Title 33 — Title 33
0 chapters · 1,218 sections in this title.
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 Insurance-support organization
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Insurance information, §33-39-3. Insurance transaction. Insurance information, §33-39-3. Insured. Insurers insolvency pool, §33-36-3. Life settlements act, §33-59-2. Pharmacy benefits managers, §33-64-1. Unfair insurance claims settlement practices, §33-6-32. Insurer, §§33-1-2, 33…
O.C.G.A. § 33-14-100 Definitions
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As used in this article, the term: (1) ‘‘Limited purpose subsidiary’’ means a subsidiary life, accident, and sickness reinsurer that is organized under this article and is wholly owned by an organizing domestic reinsurer. (2) ‘‘Organizing domestic reinsurer’’ means a domestic lif…
O.C.G.A. § 33-14-103 Powers of limited purpose subsidiary
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A limited purpose subsidiary that is granted a certificate of authority by the Commissioner under this article: (1) Is wholly owned by the organizing domestic reinsurer; (2) Is authorized to engage in the business of reinsurance only for the lines of insurance for which the organi…
O.C.G.A. § 33-14-104 Investment of funds
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An organizing domestic reinsurer may invest funds from the surplus of the organizing domestic reinsurer in a limited purpose subsidiary that is organized by the organizing domestic reinsurer pursuant to this article. History. — Code 1981, § 33-14-104, enacted by Ga. L. 2011, p. 4…
O.C.G.A. § 33-14-105 Officers and directors
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The officers and directors of an organizing domestic reinsurer may serve as officers and directors of a limited purpose subsidiary organized by the organizing domestic reinsurer pursuant to this article. History. — Code 1981, § 33-14-105, enacted by Ga. L. 2011, p. 446, § 1/HB 34…
O.C.G.A. § 33-14-106 Reinsurance
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A limited purpose subsidiary may, upon approval of the Commissioner, reinsure the risks assumed by the limited purpose subsidiary. History. — Code 1981, § 33-14-106, enacted by Ga. L. 2011, p. 446, § 1/HB 341. 691 33-14-109
O.C.G.A. § 33-14-107 Assets
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(a) Assets of a limited purpose subsidiary that are approved by the Commissioner as admitted assets must comply with requirements established by the Commissioner under rules adopted pursuant to this article. (b) All other assets shall not be admitted assets. History. — Code 1981,…
O.C.G.A. § 33-14-108 Applicability of certain provisions of this title
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The following provisions of this title shall not apply to a limited purpose subsidiary organized under this article: (1) Code Section 33-3-6; (2) Code Section 33-3-7; (3) Code Section 33-3-8; (4) Code Section 33-7-14; (5) Article 2 of Chapter 11; (6) Code Section 33-13-4; (7) Cod…
O.C.G.A. § 33-14-109 Adoption of rules
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(a) The Commissioner shall, before approving a limited purpose subsidiary under this article, adopt rules pursuant to Code Section 33-2-9 to implement this article. 692 33-14-109 DOMESTIC STOCK AND MUTUAL INS. 33-14-120 (b) The rules adopted under subsection (a) of this Code sect…
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…
O.C.G.A. § 33-14-120 Definitions
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As used in this article, the term: (1) ‘‘Capital’’ means the capital stock component of statutory surplus, as defined in the National Association of Insurance Commissioners Accounting Practices and Procedures Manual, version effective January 1, 2001, and subsequent revisions. (2)…
O.C.G.A. § 33-14-121 Plans of division; requirements; amendment
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(a) Any domestic insurer may, in accordance with the requirements of this article, divide into two or more resulting insurers pursuant to a plan of division. (b)(1) A plan of division shall include: (A) The name of the dividing insurer seeking to divide; (B) The name of each resu…
O.C.G.A. § 33-14-122 Approval of plan of division
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(a) Except as provided in subsections (b) and (c) of this Code section, a dividing insurer shall not file a plan of division with the Commissioner unless such plan has been approved in accordance with: (1) All provisions of its articles of incorporation and bylaws; or (2) If its a…
O.C.G.A. § 33-14-123 Shareholder approval, §33-14-122
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Policyholder or creditor owed payment on policy, effect of division, §33-14-126. Responsibilities of resulting insurers, §33-14-126. Rights of dividing and new insurers, §33-14-125. Rights of shareholders of dividing insurer, §33-14-127. Rulemaking to implement provisions, §33-14…
O.C.G.A. § 33-14-124 Expenses of organization
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Limitation, §33-14-21. Filing of surety bond or deposit by incorporators, §33-14-63. Farmers’ mutual fire insurance companies, §33-16-3. Reciprocal insurers. Domestic insurer. General procedure, §33-17-6. Indemnity. Reciprocal insurers. Exchange of indemnity or contracts by attorn…
O.C.G.A. § 33-14-126 Responsibilities of resulting insurers
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(a) Except as provided in this Code section, when a division becomes effective, a resulting insurer shall be responsible: (1) Individually for the policies and other liabilities the resulting insurer issues, undertakes, or incurs in its own name after the division; (2) Individual…
O.C.G.A. § 33-14-127 Rights of shareholders of dividing insurer
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A shareholder of a dividing insurer shall be entitled to appraisal rights and to obtain payment of the fair value of that shareholder’s shares pursuant to Code Section 14-2-1302. History. — Code 1981, § 33-14-127, enacted by Ga. L. 2019, p. 474, § 1/SB 156. 33-14-128. Regulatory …
O.C.G.A. § 33-14-128 Regulatory authority
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The Commissioner may, in accordance with the procedures set forth in Code Section 33-2-9, promulgate rules and regulations necessary to implement and enforce the provisions of this article. If the Commissioner should find that extraordinary circumstances exist and that it would be…
O.C.G.A. § 33-14-13 Foreign insurer
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Principal place of business, §33-3-30. Portable electronics insurance. Limited licenses for vendors, §33-23-12. Powers of attorney.
