Title 33 — Title 33
0 chapters · 1,218 sections in this title.
O.C.G.A. § 33-41-1 Short title
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This chapter shall be known and may be cited as the ‘‘Georgia Captive Insurance Company Act.’’ History. — Code 1981, § 33-41-1, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347. 33-41-2. Definitions.
O.C.G.A. § 33-41-10 Application for and issuance of certificate of authority
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(a) The application for an original certificate of authority for a captive insurance company must be filed with the Commissioner and shall contain the following: (1) A copy of the captive insurance company’s adopted or proposed articles of incorporation and bylaws or articles of or…
O.C.G.A. § 33-41-100 Application
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33-41-101. Definitions. 33-41-102. Protected cells; prior written approval; annual filing of financial reports; notification upon insolvency. 33-41-103. Incorporated protected cells; legal entity status; requirements for formation; naming; rights and authority. 33-41-104. Accounting …
O.C.G.A. § 33-41-101 Definitions
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As used in this article, the term: (1) ‘‘General account’’ means all the assets and liabilities of a sponsored captive insurance company that are not attributable to a protected cell. (2) ‘‘Incorporated protected cell’’ means a protected cell that is established as a stock corpor…
O.C.G.A. § 33-41-102 Protected cells, §33-41-102
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Commingling of assets prohibited, §33-41-105. Incorporated protected cells, §33-41-103. Accounting and financial matters, §33-41-104. Separation, §33-41-105. Reports, §33-41-102. Statutory construction. Applicability of general captive insurer provisions and provisions specific to …
O.C.G.A. § 33-41-104 Applicability, §33-41-100
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Commingling of assets prohibited, §33-41-105. Commissioner of insurance.
O.C.G.A. § 33-41-105 Commissioner of insurance
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Protected cells, prior written consent, §33-41-102. Confidentiality of information, applicability, §33-41-106. Definitions, §33-41-101. Incorporated protected cells, §33-41-103. Accounting and financial matters, §33-41-104. 1221 INDEX INSURANCE COMPANIES —Cont’d Captive insurance co…
O.C.G.A. § 33-41-106 Expenses of examinations
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Payment, §33-2-15. Fees, §33-8-1. Foreign companies, §33-2-11. Insurers insolvency pool, §33-36-15. Life and health insurance guaranty association members, §33-38-16. Powers of commissioner as to evidence and witnesses. Generally, §33-2-16. Rates and rating systems, §33-9-23. Reh…
O.C.G.A. § 33-41-11 Application for certificate
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Fees, §33-3-14. Required information, §33-3-13. Capital stock or surplus. Requirements, §33-3-6. Captive insurance companies, §§33-41-10, 33-41-11. INSURANCE COMPANIES —Cont’d Certificates of authority —Cont’d Deposit of securities. Requirements, §33-3-8. Designation as to whether…
O.C.G.A. § 33-41-12 Assets
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For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13, the reporting of business affairs pursuant to Code Section 33-41-15, and the examinations …
O.C.G.A. § 33-41-13 Reserves
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(a) Every captive insurance company shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all unpaid losses and claims incurred, whether reported or unreported, for which such captive insurance company may be liable, together with the expen…
O.C.G.A. § 33-41-14 Reinsurance
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(a) A captive insurance company may cede any part of its risks to a reinsurer pursuant to a written reinsurance agreement and may take credit as an asset or a deduction from its liabilities for the amount of reinsurance premiums recoverable under such reinsurance agreement: (1) I…
O.C.G.A. § 33-41-15 Reports
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Each captive insurance company shall be required to file annual and other reports of its business affairs and operations as prescribed by Code Section 33-3-21. History. — Code 1981, § 33-41-15, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347. 33-41-16. Examina…
O.C.G.A. § 33-41-16 Examination by Commissioner or agent; confidentiality
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(a) The Commissioner or his or her designated agent may visit each captive insurance company at any time and examine its affairs in order to ascertain its financial condition, its ability to fulfill its contractual obligations, and its compliance with this chapter. For these purpos…
O.C.G.A. § 33-41-17 Imposition by commissioner, §33-2-24
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Own risk and solvency assessment (ORSA) summary reports. Failure to file, §33-13-39. Food or refreshments to prospective clients during sales presentation or seminars, §§33-6-4, 33-9-36. Foreign companies. Actions against. Service of process, §§33-4-3 to 33-4-5. Agents, brokers, s…
O.C.G.A. § 33-41-18 Investments
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Except as provided in Code Section 33-41-8: (1) Risk retention group captive insurance companies, industrial insured captive insurance companies, and association captive insurance companies shall comply with the investment requirements contained in Article 2 of Chapter 11 of this…
O.C.G.A. § 33-41-19 Rates, underwriting rules, and policy forms
