reglab/housing_qa huggingface dataset:
GA Code § 33-11-61 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-61. Using Investment Assets to Satisfy Minimum Assets Requirements; Qualification of Admitted Assets; Determining Financially Hazardous Insurer

  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 invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual statement value.   An investment held as an admitted asset by an insurer on January 1, 2000, which qualified under Article 1 of this chapter shall remain qualified as an admitted asset under this article.   If an insurer does not own, or is unable to apply toward compliance with this article, an amount of assets equal to its minimum asset requirement, the Commissioner may deem it to be financially hazardous under Chapter 37 of this title.     (Code 1981, §33-11-61, enacted by Ga. L. 1999, p. 592, § 12.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, "January 1, 2000," was substituted for "the effective date of this article" in subsection (b).
GA Code § 33-11-62 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-62. Retention of Personnel to Assist Commissioner; Confidentiality

  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 direction and control of the Commissioner and shall act in a purely advisory capacity.   The investment policy or information related to the investment policy provided to the Commissioner for review under this article shall be considered confidential and shall not be a public record for purposes of Article 4 of Chapter 18 of Title 50 or subject to subpoena, and shall be subject to disclosure only as required for purposes of and in accordance with this title.     (Code 1981, §33-11-62, enacted by Ga. L. 1999, p. 592, § 12.)
GA Code § 33-11-63 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-63. Determination by Commissioner of Noncompliance; Reasonable Additional Restrictions; Consideration of Other Assets by Commissioner

  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 this article.   If the Commissioner determines that by reason of the financial condition, current investment practice, or current investment plan of an insurer, the interests of insureds, creditors, or the general public are or may be endangered, the Commissioner may impose reasonable additional restrictions upon the admissibility or valuation of investments or may impose restrictions on the investment practices of an insurer, including prohibition or divestment.   If the Commissioner is satisfied by evidence of an insurer's financial strength and the competence of management and its investment advisers, the Commissioner may count toward satisfaction of the minimum asset requirement any other investment not specifically prohibited by this article to the extent that the Commissioner is satisfied that the interests of insureds, creditors, and the general public of this state are protected.     (Code 1981, §33-11-63, enacted by Ga. L. 1999, p. 592, § 12; Ga. L. 2000, p. 136, § 33.)
GA Code § 33-11-64 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-64. Conditions Under Which Insurer Shall Not Acquire an Investment; Special Rated Credit Instruments

  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:   For medium and lower grade investments, 20 percent of admitted assets;   For lower grade investments, 10 percent of admitted assets;   For investments rated 5 or 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section 33-10-14, 5 percent of admitted assets; or   For investments rated 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section 33-10-14, 1 percent of admitted assets.     The aggregate amount of special rated credit instruments held by an insurer pursuant to the valuation procedures of Code Section 33-10-14 shall not exceed 10 percent of admitted assets.     (Code 1981, §33-11-64, enacted by Ga. L. 1999, p. 592, § 12.)
GA Code § 33-11-80 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-80. Short Title

 This article shall be known and may be cited as the "Investment Pool Act of 1997."    (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.)
GA Code § 33-11-81 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-81. Applicability

 This article shall apply to domestic insurers only.    (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.)
GA Code § 33-11-82 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-82. Definitions

 As used in this article, the term:    "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.   "Class one money market mutual fund" means a mutual fund that at all times qualifies for investment using the bond class one reserve factor under the Purposes and Procedures of the SVO or any successor publication.   "Government money market mutual fund" means a money market mutual fund that at all times:   Invests only in obligations issued, guaranteed, or insured by the government of the United States or collateralized repurchase agreements composed of such obligations; and   Qualifies for investment without a reserve under the Purposes and Procedures of the SVO or any successor publication.     "Money market mutual fund" means a mutual fund that meets the conditions of 17 C.F.R. 270.2a-7, under the Investment Company Act of 1940, 15 U.S.C. Section 80a-1, et seq., as amended.   "Obligation" means a bond, note, debenture, or trust certificate, including equipment certificate, production payment, negotiable bank certificate of deposit, banker's acceptance, credit tenant loan, loan secured by financing net leases, and other evidence of indebtedness for the payment of money, or participation, certificates, or other evidences of an interest in any of the foregoing, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment.   "Qualified bank" means a national bank, state bank, or trust company that at all times is no less than adequately capitalized as determined by the standards provided by federal banking regulations and that is either regulated by state banking laws or is a member of the Federal Reserve System.   "Repurchase transaction" means a transaction in which an insurer purchases securities from a business entity that is obligated to repurchase the purchased securities or equivalent securities from the insurer at a specified price, either within a specified period of time or upon demand.   "Reverse repurchase transaction" means a transaction in which an insurer sells securities to a business entity and is obligated to repurchase the sold securities or equivalent securities from the business entity at a specified price, either within a specified period of time or upon demand.   "Securities lending transaction" means a transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned securities or equivalent securities to the insurer, either within a specified period of time or upon demand.   "SVO" means the Securities Valuation Office of the National Association of Insurance Commissioners.     (Code 1981, §33-11A-3, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-82, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.)
GA Code § 33-11-83 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-83. Authorization and Requirements for Insurers Acquiring Investments in Investment Pools

