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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

78 sections·Filtered byTitle 33✕Ch 14✕

O.C.G.A. § 33-14-1 Applicability of chapter
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This chapter shall govern domestic mutual and stock insurers. History. — Code 1933, § 56-1501, enacted by Ga. L. 1960, p. 289, § 1.
O.C.G.A. § 33-14-10 Sale of subscriptions for insurance securities and sale offer of insurance securities
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(a) As used in this Code section, ‘‘insurance securities’’ means the securities of an insurer who is the issuer of a security as the word ‘‘security’’ is deﬁned in Chapter 5 of Title 10, the ‘‘Georgia Uniform Securities Act of 2008.’’ (b) No person shall sell, offer for sale, or …
O.C.G.A. § 33-14-11 Charitable, scientiﬁc, or educational donations
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An insurer shall have power to make donations for the public welfare or for charitable, scientiﬁc, or educational purposes subject to such limitations, if any, as may be contained in its charter or any amendment thereto. History. — Code 1933, § 56-1518, enacted by Ga. L. 1960, p.…
O.C.G.A. § 33-14-12 Number, qualiﬁcations, election, and terms of directors
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(a) The affairs of every domestic insurer shall be managed by not less than three directors. (b) Directors must be elected by the members or stockholders of a domestic insurer at the annual meeting of stockholders or members. Directors may be elected for terms of not more than th…

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O.C.G.A. § 33-14-13 Maintenance of principal place of business and records; maintenance of assets within state; removal of records or assets from state without approval

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(a) Every domestic insurer shall have and maintain its principal place of business in this state, and shall keep in its principal place of business complete records of the assets, transactions, and affairs in accordance with the methods and systems which are customary or suitable…

O.C.G.A. § 33-14-14 Filing and terms of management and exclusive agency contracts; approval or disapproval of contracts by Commissioner

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(a) No domestic insurer shall make any contract whereby any person is granted or is to enjoy in fact the management of the insurer to the substantial exclusion of its board of directors or to have the controlling or preemptive right to produce substantially all insurance business…

O.C.G.A. § 33-14-15 Borrowing of money

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(a) A domestic stock or mutual insurer may borrow money to defray the expenses of its organization, to provide it with surplus funds, or for any purpose required by its business upon a written agreement that the money is required to be repaid only out of the insured’s surplus in …

O.C.G.A. § 33-14-17 Voting securities

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(a) As used in this Code section, the term ‘‘voting security’’ means any instrument which in law or by contract gives the holder the right to vote, consent, or authorize any corporate action of an insurer. (b) The Commissioner may by regulation prescribe the form, content, and ma…

O.C.G.A. § 33-14-18 Filing of registration statement by holding company prior to offering of stock for sale to public; contents of statement; approval or disapproval of sale by Commissioner

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(a) Any corporation or other form of business entity which is organized for the purpose of organizing or holding the stock of a domestic insurer shall ﬁrst obtain the written approval of the Commissioner prior to offering its stock for sale to the public. Prior to any offer of st…

O.C.G.A. § 33-14-19 Regulation of ﬁnancial interests in and transactions with insurers by officers, directors, committee members, or employees

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(a) Any officer, director, member of any committee, or an employee of a domestic insurer who is charged with the duty of investing or handling the insurer’s funds shall not: (1) Deposit or invest the funds except in the insurer’s corporate name, except as otherwise authorized by …

O.C.G.A. § 33-14-2 Deﬁnitions

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As used in this chapter, the term: (1) ‘‘Mutual insurer’’ means an incorporated insurer without capital stock or shares which is owned and governed by its policyholders. (2) ‘‘Stock insurer’’ means an incorporated insurer with capital divided into shares and owned by its sharehol…

O.C.G.A. § 33-14-20 Limitation on commission received by persons selling stock of insurers; participation by corporate officers in commissions

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(a) No officer, agent, or other person selling or negotiating stock in any domestic insurance company shall receive either directly or indirectly more than 10 percent of the sales price of any of said stock. No president, vice-president, secretary, treasurer, or director or any o…