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(a) No captive insurance company shall be required to join or use the rates, rating systems, underwriting rules, or policy or bond forms of a rating or advisory organization as defined in Code Section 33-9-2. (b) No captive insurance company shall be required to file its premium ra…
O.C.G.A. § 33-41-2 Definitions
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Terms not defined in this chapter shall have the same meaning ascribed to them in this title. As used in this chapter, unless the context otherwise requires, the term: (1) ‘‘Affiliate’’ means any person in the same corporate system as a parent, an industrial insured, or a member o…
O.C.G.A. § 33-41-20 Short title
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Definitions. Permissible business; limitations. Prerequisites to transacting insurance. Incorporation. Name. Directors or managers. Amount of capital or surplus. Letters of credit. Application for and issuance of certificate of authority. Refusal, suspension, or nonrenewal of certi…
O.C.G.A. § 33-41-21 Certificates of authority
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Suspension upon commencement of proceedings for conservatorship, §33-3-18. Foreign companies. Contents of order for conservation, §33-37-14. Life and health insurance guaranty association. Notification from conservator as to effect of chapter, §33-38-19. Deduction from gross asset…
O.C.G.A. § 33-41-22 Taxation
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In lieu of any other taxes imposed by this title, all captive insurance companies licensed under this chapter shall pay the following taxes: (1) A tax at the rate of 0.4 percent on the first $20 million and 0.3 percent on each dollar thereafter on its direct premiums collected, af…
O.C.G.A. § 33-41-23 Certificate of dormancy
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(a) A captive insurance company that meets the definition of a dormant captive insurance company set forth in this chapter may apply to the Commissioner for a certificate of dormancy on a form or forms as may be prescribed by the Commissioner. (b) A dormant captive insurance compan…
O.C.G.A. § 33-41-24 Rule making authority
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The Commissioner may adopt rules establishing standards to ensure that a pure captive insurance company’s parent or any of its affiliated companies is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captiv…
O.C.G.A. § 33-41-25 Regulatory authority
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The Commissioner may establish such rules and regulations and issue such interpretive rulings as may be necessary to carry out the provisions of this chapter. History. — Code 1981, § 33-41-25, enacted by Ga. L. 2019, p. 533, § 2-13/HB 99. Effective date. — This Code section becam…
O.C.G.A. § 33-41-26 Incorporated protected cells
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Included in definition of captive insurance company, §33-41-5. Incorporation, §33-41-5. Insurers insolvency pool. Exclusion from funds, §33-41-20. Membership in, §33-41-20.1. INSURANCE COMPANIES —Cont’d Captive insurance companies —Cont’d Investments, §33-41-18. Letters of credit,…
O.C.G.A. § 33-41-3 Permissible business; limitations
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(a) Subject to the provisions of subsection (c) of this Code section and the other provisions of this chapter, a captive insurance company, where permitted by its formation documents, may engage in the business of any of the following kinds of insurance or reinsurance: (1) Casual…
O.C.G.A. § 33-41-4 Prerequisites to transacting insurance
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No captive insurance company may transact any insurance in this state unless: (1) It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state; (2) It maintains its principal place of business in this state; 851 33-41-5 (3) An…
O.C.G.A. § 33-41-5 Incorporation
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(a) For purposes of this Code section, an incorporated protected cell, as defined in Article 2 of this chapter, shall be included in the definition of ‘‘captive insurance company.’’ (a.1)(1) A pure captive insurance company or an agency captive insurance company may be incorporated…
O.C.G.A. § 33-41-6 Name
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(a) A captive insurance company shall not use any name which is either similar, misleading, or confusing with respect to any other name already in use by any other captive insurance company, domestic mutual or stock insurance company, corporation, or association organized or doin…
O.C.G.A. § 33-41-7 Directors or managers
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(a) The affairs of every captive insurance company shall be managed by not less than three directors or managers. (b) At least one of the directors or managers of every captive insurance company shall be a resident of this state. (c) Every captive insurance company shall report t…
O.C.G.A. § 33-41-8 Amount of capital or surplus
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(a) The amount of minimum capital or surplus required for each captive insurance company shall be determined on an individual basis, however: (1) A pure captive insurance company shall maintain at least $250,000.00 in surplus; (2) An association captive insurance company shall ma…
O.C.G.A. § 33-41-9 Letters of credit
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(a) Any letter of credit used to meet the requirements set forth in this chapter shall be: (1) Clean, irrevocable, and unconditional; (2) Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member o…