturity, and diversiﬁcation of investments and other speciﬁcations, including investment stra…

O.C.G.A. § 33-11-55 Investments eligible for support of outstanding liabilities

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(a) The following classes of investments are eligible for support of an insurer’s outstanding liabilities, whether they are made directly or through limited partnership interests, joint ventures, stock of an investment subsidiary or membership interests in a limited liability com…

O.C.G.A. § 33-11-56 Conditions for engaging in derivative transactions

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(a) An insurer may, directly or indirectly through an investment subsidiary, engage in derivative transactions under this article under the following conditions: (1) An insurer may use derivative instruments under this Code section to engage in hedging transactions which manage r…

O.C.G.A. § 33-11-57 Requirements regarding admitted assets at time of acquisition; nonadmitted assets; relation of investment limitation; qualiﬁcation of investments; documentation; authority of Commissioner; insurance f

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(a) Investments not conforming to this article shall not be admitted assets. (b) Subject to subsection (c) of this Code section, an insurer shall not acquire or hold an investment as an admitted asset unless at the time of acquisition it is: (1) Eligible for the payment or accrua…