  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:   Invest only in:   Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating by a nationally recognized statistical rating organization recognized by the SVO or, in the absence of an SVO 1 or 2 rating or equivalent rating, the issuer has outstanding obligations with an SVO 1 or 2 rating or equivalent rating by a nationally recognized statistical rating organization recognized by the SVO and which have:   A remaining maturity of 397 days or less or a put that entitles the holder to receive the principal amount of the obligation, which put may be exercised through maturity at specified intervals not exceeding 397 days; or   A remaining maturity of three years or less and a floating interest rate that resets no less frequently than quarterly on the basis of a current short-term index, including federal funds, prime rate, treasury bills, London InterBank Offered Rate (LIBOR), or commercial paper, and is subject to no maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes;     Government money market mutual funds or class one money market mutual funds; or   Securities lending, repurchase, and reverse repurchase transactions that meet all the requirements of Code Section 33-11-7; or     Invest only in investments which an insurer may acquire under this title, if the insurer's proportionate interest in the amount invested in such investments does not exceed the applicable limits of this title.       (Code 1981, §33-11A-4, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-83, as redesignated by Ga. L. 1999, p. 592, §§ 14, 15.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, "this article" was substituted for "this chapter" in subsection (a).
GA Code § 33-11-84 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-84. Qualification in Investment Pool

 For an investment in an investment pool to be qualified under this article, the investment pool shall not:    Acquire securities issued, assumed, guaranteed, or insured by the insurer or an affiliate of the insurer;   Borrow or incur an indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this article; or   Permit the aggregate value of securities then loaned or sold to, purchased from, or invested in any one business entity under this article to exceed 10 percent of the total assets of the investment pool.     (Code 1981, §33-11A-5, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-84, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.)
GA Code § 33-11-85 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-85. Limitations to Insurer's Investment

 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 effect to the investment, the aggregate amount of investments then held by the insurer under this article:    In any one investment pool would exceed 10 percent of its admitted assets;   In all investment pools investing in investments permitted under paragraph (2) of subsection (a) of Code Section 33-11-83 would exceed 25 percent of its admitted assets; or   In all investment pools would exceed 35 percent of its admitted assets.     (Code 1981, §33-11A-6, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-85, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, "Code Section 33-11-83" was substituted for "Code Section 33-11A-4" in paragraph (2).
GA Code § 33-11-86 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-86. Management of Investment Pool

 For an investment in an investment pool to be qualified under this article, the manager of the investment pool shall:    Be organized under the laws of the United States or a state and designated as the pool manager in a pooling agreement;   Be the insurer, an affiliated insurer or a business entity affiliated with the insurer, a qualified bank, or a business entity registered under the Investment Advisors Act of 1940, 15 U.S.C. Section 80b-1, et seq., as amended; or, in the case of a reciprocal insurer or interinsurance exchange, be its attorney in fact; or, in cases of a United States branch of an alien insurer, be its United States manager or affiliates or subsidiaries of its United States manager;   Compile and maintain detailed accounting records setting forth:   The cash receipts and disbursements reflecting each participant's proportionate investment in the investment pool;   A complete description of all underlying assets of the investment pool, including amount, interest rate, any maturity date, and other appropriate designations; and   Such other records which, on a daily basis, allow third parties to verify each participant's investment in the investment pool; and     Maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the investment pool, under a custodial agreement compliant with this title with a qualified bank. The custodial agreement shall include but not be limited to:   A statement and recognition of the claims and rights of each participant;   An acknowledgment that the underlying assets of the investment pool are held solely for the benefit of each participant in proportion to the aggregate amount of its investments in the investment pool; and   An agreement that the underlying assets of the investment pool shall not be commingled with the general assets of the custodian qualified bank or any other person.       (Code 1981, §33-11A-7, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-86, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.)
GA Code § 33-11-87 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-87. Notification to Commissioner; Ownership; Inspection