O.C.G.A. § 33-14-21 Limitation on organizational expenses

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The total expenses of organization of any insurer organized under this chapter including commissions for the sale of stock shall not exceed 121/2 percent of the amount for which the stock is sold in the case of a stock insurer and 121/2 percent of the paid-in surplus in the case …

O.C.G.A. § 33-14-22 Proceedings for correction of deﬁciency in assets or capital of insurer; institution of delinquency proceedings upon failure to correct deﬁciency

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(a) If the capital of a domestic stock insurer becomes impaired or the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it by this chapter for authority to transact the kinds of insurance being transacted, the Commiss…

O.C.G.A. § 33-14-23 Extinguishment of charters of corporations not actively engaged in business; automatic extinguishment of charter upon merger or consolidation

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(a) The corporate charter of any other corporation formed under the laws of this state for the purpose of becoming an insurer, and which corporation, during any period of 36 consecutive months after January 1, 1961, is not actively engaged in business as a domestic insurer under …

O.C.G.A. § 33-14-24 Procedure for voluntary dissolution generally; effective date of dissolution; conditions precedent to effectuation of dissolution

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(a) If, while a domestic stock or mutual insurer is fully solvent and it is deemed by its board of directors to be in the best interests of the insurer and its stockholders or members that the insurer be dissolved, the board of directors shall adopt a resolution to that effect an…

O.C.G.A. § 33-14-25 Procedure for surrender of charter

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(a) Any insurance corporation chartered by the Secretary of State may surrender its charter upon the company ﬁling in the office of the Commissioner of Insurance an application in triplicate, signed with its corporate name and under its corporate seal, stating: (1) The name of th…

O.C.G.A. § 33-14-27 Continuance of corporate existence subsequent to dissolution or expiration

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All domestic stock and mutual insurance corporations, whether they expire by their own limitation or are otherwise dissolved, shall nevertheless be continued for a term of three years from such expiration or dissolution, except in any dissolution under Chapter 37 of this title, a…

O.C.G.A. § 33-14-3 Applicability of general corporation statutes

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The applicable statutes of this state relating to the powers and procedures of domestic private corporations formed for proﬁt shall apply to domestic stock insurers and to domestic mutual insurers, except where in conﬂict with the express provisions of this title and the reasonab…

O.C.G.A. § 33-14-4 Execution and contents of application for charter

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(a) Five or more individuals of the age of 18 years or more of good moral character who have not been convicted of any crime involving moral turpitude may incorporate a stock insurer; ten or more such individuals may incorporate a mutual insurer. Not less than two-thirds of the i…

O.C.G.A. § 33-14-5 Filing of application for charter; fee; certiﬁcation and publication of application; approval or disapproval of charter

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(a) The application for charter with any and all exhibits that may be included with the application shall be ﬁled in triplicate in the office of the Commissioner of Insurance and a fee of $100.00 shall be paid to the Commissioner to be paid by him or her into the state treasury. …

O.C.G.A. § 33-14-6 Grant of corporate powers and privileges; issuance of certiﬁcate of incorporation; recordation of documents; appointment of attorney for acceptance of service of process

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(a) All corporate powers and privileges to insurance companies shall be issued and granted by the Secretary of State upon the terms, liabilities, and restrictions of and subject to this title and the laws and Constitution of this state. If from any cause the Secretary of State sh…

O.C.G.A. § 33-14-7 Name of corporation

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(a) No name shall be adopted by a domestic mutual or stock insurance corporation which is so similar to any name already in use by any such existing corporation, company, or association organized or doing business in this state as to be confusing or misleading and the Commissione…

O.C.G.A. § 33-14-8 Procedures for amendment or renewal of charter

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(a) A domestic insurer may amend its charter for any lawful purpose by written authorization by the holders of a majority of the voting power of its outstanding capital stock, by members if a mutual insurer, or by affirmative vote of such a majority voting at a lawful meeting of …

O.C.G.A. § 33-14-9 Powers of corporations generally

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Every corporation organized under this title shall have the same corporate powers as are conferred upon private corporations except where inconsistent with this chapter. History. — Code 1933, § 56-1508, enacted by Ga. L. 1960, p. 289, § 1.