O.C.G.A. § 33-14-14 Executions
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Rehabilitation and liquidation. Stay of proceeding during pendency of liquidation proceeding, §33-37-56. Expiration of existence.
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 653 33-14-15 money is required to be repaid only out of the insured’…
O.C.G.A. § 33-14-16 Applicability of chapter
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Definitions. Applicability of general corporation statutes. Execution and contents of application for charter. Filing of application for charter; fee; certification and publication of application; approval or disapproval of charter. Grant of corporate powers and privileges; issuanc…
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. § 33-14-2 Equity security, §33-14-90
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Insurance securities, §33-14-10. Realized profits, §33-14-41. Voting security, §33-14-17. Fraudulent insurance act, §33-1-16. Insurer, §33-1-2. Imposition of administrative fine upon insurer for certain acts of officers, etc., §33-3-20. Insurers insolvency pool, §33-36-3. Liens obt…
O.C.G.A. § 33-14-21 Division of domestic insurers
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Rights of shareholders of dividing insurer, §33-14-127. Shares of new insurers, distribution, §33-14-125. Insider trading of domestic stock insurer equity securities, §§33-14-90 to 33-14-97. Liability of stockholder of domestic stock insurer for receipt of illegal dividend, §33-1…
O.C.G.A. § 33-14-22 Risk retention groups, §33-40-11
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Deposits, §§33-12-1 to 33-12-17. Acceptance by commissioner, §33-12-1. Additional deposits. Cure of deficiency, §33-12-7. Claims against. Limitation period for filing notices, §33-12-15. Settlement.
O.C.G.A. § 33-14-23 Mutual insurers, §33-14-75
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Name of corporation, §33-14-7. Names, mutual captive insurance companies, §33-41-6. Organizational expenses, §33-14-21. Participating and nonparticipating policies, §33-14-16. Place of business, §33-14-13. Policyholders as members of mutual insurers, §33-14-67. Powers and privile…
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. § 33-14-26 Surrender of charter, §33-14-25
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Rehabilitation and liquidation. Petition for dissolution of corporate existence, §33-37-19. Voluntary dissolution. Risk retention groups. Nonresident groups, §33-40-11. Dividends. Domestic stock and mutual insurers. Dividends payable only out of realized profits or special approva…
O.C.G.A. § 33-14-27 Voting securities
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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. Regulation of financial interests in and transactions with insurers by officers, directors, committee members,…
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. § 33-14-40 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 Illegal dividends
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Declaration or payment by directors of mutual insurers, §33-14-74. Domestic stock insurers, §33-14-42. Mutual insurers, §33-14-73.
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. § 33-14-45 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. § 33-14-5 Recordation, §33-14-6
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Approval or disapproval by commissioner, §33-14-5. Certificate of approval or disapproval. Issuance, etc., §33-14-5. Extinguishing charters of corporations not actively engaged in business. Time limit, §33-14-23. Renewal of charter, §33-14-8. Surrender of charter, §33-14-25. Commi…
O.C.G.A. § 33-14-6 Execution and contents, §33-14-4
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Filing, §33-14-5. Recordation, §33-14-6. Approval or disapproval by commissioner, §33-14-5. Certificate of approval or disapproval. Filing with secretary of state, §33-14-5. Issuance, etc., §33-14-5. Renewal of charter, §33-14-8. Surrender of charter, §33-14-25. Incorporation in p…
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: 670 33-14-6…
O.C.G.A. § 33-14-62 Farm credit system
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Institutions, §33-3-24. Kind of insurance in which companies may transact, §33-3-4. Lending institutions, bank holding companies, etc., §33-3-23. Qualifications generally, §33-3-3. 1257 INDEX INSURANCE COMPANIES —Cont’d Transaction of insurance within state —Cont’d Reciprocal insu…
O.C.G.A. § 33-14-65 Directors, §33-14-12
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Declaration or payment of illegal dividend. Liability of directors of domestic stock insurers, §33-14-42. Dissolution of insurer. Powers, duties, etc., of directors, §33-14-26. Illegal dividends.
O.C.G.A. § 33-14-66 Bylaws
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Types of insurance in which newly organized insurers authorized to transact business; requirements as to transaction of particular kinds of insurance generally. Authorization of transaction of additional kinds of insurance. Filing of surety bond or deposit by incorporators of pro…
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. § 33-14-7 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. § 33-14-70 Borrowing of money, §33-14-15
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Bulk insurance agreements. Domestic stock insurers, §33-14-40. Business corporation statutes. Applicability, §33-14-3. Bylaws. Mutual insurers, §33-14-60. INSURANCE COMPANIES —Cont’d Domestic stock and mutual insurers —Cont’d Charitable donations, §33-14-11. Charter. Amendment of…
O.C.G.A. § 33-14-71 Corporate powers and privileges
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Generally, §33-14-9. Grant generally, §33-14-6. Definitions, §33-14-2. Equity security, §33-14-90. Insurance securities, §33-14-10. Realized profits, §33-14-41. Voting security, §33-14-17. Delinquency proceedings. Extinguishment of charter of corporation not actively engaged in bus…
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 679 33-14-74 transact a similar class of insurance business in this state and trans…
O.C.G.A. § 33-14-74 Proposed domestic mutual insurers
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Solicitation of applications for policies, §33-14-64. Dissolution. Continuance of corporate existence subsequent to dissolution, §33-14-27. Voluntary dissolution, §33-14-24.