reglab/housing_qa huggingface dataset:
GA Code § 33-14-69 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-69. Levy of Assessment by Directors; Computation of Assessment; Allowance of Offsets Against Assessments

  If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required of it by this title for authority to transact the kinds of insurance being transacted and the deficiency is not cured from other sources, its directors shall levy an assessment only upon its members who at any time within the 12 months immediately preceding the date notice of the assessment was mailed to them held policies providing for contingent liability; and the members shall be liable to the insurer for the amount so assessed.   The assessment shall be for the amount necessary to cure the deficiency and to provide a reasonable amount of working funds above the minimum amount of surplus; but the working funds so provided shall not exceed 5 percent of the insurer's liabilities as of the date as of which the amount of the deficiency was determined.   In levying an assessment on policies providing for contingent liability, the assessment shall be computed on a basis of premium earned on the policy.   No member shall have an offset against any assessment for which he is liable on account of any claim for unearned premium or loss payable.    (Code 1933, § 56-1528, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-70 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-70. Notice of Assessment; Presumption as to Correctness of Assessment; Proceedings Upon Failure of Member to Pay Assessment

  Any assessment made by an insurer under Code Sections 33-14-68 and 33-14-69 is prima facie correct. The amount of the assessment to be paid by each member as determined by the insurer is likewise prima facie correct.   The insurer shall notify each member of the amount of the assessment to be paid by written notice mailed to the address of the member last of record with the insurer. Failure of the member to receive the notice so mailed within the time specified therein for the payment of the assessment or at all shall be no defense in any action to collect the assessment.   If a member fails to pay the assessment within the period specified in the notice, which period shall not be less than 20 days after mailing, the insurer may institute an action to collect same.   As to life insurance, any part of the assessment upon a member which remains unpaid following notice of assessment, demand for payment, and lapse of a reasonable waiting period as specified in the notice, may, if approved by the Commissioner as being in the best interests of the insurer and its members, be secured by placing a lien upon the cash surrender values and accumulated dividends held by the insurer to the credit of the member.    (Code 1933, § 56-1529, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-71 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-71. Extinguishment of Contingent Liability; Revocation of Authority to Issue Policies Without Contingent Liability; Issuance of Nonassessable Policies by Foreign or Alien Insurers

  While a domestic mutual insurer maintains the deposits and surplus funds necessary for the kinds of insurance it is transacting and is otherwise in compliance with this title and is in a sound condition it may extinguish the contingent liability of its members as to all its policies in force and may omit provisions imposing contingent liability in all its policies currently issued upon receiving written approval by the Commissioner. The Commissioner shall revoke the authority of a domestic mutual insurer to issue policies without contingent liability at any time the insurer's assets are less than the sum of its liabilities and the surplus required for the authority or if the insurer, by resolution of the board of directors approved by a majority of its members present and voting in person or by proxy at a meeting called for that purpose, requests that the authority be revoked.   A foreign or alien mutual insurer may issue nonassessable policies to its members in this state pursuant to its articles of incorporation and the laws of its domicile.    (Code 1933, § 56-1530, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-72 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-72. Reinsurance of Risks

  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 transact a similar class of insurance business in this state and transfer to the company assuming such risks all or such of its assets, reserves, liabilities, and obligations of every character as the agreement approved by the Commissioner shall provide.   This Code section shall not prevent a domestic mutual company from reinsuring any risks or fractional parts thereof not situated in this state in any company licensed by the state in which such risks are located.    (Code 1933, § 56-1539, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 44 Am. Jur. 2d, Insurance, § 1812.   C.J.S.   - 46A C.J.S., Insurance, § 2077 et seq.   ALR.    - Effect of reinsurance of life policy as modifying the amount of liability upon death of insured, 25 A.L.R. 1535.    Who may enforce liability of reinsurer, 103 A.L.R. 1485.   Who may enforce liability of reinsurer, 87 A.L.R.6th 319.
GA Code § 33-14-73 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-73. Dividends Payable Only Out of Net Realized Savings and Earnings

  The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out of that part of its surplus funds which represent net realized savings and net realized earnings from its business.   A dividend otherwise proper may be payable out of the savings and earnings even though the insurer's total surplus is then less than the aggregate of its contributed surplus.    (Code 1933, § 56-1524, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 79 et seq.   C.J.S.   - 44 C.J.S., Insurance, §§ 180 et seq., 196 et seq.   ALR.    - Apportionment of divisible surplus of insurance company between different policies, 108 A.L.R. 1212.
GA Code § 33-14-74 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-74. Liability of Directors for Declaration or Payment of Illegal Dividend

 Any director of a domestic mutual insurer who willfully and with knowledge votes for or concurs in a declaration or payment of a dividend which reduces surplus below the minimum required surplus shall be guilty of a misdemeanor and shall be jointly and severally liable, together with other such directors likewise voting for or concurring in willfully and with knowledge, for any loss thereby sustained by the insurer.   (Code 1933, § 56-1526, enacted by Ga. L. 1960, p. 289, § 1.)   Cross references.   - Punishment for misdemeanors generally, § 17-10-3.
GA Code § 33-14-75 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-75. Procedure for Merger or Consolidation