O.C.G.A. § 33-14-40 Reinsurance of risks generally; bulk insurance agreements

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(a) A domestic stock insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct insurance unless such reinsurance is prohibited by its charter. (b) A domestic stock insurer may reinsure all or substantially all…

O.C.G.A. § 33-14-41 Dividends payable only out of realized proﬁts or upon special approval of Commissioner

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(a) As used in this Code section, the term ‘‘unassigned surplus’’ means, with respect to a stock insurer, undistributed, accumulated surplus, including net income and unrealized gains, since the organization of such insurer. (b) A domestic stock insurer may pay dividends to its s…

O.C.G.A. § 33-14-42 Illegal dividends

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(a) Any director of a domestic stock insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders shall upon conviction thereof be guilty of a misdemeanor and shall be jointly and severally liable together with other such directors for any los…

O.C.G.A. § 33-14-43 Authorization and procedure for merger or consolidation; receipt of consideration by directors, officers, agents, or employees; formation of domestic insurance company for sole purpose of merging or c

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(a) A domestic stock insurer may merge or consolidate with one or more domestic, alien, or foreign stock corporations by complying with the applicable laws of this state governing the merger or consolidation of stock corporations formed for proﬁt and Code Sections 33-14-5 and 33-…

O.C.G.A. § 33-14-44 Authorization and procedure for conversion of stock insurer to mutual insurer

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(a) A domestic stock insurer certiﬁed to issue only those kinds of insurance which domestic mutual insurers are authorized to issue under this title may become a domestic mutual insurer pursuant to such plan and procedure as may be approved in advance by the Commissioner. (b) The…

O.C.G.A. § 33-14-45 Classes of common or preferred shares

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A domestic stock insurer may have one or more classes of common or preferred shares, all of which shall be shares with par value in accordance with paragraph (5) of subsection (b) of Code Section 33-14-4 and any or all of which may, subject to any restrictions of this title, cons…

O.C.G.A. § 33-14-60 Bylaws

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(a) The initial board of directors of a domestic mutual insurer shall adopt original bylaws subject to the approval of the insurer’s members at the next succeeding meeting. The members shall have power to adopt, modify, and revoke bylaws. (b) The bylaws shall provide: (1) That ea…

O.C.G.A. § 33-14-61 Types of insurance in which newly organized insurers authorized to transact business; requirements as to transaction of particular kinds of insurance generally

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(a) When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this Code section and as limited in Code Section 33-3-5. (b) When applying for an original certiﬁcate of autho…

O.C.G.A. § 33-14-62 Authorization of transaction of additional kinds of insurance

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A domestic mutual insurer formed after January 1, 1961, after being authorized to transact one kind of insurance shall be authorized by the Commissioner to transact such additional kinds of insurance as are permitted under Code Section 33-3-5, while otherwise in compliance with t…

O.C.G.A. § 33-14-63 Filing of surety bond or deposit by incorporators of proposed insurer; conditions of bond or deposit; release and discharge

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(a) Prior to the solicitation of any applications for insurance pursuant to the requirements for a certiﬁcate of authority of a mutual insurer, the incorporators of the proposed insurer shall ﬁle with the Commissioner a corporate surety bond in the penalty of $15,000.00 in favor …

O.C.G.A. § 33-14-64 Solicitation of applications for policies upon approval of bond or deposit; provisions and execution of applications; requirement of cash premiums

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(a) Upon receipt of the Commissioner’s approval of the bond or deposit required by Code Section 33-14-63, the directors and officers of the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as they may accept and may …

