Title 33

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…

(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…

(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…

(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…

(a) Investments not conforming to this article shall not be admitted assets. (b) Subject to subsection (c) of this Code section, an insurer shall not acquire or hold an investment as an admitted asset unless at the time of acquisition it is: (1) Eligible for the payment or accrua…

(a)(1) For purposes of determining compliance with Code Section 33-11-61, securities of a single issuer and its affiliates, other than: (A) The government of the United States; or (B) Government sponsored enterprises, shall not exceed 10 percent of admitted assets. (2) This limit…

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…

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…

(a) Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this article and applicable regulations promulgated and orders issued by the Commissioner pursuant to this article. Assets other than invest…

(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…

(a) If the Commissioner determines that an insurer’s investment practices do not meet the provisions of this article, the Commissioner may, after notification to the insurer of the Commissioner’s findings, order the insurer to make changes necessary to comply with the provisions of…

(a) An insurer shall not acquire an investment under this article if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this article would exceed: (1) For medium and lower grade investments, 20 percent…

(a) Any domestic life insurance company may establish one or more separate accounts and may allocate to such separate account or accounts, in accordance with the terms of a written agreement, any amounts paid to the company in connection with a pension, retirement, or profit-shari…

(a) This Code section is cumulative of and in addition to the authority granted by any other law of this state relating to separate accounts for insurance companies or to annuity contracts on a variable basis and shall not be deemed to repeal or affect the provisions of Code Sect…

(a) As used in this Code section, ‘‘variable life insurance policy’’ means any individual or group policy issued by an insurance company providing for life insurance and benefits incidental thereto, under which payments or values may vary in whole or in part so as to reflect invest…

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.

This article shall apply to domestic insurers only. History. — Code 1981, § 33-11A-2, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, § 33-11-81, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.

As used in this article, the term: (1) ‘‘Business entity’’ means a corporation, limited liability company, association, partnership, joint-stock company, joint venture, mutual fund trust, or other similar form of business organization, whether organized for profit or not for profit…

(a) Notwithstanding any provisions of Article 1 or Article 2 of this chapter to the contrary, an insurer may under this article acquire investments in investments pools that: (1) Invest only in: (A) Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or…

For an investment in an investment pool to be qualified under this article, the investment pool shall not: (1) Acquire securities issued, assumed, guaranteed, or insured by the insurer or an affiliate of the insurer; (2) Borrow or incur an indebtedness for borrowed money, except f…

The limitations of paragraphs (1) and (2) of Code Section 33-11-5 shall not apply to an insurer’s investment in an investment pool; provided, however, that an insurer shall not acquire an investment in an investment pool under this article if, as a result of and after giving effe…

For an investment in an investment pool to be qualified under this article, the manager of the investment pool shall: (1) Be organized under the laws of the United States or a state and designated as the pool manager in a pooling agreement; (2) Be the insurer, an affiliated insure…

A pooling agreement under this article may not be entered into unless the insurer has notified the Commissioner in writing of the pooling agreement at least 30 days prior to entering into the pooling agreement and the Commissioner has not disapproved it within such period. The poo…

An investment pool authorized under this article must be a business entity. History. — Code 1981, § 33-11A-9, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, § 33-11-88, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.

Transactions between an investment pool and its participants shall not be subject to the provisions of Code Section 33-13-5. Investment activities of an investment pool and transactions between such pools and pool participants shall be reported annually in the registration statem…

Preferential transfers, §33-37-27. Time limit for disposal, §33-11-39. Effect of failure of insurer to dispose of realty, §33-11-41. Valuation of reserves. Realty acquired under mortgage loans, etc., §33-10-16. PUBLIC OFFICERS AND EMPLOYEES —Cont’d Workers’ compensation. Group in…

Limitation on investments pursuant to Code Sections 33-11-30 or 33-11-31. Prohibited investments; underwriting of offering of securities or property by other persons. Separate accounts for funds received in connection with pension, retirement, and profit-sharing plans; investment …

(a) Deposits required or permitted by law to be made by domestic life insurers and all other insurers shall be made with the Commissioner or with some strong corporation approved by the Commissioner. (b) The Commissioner shall accept and hold in trust deposits of securities or fu…

No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this title or upon any part of a deposit, except that such levy may be permitted if so specified in the Commis572 sioner’s order requiring the deposit pursuant to the retaliatory prov…

Whenever any loss insured against shall occur, the insured or other person entitled to the proceeds of the policy, by judgment or otherwise, in order to secure his recovery, may give notice to the Commissioner of the occurrence of said loss and of the amount claimed, after which …

The Commissioner in his capacity as receiver shall apply to the judge of the superior court for an order of sale and in pursuance of said order shall sell said securities. After deducting any expenses as shall be allowed by the court, he shall pay over to the plaintiff or his att…

If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provi…

Whenever, by means of Code Sections 33-12-11 through 33-12-13, the amount of securities so deposited shall be reduced, the Commissioner shall give notice to the insurer depositing and require more securities to be deposited so as always to maintain the original amount; and if the…

Whenever a notice of claim is filed with the Commissioner as provided by law against the deposit of any insurance company doing business in Georgia and said claim has not been withdrawn at the expiration of seven years from the date of the notice of claim, the Commissioner is auth…

Whenever a general receivership under Chapter 37 of this title is ordered by a court of this state, it shall supersede receiverships created under Code Sections 33-12-11 through 33-12-13. History. — Code 1933, § 56-1116, enacted by Ga. L. 1960, p. 289, § 1.

When any depositing company shall desire to withdraw any deposit made with the Commissioner as provided by Code Section 33-12-1, and the Commissioner shall find that the deposit is no longer required, in whole or in part, in order to comply with the laws of this or any other state…

Deposits shall be held as follows: (1) When the deposit is required for authority to transact insurance in this state, the deposit shall be held for the protection of all the insurer’s policyholders or others entitled to the proceeds of policies within the United States, provided…

(a) All deposits required for authority to transact insurance in this state shall consist of any combination of the securities eligible for the investment of capital funds of domestic insurers as enumerated and described in paragraph (3) of Code Section 33-11-5, except real estat…

(a) The Commissioner may designate any regularly constituted state depository having trust powers domiciled in this state as a depository to receive and hold deposit. A deposit so held shall be at the expense of the insurer. A depository shall give to the Commissioner proper trus…

So long as the insurer remains solvent and complies with this title it may: (1) Demand, receive, institute an action for, and recover the income from the securities deposited; (2) Exchange and substitute for the deposited securities or any part thereof, with the approval of the C…

An insurer may deposit eligible securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than $100,000.00 for the purpose of absorbing fluctuations in the value of securities held in its deposit and to facilitate the exchange and s…

If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the defi…

Any deposit made in this state under this title shall be released: (1) To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; (2) To the insurer to the extent such deposit is in excess of the a…

— In light of the similarity of the statutory provisions, annotations decided under former Code 1933 §§ 22-1210 and 56-301 et seq. are included in the annotations for this Code section. Chapter part of general scheme to protect Georgia citizens. — Former statute as to the deposit…

As used in this article, the term: (1) ‘‘Affiliate,’’ including the term ‘‘affiliate of ’’ or ‘‘person affiliated with’’ a specific person, means a person who directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with the …

(a) Injunctions. Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent of any insurer has committed or is about to commit a violation of this article or of any rule, regulation, or order issued by the Commissioner under this article…