 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 pooling agreement for each investment pool shall be in writing and shall provide that:    An insurer and its affiliated insurers or, in the case of an investment pool investing solely in investments permitted under paragraph (1) of subsection (a) of Code Section 33-11-83, the insurer and its subsidiaries, affiliates, or any pension or profit-sharing plan of the insurer, its subsidiaries and affiliates, or, in the case of a United States branch of an alien insurer, affiliates or subsidiaries of its United States manager, shall, at all times, hold 100 percent of the interests in the investments pool;   The underlying assets of the investment pool shall not be commingled with the general assets of the pool manager or any other person;   In proportion to the aggregate amount of each pool participant's interest in the investment pool:   Each participant owns an undivided interest in the underlying assets of the investment pool; and   The underlying assets of the investment pool are held solely for the benefit of each participant;     A participant, or in the event of the participant's insolvency, bankruptcy, or receivership, its trustee, receiver, or other successor in interest, may withdraw all or any portion of its investment from the pool under the terms of the pooling agreement;   Withdrawals may be made on demand without penalty or other assessment on any business day, but settlement of funds shall occur within a reasonable and customary period thereafter not to exceed five business days. Distributions under this paragraph shall be calculated in each case net of all then applicable fees and expenses of the investment pool. The pooling agreement shall provide that the pool manager shall distribute to a participant, at the discretion of the pool manager:   In cash, the then fair market value of the participant's pro rata share of each underlying asset of the investment pool;   In kind, a pro rata share of each underlying asset; or   In a combination of cash and in kind distributions, a pro rata share of each underlying asset; and     The pool manager shall make the records of the investment pool available for inspection by the Commissioner.     (Code 1981, §33-11A-8, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-87, as redesignated by Ga. L. 1999, p. 592, §§ 13, 15.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, "Code Section 33-11-83" was substituted for "Code Section 33-11A-4" in paragraph (1).
GA Code § 33-11-88 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-88. Business Entity Requirement

 An investment pool authorized under this article must be a business entity.    (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.)
GA Code § 33-11-89 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 3 - Investment Pools|§ 33-11-89. Standards Not Applicable; Reporting

 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 statement required by Code Section 33-13-4.    (Code 1981, §33-11A-10, enacted by Ga. L. 1997, p. 1042, § 1; Code 1981, §33-11-89, as redesignated by Ga. L. 1999, p. 592, § 15.)
GA Code § 33-13-9 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 13 - Insurance Holding Company Systems|Article 1 - General Provisions|§ 33-13-9. Rules and Regulations and Orders

 The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue any rules, regulations, and orders as shall be necessary to carry out this article.    (Code 1933, § 56-3408, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, §33-13-8; Code 1981, §33-13-9, as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108.)   Editor's notes.   - Ga. L. 2013, p. 802, § 1/HB 312, effective July 1, 2013, redesignated former Code Section 33-13-8 as present Code Section 33-13-9 and redesignated former Code Section 33-13-9 as present Code Section 33-13-10.
GA Code § 33-13-12 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 13 - Insurance Holding Company Systems|Article 1 - General Provisions|§ 33-13-12. Receivership

 Whenever it appears to the Commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided in Chapter 37 of this title to take possession of the property of the domestic insurer and to conduct the business of the domestic insurer.    (Code 1933, § 56-3411, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, §33-13-11; Code 1981, §33-13-12, as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108.)   Editor's notes.   - Ga. L. 2013, p. 802, § 1/HB 312, effective July 1, 2013, redesignated former Code Section 33-13-11 as present Code Section 33-13-12 and redesignated former Code Section 33-13-12 as present Code Section 33-13-13.
GA Code § 33-13-13 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 13 - Insurance Holding Company Systems|Article 1 - General Provisions|§ 33-13-13. Revocation, Suspension, or Nonrenewal of License or Authority to Do Business

 Whenever it appears to the Commissioner that any person has committed a violation of this article which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state for any period as he or she finds is required for the protection of policyholders or the public. Any determination shall be accompanied by specific findings of fact and conclusions of law.    (Code 1933, § 56-3412, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, §33-13-12; Code 1981, §33-13-13, as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108.)   Cross references.   - Hearings before Commissioner generally, § 33-2-16 et seq.   Editor's notes.   - Ga. L. 2013, p. 802, § 1/HB 312, effective July 1, 2013, redesignated former Code Section 33-13-13 as present Code Section 33-13-14.