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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

34 sections·Filtered byTitle 33✕Ch 41✕

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.
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. § 33-41-11 Refusal, suspension, or nonrenewal of certiﬁcate; expiration, renewal, amendment
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(a) The certiﬁcate of authority of a captive insurance company to transact insurance in this state may be refused or suspended or not be renewed pursuant to Code Sections 33-3-17 through 33-3-19, inclusive. (b) A certiﬁcate of authority shall expire, be renewed, and be amended by…
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.

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 Fines

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The Commissioner may impose ﬁnes as prescribed by Code Section

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 Exclusion from insolvency funds; participation in FAIR plan or joint underwriting association; assessment for payments to Subsequent Injury Trust Fund

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(a)(1) No captive insurance company other than an association or industrial insured captive insurance company issuing workers’ compensation insurance contracts shall be permitted to join or contribute ﬁnancially to the Georgia Insurers Insolvency Pool under Chapter 36 of this tit…

O.C.G.A. § 33-41-20.1 Membership of captive insurance companies in Georgia Insurers Insolvency Pool

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(a) Every association and industrial insured captive insurance company issuing workers’ compensation insurance contracts shall become a member of the Georgia Insurers Insolvency Pool under Chapter 36 of this title as to workers’ compensation only. Such captive insurance companies…

O.C.G.A. § 33-41-21 Rehabilitation, reorganization, conservation, and liquidation

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The provisions of Chapter 37 of this title shall apply to and govern the rehabilitation, reorganization, conservation, and liquidation of captive insurance companies. History. — Code 1981, § 33-41-21, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.

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 Inconsistent provisions not applicable to captive insurance companies

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Any provisions of this title which are inconsistent with the provisions of this chapter shall not apply to captive insurance companies; provided, however, that pure and agency captive insurance companies shall not be subject to the requirements of Chapter 13 of this title. Histor…

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; (3) Any organizati…

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…

O.C.G.A. § 33-41-100 Application

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In addition to the general provisions of Article 1 of this chapter, the provisions of this article shall apply to sponsored captive insurance companies. History. — Code 1981, § 33-41-100, enacted by Ga. L. 2019, p. 533, § 2-14/HB 99.

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; prior written approval; annual ﬁling of ﬁnancial reports; notiﬁcation upon insolvency

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(a) A sponsored captive insurance company may establish one or more protected cells if the Commissioner has approved in writing a business plan, or an amendment to such plan, with respect to each protected cell that includes information about the participant, the associated parti…

O.C.G.A. § 33-41-103 Incorporated protected cells; legal entity status; requirements for formation; naming; rights and authority

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(a) A sponsored captive insurance company licensed under this chapter may establish and maintain one or more protected cells to insure or reinsure risks subject to the provisions, terms, and conditions set forth in this chapter, and it is the intent of the General Assembly to pro…

O.C.G.A. § 33-41-104 Accounting and ﬁnancial matters of incorporated protected cells

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(a) All attributions of assets and liabilities to the protected cells and the general account shall be made by the sponsored captive insurance company in accordance with the business plan and applicable participant contracts as approved by the Commissioner, and unless the sponsor…

O.C.G.A. § 33-41-105 Commingling of assets prohibited; separation of cells

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(a) In connection with the conservation, rehabilitation, or liquidation of captive insurance companies set forth in Code Section 33-41-21, including sponsored captive insurance companies, the assets and liabilities of a protected cell shall at all times be kept separate from, and…

O.C.G.A. § 33-41-106 Corporate governance annual disclosure

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Proprietary and conﬁdential nature of disclosure, §33-65-6. INSURANCE COMPANIES —Cont’d Conﬁdentiality of information —Cont’d Corporate governance annual disclosure —Cont’d Third-party consultants, use by commissioner, §33-65-7. Information gathered by insurance institutions. Col…