GA Code § 33-14-61 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-61. Types of Insurance in Which Newly Organized Insurers Authorized to Transact Business; Requirements as to Transaction of Particular Kinds of Insurance Generally

  When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule contained in subsection (b) of this Code section and as limited in Code Section 33-3-5.   When applying for an original certificate of authority, the insurer must be otherwise qualified therefor under this title, and must have received and accepted bona fide applications as to substantial insurable subjects for insurance coverage of a substantial character of the kind of insurance proposed to be transacted, must have collected in cash and full premium therefor at rates meeting the requirements of Chapter 9 of this title, if a property and casualty company must have surplus funds on hand as of the date the insurance coverages are to become effective, or, in lieu of such applications, premiums, and surplus, may deposit surplus, all in accordance with that part of the following schedule which applies to the kind of insurance the insurer proposes to transact:   The provisos listed in this subsection are respectively applicable to the schedule and provisions set out in subsection (b) of this Code section as indicated by like Roman numerals which appear in such schedule:    (A) (B) (C) (D) (E) (F) (G) (H) Kind of Min. Min. Mini- Min. Max. Minimum Deposit Insurance No. of No. of mum Amt. Amt. Surplus of Appli- Sub- Prem- Ins. Ins. Funds Surplus cants jects iums Each Each (VI) (VI) Ac- Cov- Coll. Subject Subject cepted ered (V) (I) Life 500 500 Ann. $1,000 $ 2,500 $3 million $3 million (II) Accident & Sickness 500 500 Quar. 10 (Weekly Indem.) 25 (Weekly Indem.) 3 million 3 million (III) Property 100 250 Ann. 1,000 3,000 3 million 3 million (IV) Casualty 250 500 Ann. 1,000 10,000 3 million 3 million Casualty with Workers' Compensation 250 1,500 Quar. 1,000 Statutor y 3 million 3 million   All applicants must be bona fide residents of this state; and no group insurance or term policies for terms of less than 20 years shall be included;   All applicants must be bona fide residents of this state. No group or blanket plans of insurance shall be included. In lieu of weekly indemnity a like premium value in medical, surgical, and hospital benefits may be provided;   Only insurance of the owner's interest in real property situated in this state may be included;   The policy must include insurance of legal liability for bodily injury and property damage to which the maximum and minimum insured amounts apply. All applicants must be bona fide residents of this state;   The maximums provided for in column (F) are net after deducting applicable reinsurance; and   The deposit of surplus in the amount specified in columns (G) and (H) must thereafter be maintained unimpaired. The deposit is subject to Chapter 12 of this title.   (Code 1933, § 56-1510, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1984, p. 1080, § 3; Ga. L. 1985, p. 149, § 33; Ga. L. 1990, p. 1275, § 5; Ga. L. 1991, p. 94, § 33.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, "Max. Amt." was substituted for "Max Amt." in the heading for column (F) in the chart set forth in subsection (b), and "20" was substituted for "twenty" in division (I) of subsection (c).   Editor's notes.   - Ga. L. 1990, p. 1275, § 7, not codified by the General Assembly, provided that the 1990 amendment was effective for the purposes of application to new or newly admitted insurers on January 1, 1991, and effective for all purposes on July 1, 1992.   OPINIONS OF THE ATTORNEY GENERAL   Requirements for fire insurer to write "homeowner" policies.    - Before a company presently writing fire insurance can be authorized to issue "homeowner" policies, it would be required to meet the surplus requirements of this section, that is, $200,000.00 (now $ 3 million) for each class of insurance written; and the deposit requirements of former Code 1933, § 56-309 (see O.C.G.A. § 33-3-8), that is, $100,000.00 for one class and $25,000.00 for each additional class of insurance written. 1960-61 Op. Att'y Gen. p. 274.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, §§ 31, 34.   C.J.S.   - 44 C.J.S., Insurance, § 11et seq.