Title 33 — Title 33
0 chapters · 1,218 sections in this title.
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. 492 33-11-3 History. — Code 1933, § 56-1001, enacted by Ga…
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 Foreign securities, §33-11-8
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Loans secured by pledges of securities, etc., §33-11-23. Open-end management investment company or investment trust, §33-11-7. Public housing authorities or agencies, §33-11-15. Secured by first mortgage or deed of trust upon improved or income-producing realty in United States or…
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 DIVIDENDS
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Insurance holding company systems. Liquidation, rehabilitation or conservation of insurer. Recovery by receiver of distributions paid in event of, §33-13-14. Payments of extraordinary dividends, §33-13-5. DRIVER TRAINING SCHOOLS.
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 500 33-11-16 Housing Commission Act, or the Rural Housing Commission Act, an…
O.C.G.A. § 33-11-16 Life insurance
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Group life insurance. Requirements generally, §33-27-1. BIRTH CONTROL. Intrauterine devices, §33-24-24. BOARDS. Insurers solvency board, §33-36-4. BOILER INSURANCE. Kind of casualty insurance, §33-7-3. BONDS, SURETY. Arrest bond certificates, §33-24-50. Corporate sureties. Rights …
O.C.G.A. § 33-11-17 Bank holding companies
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Insurance. Restriction as to transactions, §33-3-23. Insurance company deposits.
O.C.G.A. § 33-11-18 INTEREST
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Discounted interest. Insurers rehabilitation. Third-party contingent claims, §33-37-36. Health benefit plans.
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 502 33-11-19.1 INVESTMENTS 33-11-20 paragraph (4) of Code Section 33-11-5 at a…
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. 33-11-20. Obligations of corp…
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. § 33-11-24 Loans to policyholders secured by policy
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Reserved. Repealed by Ga. L. 1999, p. 592, § 8, effective January 1, 2000. Editor’s notes. — This Code section was based on Code 1933, § 56-1018, en- acted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6. 506 33-11-25 33-11-25. Obligations secured by first mortgage or deed o…
O.C.G.A. § 33-11-26 Chattel mortgage loans
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33-11-27. Abstract plant and equipment and stocks of abstract companies. 33-11-28. Investments incidental to preservation or enhancement of earnings of real property securing evidence of indebtedness held by insurer. 33-11-29. Acquisition or holding of real property generally. 33…
O.C.G.A. § 33-11-27 Acquisition, §33-11-3
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African development bank. Obligations, §33-11-19.1. 1234 INDEX INSURANCE COMPANIES —Cont’d Investments —Cont’d Agricultural investments. Investments incidental to preservation, etc., of earnings of realty, §33-11-28. Alien companies, §33-11-42. Applicability of provisions, §33-11…
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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33-11-4. Authorization of loan or investment of insurer. 33-11-5. Required investments; limitations.
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. § 33-11-37 Inter-American development bank
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Obligations, §33-11-18. International bank for reconstruction and development. Obligations, §33-11-16. International finance corporation. Obligations, §33-11-16. Investment pools, §§33-11-80 to 33-11-89. 1235 INDEX INSURANCE COMPANIES —Cont’d Investments —Cont’d Life insurance pol…
O.C.G.A. § 33-11-38 NOTICE
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Charitable gift annuities. Agreement for annuity. Notice to commissioner, §33-58-4. Failure to comply with notice requirements, §33-58-5. NOTICE —Cont’d Charitable gift annuities —Cont’d Agreement for annuity —Cont’d Notice to donor, §33-58-3. Failure to comply with notice requir…
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. § 33-11-41 Prohibited investments, §33-11-33
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INSURANCE COMPANIES —Cont’d Investments —Cont’d Protection and furtherance of investments, §§33-11-50 to 33-11-67. Admitted assets.
O.C.G.A. § 33-11-43 Compliance with Secondary Mortgage Market Enhancement Act
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Notwithstanding any provision of the federal Secondary Mortgage Market Enhancement Act of 1984, 15 U.S.C. Section 77r-1, to the contrary, any insurer subject to the provisions of this title shall comply with all provisions, restrictions, and limitations concerning investments pro…
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. § 33-11-50 Board of directors of insurer
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Written plan and policy, §33-11-54. Commissioner.
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. 522 33-11-51 (2) ‘‘Asset-backed/mortgage-backed sec…
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 Outstanding liabilities
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Investments eligible for, §33-11-55. Percentage of securities from single issuer, §33-11-58. Prohibited investments and activities, §33-11-60. Prudence. Factors to be considered in determining, §33-11-53. Purpose of provisions, §33-11-50. Qualification of investments, §33-11-57. S…
O.C.G.A. § 33-11-59 Obligations in different currencies
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An insurer doing business that requires it to make payment in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of this article as applied separately to the insurer…
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. § 33-11-60 Prohibited investments and activities
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In addition to investments excluded or prohibited pursuant to other provisions of this article, an insurer shall not, directly or indirectly: (1) Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitio…
O.C.G.A. § 33-11-62 Retention of personnel to assist Commissioner; confidentiality
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(a) The Commissioner may retain at the insurer’s expense attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner’s staff as may be reasonably necessary to assist in reviewing the insurer’s investments. Persons so retained shall be under the d…
O.C.G.A. § 33-11-63 Personnel
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Retaining personnel to assist commissioner, §33-11-62. Confidentiality of information provided to commissioner, §33-11-62. Currency.
O.C.G.A. § 33-11-66 Vehicle
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Insurance companies. Limited licenses for rental companies, §33-23-12. Vehicle insurance, §33-7-9. Vehicle protection product. Vehicle protection product warranties, §33-34A-2. 1148 INDEX DEFINED TERMS —Cont’d Vehicle protection product warrantor, §33-34A-2. Vehicle protection pr…
O.C.G.A. § 33-11-67 Admitted assets
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Defined, §33-11-51. Investments exceeding certain percentage of. Conditions under which insurer should not acquire investment, §33-11-64. Qualifications, §33-11-61. Requirements for acquiring or holding, §33-11-57. Applicability of provisions, §33-11-50. Board of directors of insur…
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. § 33-11-80 Short title
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This article shall be known and may be cited as the ‘‘Investment Pool Act of 1997.’’ History. — Code 1981, § 33-11A-1, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, § 33-11-80, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15. 33-11-81. Applicability.