O.C.G.A. § 33-14-65 Deposit of premiums and fees collected; issuance and delivery of policies by insurers; effective date of insurance

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(a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance with such corporation shall be deposited in trust in a bank or trust company in this state which is authorized under the laws of this state to act as a depository …

O.C.G.A. § 33-14-66 Return of deposits or premiums upon failure of proposed insurer to complete organization and secure original certiﬁcate of authority

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If the proposed domestic mutual insurer fails to complete its organization and to secure its original certiﬁcate of authority within two years from and after the date of its incorporation, the corporation shall be dissolved by the Commissioner and the Commissioner shall return or…

O.C.G.A. § 33-14-67 Policyholders deemed members of insurers; persons entitled to become members; liability upon insurance contracts of representatives of members; rights of members generally

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(a) Each policyholder of a domestic mutual insurer other than of a reinsurance contract is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify. (b) Any person, government, or governmental agency, state or political subdivisi…

O.C.G.A. § 33-14-68 Contingent liability of members

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(a) Each member of a domestic mutual insurer shall, except as provided in Code Section 33-14-71 with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in the …

O.C.G.A. § 33-14-69 Levy of assessment by directors; computation of assessment; allowance of offsets against assessments

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(a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it by this title for authority to transact the kinds of insurance being transacted and the deﬁciency is not cured from other sources, its directo…

O.C.G.A. § 33-14-70 Notice of assessment; presumption as to correctness of assessment; proceedings upon failure of member to pay assessment

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(a) Any assessment made by an insurer under Code Sections 33-14-68 and 33-14-69 is prima facie correct. The amount of the assessment to be paid by each member as determined by the insurer is likewise prima facie correct. (b) The insurer shall notify each member of the amount of t…

O.C.G.A. § 33-14-71 Extinguishment of contingent liability; revocation of authority to issue policies without contingent liability; issuance of nonassessable policies by foreign or alien insurers

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(a) While a domestic mutual insurer maintains the deposits and surplus funds necessary for the kinds of insurance it is transacting and is otherwise in compliance with this title and is in a sound condition it may extinguish the contingent liability of its members as to all its p…

O.C.G.A. § 33-14-72 Reinsurance of risks

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(a) A domestic mutual company transacting insurance business under the laws of this state with the approval of the Commissioner may reinsure all risks undertaken by it in any company authorized to transact a similar class of insurance business in this state and transfer to the co…

O.C.G.A. § 33-14-73 Dividends payable only out of net realized savings and earnings

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(a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business. (b) A dividend otherwise proper m…

O.C.G.A. § 33-14-74 Liability of directors for declaration or payment of illegal dividend

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Any director of a domestic mutual insurer who willfully and with knowledge votes for or concurs in a declaration or payment of a dividend which reduces surplus below the minimum required surplus shall be guilty of a misdemeanor and shall be jointly and severally liable, together …

O.C.G.A. § 33-14-75 Procedure for merger or consolidation

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(a) Upon complying with the applicable procedures prescribed by the statutes of this state applying to corporations formed for proﬁt except as provided in subsection (c) of this Code section, any domestic mutual insurer is authorized to merge or consolidate with any domestic comp…

O.C.G.A. § 33-14-76 Authorization and procedure for conversion of mutual insurer to stock insurer

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(a) A mutual insurer may become a stock insurer under any plan and procedure as may be approved by the Commissioner. (b) The Commissioner shall not approve the plan or procedure unless: (1) It is equitable to the insurer’s members; (2) It is subject to approval by vote of not les…

O.C.G.A. § 33-14-77 Distribution of assets to members upon liquidation of insurers generally; calculation of distributive shares of members

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(a) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration shall be distributed to existing persons who were its members …

O.C.G.A. § 33-14-90 ‘‘Equity security’’ deﬁned

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As used in this article, ‘‘equity security’’ means any stock or similar security; any security convertible, with or without consideration, into such a security or carrying any warrant or right to subscribe to or purchase such a security; any such warrant or right; or any other se…