  Upon complying with the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit except as provided in subsection (c) of this Code section, any domestic mutual insurer is authorized to merge or consolidate with any domestic company or with any foreign or alien company if such merger or consolidation is authorized by the laws of the state or country under which such foreign or alien company is incorporated or organized.   The plan and agreement for merger or consolidation shall be submitted to and approved by at least two-thirds of the members of each mutual insurer involved voting on the merger or consolidation in person or by proxy at meetings called for the purpose pursuant to ten days' notice and such procedure as has been approved by the Commissioner. If a life insurer, right to vote may be limited to members whose policies are other than term or group policies and have been in effect for more than one year as the bylaws may provide.   No merger or consolidation shall be effectuated unless in advance thereof the plan and agreement therefor have been filed with the Commissioner and approved by him in writing. The Commissioner shall give his approval within 60 days after the filing unless he finds such plan or agreement:   Is inequitable to the policyholders or any domestic insurer involved; or   Would substantially reduce the security of and service to be rendered to policyholders of the domestic insurer in this state and elsewhere.     If the Commissioner does not approve the plan or agreement he shall so notify the insurers in writing specifying his reasons for disapproving the merger or consolidation.    (Code 1933, § 56-1535, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1992, p. 6, § 33.)   Cross references.   - Merger and share exchange of business corporations generally, § 14-2-1101 et seq.    Merger or consolidation of Secretary of State corporations, § 14-4-140 et seq.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 69.   C.J.S.   - 44 C.J.S., Insurance, § 202 et seq.
GA Code § 33-14-77 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-77. Distribution of Assets to Members Upon Liquidation of Insurers Generally; Calculation of Distributive Shares of Members

  Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed surplus, if any, and expenses of administration shall be distributed to existing persons who were its members at any time within 12 months immediately preceding the date such liquidation was authorized or ordered or the date of last termination of the insurer's certificate of authority, whichever date is the earlier; except that if the Commissioner has reason to believe that those in charge of the management of the insurer have caused or encouraged the reduction of the members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in distribution of the insurer's assets, he may enlarge the 12 month qualification period provided for in this subsection by any additional period as he may deem to be reasonable.   The distributive share of each such member shall be in the proportion that the aggregate premiums earned by the insurer on the policies of the member during the combined periods of his membership bear to the aggregate of all premiums earned on the policies of all members. The insurer may and if a life insurer shall make reasonable classifications of its policies held by members and make a formula based upon the classification for determining the equitable distributive shares of each member. Such classification and formula shall be subject to the approval of the Commissioner.    (Code 1933, § 56-1541, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 99 et seq.   C.J.S.   - 44 C.J.S., Insurance, § 212.
GA Code § 33-14-90 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-90. "Equity Security" Defined

 As used in this article, "equity security" means any stock or similar security; any security convertible, with or without consideration, into such a security or carrying any warrant or right to subscribe to or purchase such a security; any such warrant or right; or any other security which the Commissioner shall deem to be of similar nature and consider necessary or appropriate, by any rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security.   (Code 1933, § 56-1606, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-91 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-91. Filing of Statements of Equity Securities Ownership

 Every person who is directly or indirectly the beneficial owner of more than 10 percent of any class of any equity security of a domestic stock insurer or who is a director or an officer of such insurer shall file in the office of the Commissioner within ten days after the person becomes the beneficial owner, director, or officer a statement in such form as the Commissioner may prescribe of the amount of all equity securities of the insurer of which the person is the beneficial owner; and within ten days after the close of each calendar month after the person becomes the beneficial owner, director, or officer, if there has been a change in such ownership during such month, the person shall file in the office of the Commissioner a statement in such form as the Commissioner may prescribe indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during that calendar month.   (Code 1933, § 56-1601, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-92 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-92. Authorization of Actions to Recover for Insurer Profits From Purchases and Sales, or Sale and Purchase, Within Period of Less Than Six Months

 For the purpose of preventing the unfair use of information which may have been obtained by a beneficial owner, director, or officer by reason of his relationship to an insurer, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of the insurer within any period of less than six months, unless the security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the insurer irrespective of any intention on the part of the beneficial owner, director, or officer in entering into the transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six months. An action to recover such profit may be instituted in any court of competent jurisdiction by the insurer or by the owner of any security of the insurer in the name and in behalf of the insurer if the insurer shall fail or refuse to bring an action within 60 days after request or shall fail diligently to prosecute the same thereafter; but no action shall be brought more than two years after the date the profit was realized. This Code section shall not be construed to cover any transaction in which the beneficial owner was not such both at the time of the purchase and sale, or the sale and purchase, of the security involved or any transaction or transactions which the Commissioner by rules and regulations may exempt as not comprehended within the purpose of this Code section.   (Code 1933, § 56-1602, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-93 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-93. Unlawful Sales of Securities

 It shall be unlawful for any beneficial owner, director, or officer directly or indirectly to sell any equity security of such insurer if the person selling the security or his principal:    Does not own the security sold;   If owning the security, does not deliver it against such sale within 20 days thereafter; or   Does not within five days after the sale deposit it in the mails or other usual channels of transportation;  but no person shall be deemed to have violated this Code section if he proves that notwithstanding the exercise of good faith he was unable to make the delivery or deposit within that time or that to do so would cause undue inconvenience or expense.     (Code 1933, § 56-1603, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-94 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-94. Sales by Dealers in Ordinary Course of Business and Incident to Establishment or Maintenance of Primary or Secondary Market Exempted From Article

 Code Section 33-14-92 shall not apply to any purchase and sale, or sale and purchase, and Code Section 33-14-93 shall not apply to any sale of an equity security of a domestic stock insurer not then or theretofore held by him in an investment account by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market otherwise than on an exchange as defined in the Securities Exchange Act of 1934 for such security. The Commissioner may by any rules and regulations as he deems necessary or appropriate in the public interest define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.   (Code 1933, § 56-1604, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-95 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-95. Foreign or Domestic Arbitrage Transactions Exempted From Article

 Code Sections 33-14-91 through 33-14-93 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of any rules and regulations as the Commissioner may adopt in order to carry out the purposes of this article.   (Code 1933, § 56-1605, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-96 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-96. Transactions in Securities Registered Under Section 12 of Securities Exchange Act of 1934 Exempted From Article

 Code Sections 33-14-91 through 33-14-93 shall not apply to equity securities of a domestic stock insurer if the securities shall be registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.   (Code 1933, § 56-1607, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-97 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 4 - Insider Trading of Domestic Stock Insurer Equity Securities|§ 33-14-97. Promulgation of Rules and Regulations by Commissioner; Effect of Rules and Regulations Upon Liability Under Code Sections 33-14-91 Through 33-14-93

  The Commissioner shall have the power to make any reasonable rules and regulations as may be necessary for the execution of the functions vested in him by this article and may for that purpose classify domestic stock insurers, securities, and other persons or matters within his jurisdiction.   No provision of Code Sections 33-14-91 through 33-14-93 imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the Commissioner notwithstanding that the rule or regulation may after the act or omission be amended or rescinded or determined by judicial or other authority to be invalid for any reason.    (Code 1933, § 56-1608, enacted by Ga. L. 1965, p. 378, § 3.)
GA Code § 33-14-100 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 5 - Limited Purpose Subsidiary Insurance Companies|§ 33-14-100. Definitions

 As used in this article, the term:    "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.   "Organizing domestic reinsurer" means a domestic life, accident, and sickness reinsurer that organizes a limited purpose subsidiary under this article.   "Reinsurer" means an insurer that:   Is principally engaged in the business of reinsurance;   Does not conduct a significant amount of direct insurance as a percentage of the insurer's net premiums; and   Is not engaged on an ongoing basis in the business of soliciting direct insurance.     "Risk" means a risk that is associated with an insurance policy or annuity that is assumed by an organizing domestic reinsurer and for which the organizing domestic reinsurer is required to hold statutory reserves for the policy or annuity.     (Code 1981, §33-14-100, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)
GA Code § 33-14-101 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 5 - Limited Purpose Subsidiary Insurance Companies|§ 33-14-101. Authorization to Organize Domestic Limited Purpose Subsidiary

 A domestic life, accident, and sickness reinsurer may organize a domestic limited purpose subsidiary pursuant to the provisions of this article.    (Code 1981, §33-14-101, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)
GA Code § 33-14-102 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 5 - Limited Purpose Subsidiary Insurance Companies|§ 33-14-102. Approval of Operation Plan and Certificate of Authority Requirements; Certain Disclosure Requirements; Examination by Commissioner

  Before assuming risk under a reinsurance agreement, a limited purpose subsidiary must:   Obtain from the Commissioner approval of the limited purpose subsidiary's plan of operation; and   Be granted a certificate of authority to engage in the business of reinsurance in Georgia.     A limited purpose subsidiary shall produce or disclose in its plan of operation, amendments, and records, books, documents, reports, and other information that the Commissioner requires the limited purpose subsidiary to produce or disclose under:   This article;   Rules adopted pursuant to this article; or   An order pursuant to an examination performed in accordance with the provisions of Chapter 2 of this title.     The Commissioner shall examine domestic limited purpose subsidiaries pursuant to Code Section 33-2-11.     (Code 1981, §33-14-102, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)
GA Code § 33-14-103 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 5 - Limited Purpose Subsidiary Insurance Companies|§ 33-14-103. Powers of Limited Purpose Subsidiary

 A limited purpose subsidiary that is granted a certificate of authority by the Commissioner under this article:    Is wholly owned by the organizing domestic reinsurer;   Is authorized to engage in the business of reinsurance only for the lines of insurance for which the organizing domestic reinsurer is authorized;   May reinsure only risks of the organizing domestic reinsurer; and   May access alternative forms of financing.     (Code 1981, §33-14-103, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)
GA Code § 33-14-104 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 5 - Limited Purpose Subsidiary Insurance Companies|§ 33-14-104. Investment of Funds

 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.    (Code 1981, §33-14-104, enacted by Ga. L. 2011, p. 446, § 1/HB 341.)