reglab/housing_qa huggingface dataset:
GA Code § 33-11-32 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-32. Limitation on Investments Pursuant to Code Sections 33-11-30 or 33-11-31

 No investment in real property shall be made by any insurer pursuant to Code Section 33-11-30 or 33-11-31 which will cause the insurer's investment in all real property owned or held by it directly or indirectly to exceed 25 percent of its admitted assets.   (Code 1933, § 56-1031, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)   OPINIONS OF THE ATTORNEY GENERAL   Foreign insurer's investments not limited.    - The "quality" clause of former Code 1933, § 56-1036 (see O.C.G.A. § 33-11-42(a)) does not limit a foreign insurer's investments to only those investments specifically permitted for domestic insurers under former Code 1933, §§ 56-1028 through 56-1031 (see O.C.G.A. §§ 33-11-29 through33-11-32). 1970 Op. Att'y Gen. No. 70-180.
GA Code § 33-11-33 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-33. Prohibited Investments; Underwriting of Offering of Securities or Property by Other Persons

  In addition to investments excluded pursuant to other provisions of this title, an insurer shall not directly or indirectly invest in or lend its funds upon the security of:   Any investment or security which is found by the Commissioner to be designed to evade any prohibition of this title;   Issued shares of its own capital stock, except for the purpose of mutualization under Chapter 14 of this title or in connection with a plan approved by the Commissioner for purchase of the shares by the insurer's employees or agents;   Except with the advance consent of the Commissioner, securities issued by any corporation or enterprise the controlling interest of which is, or will after acquisition by the insurer be, held directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries, or controlling stockholders. Investments in subsidiaries, to the extent otherwise authorized by this article, shall not be subject to this provision; or   Any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer.     No insurer shall underwrite or participate in the underwriting of an offering of securities or property by any other person.    (Code 1933, § 56-1035, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, §§ 5, 6; Ga. L. 2000, p. 136, § 33.)   OPINIONS OF THE ATTORNEY GENERAL   Loans to parent corporation.    - A domestic insurance company is prohibited under paragraph (a)(4) of O.C.G.A. § 33-11-33 from loaning funds to a parent corporation which is the controlling stockholder of the domestic insurance company, when that debt is secured by any note or other evidence of indebtedness issued by the controlling stockholder-parent corporation. 1990 Op. Att'y Gen. No. 90-34.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 58.
GA Code § 33-11-34 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-34. Separate Accounts for Funds Received in Connection With Pension, Retirement, and Profit-Sharing Plans; Investment of Funds; Issuance of Contracts

 Reserved. Repealed by Ga. L. 1999, p. 592, § 9, effective January 1, 2000.   Editor's notes.   - This Code section was based on Code 1933, § 56-1038, enacted by Ga. L. 1966, p. 57, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1989, p. 1120, § 1.
GA Code § 33-11-35 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-35. Separate Accounts for Variable Annuity Contracts; Investment of Funds; Issuance and Sale of Contracts

 Reserved. Repealed by Ga. L. 1999, p. 592, § 10, effective January 1, 2000.   Editor's notes.   - This Code section was based on Code 1933, § 56-1040, enacted by Ga. L. 1969, p. 723, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1983, p. 3, § 24; Ga. L. 1984, p. 22, § 33; Ga. L. 1985, p. 149, § 33; Ga. L. 1992, p. 6, § 33.
GA Code § 33-11-36 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-36. Separate Accounts for Variable Life Insurance Policies; Investment of Funds; Issuance and Sale of Policies

 Reserved. Repealed by Ga. L. 1999, p. 592, § 11, effective January 1, 2000.   Editor's notes.   - This Code section was based on Code 1933, § 56-1042, enacted by Ga. L. 1978, p. 1639, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 1982, p. 1199, § 6; Ga. L. 1983, p. 3, § 24; Ga. L. 1984, p. 22, § 33; Ga. L. 1985, p. 149, § 33; Ga. L. 1992, p. 6, § 33.
GA Code § 33-11-38 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-38. Authority of Insurers to Convey Property or Securities in Which Moneys or Assets Invested or Upon Which Loans Made

 Insurance companies organized and doing business by virtue of the laws of this state may sell, assign, transfer, and convey, either with or without warranty, or either with or without recourse upon it, as it may prefer, any real estate, personal property, bond, note, mortgage, deed of trust, deed to secure debt, or other form of property or securities in which it may have invested its money or its assets or on which it may have made loans as allowed by law and may also buy and sell any realty that may be necessary for the protection of any loan such insurance company may lawfully make.   (Code 1933, § 56-1024, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)
GA Code § 33-11-39 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-39. Time Limit for Disposal by Insurer of Real Estate

  Except as provided in subsection (d) of this Code section, an insurer shall dispose of real property within time limits as follows:   If acquired under paragraph (1) of subsection (a) of Code Section 33-11-29 or Code Section 33-11-31, the insurer shall sell the property within five years after it ceased to be used or to be necessary for the purposes stated in paragraph (1) of subsection (a) of Code Section 33-11-29 or Code Section 33-11-31;   If acquired under paragraph (2), (3), or (4) of subsection (a) of Code Section 33-11-29, the insurer shall sell the property within five years after the insurer acquired title to the property;   If acquired under paragraph (5) of subsection (a) of Code Section 33-11-29, the insurer shall sell the property within five years after the date of acquisition by the insurer of the real property the marketability or sales price of which was so enhanced; and   If acquired under Code Section 33-11-30, the insurer shall within five years after the termination or expiration of the lease sell the property or re-lease the property for an additional term under the same conditions provided for in Code Section 33-11-30 as for an original leasing.     Any real property otherwise subject to disposal under paragraphs (2) through (4) of subsection (a) of this Code section may be retained by the insurer for home office or branch office purposes for so long as so used, provided that retention of the real property is in compliance with any other provisions of this article applicable to the home office and branch office property (real property leasing).   Any real property otherwise subject to disposal under paragraph (1), (2), or (3) of subsection (a) of this Code section may be retained by the insurer for leasing under Code Section 33-11-30 for so long as so used and subject to provisions otherwise applicable to such real property for leasing.   Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale of such real property, the Commissioner may by certificate grant a reasonable additional period, as specified in the certificate, within which the insurer shall dispose of any particular parcel of real property.   Nothing contained in this Code section shall prevent any insurer from improving or conveying its real property, notwithstanding the lapse of five years without having procured a certificate from the Commissioner.    (Code 1933, § 56-1032, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1987, p. 3, § 33; Ga. L. 1999, p. 592, §§ 5, 6.)
GA Code § 33-11-40 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-40. Time Limit for Disposal by Insurer of Personal Property or Securities Deemed Unauthorized Investments

 Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three years from date of acquisition unless within that period the security has attained to the standard of eligibility. However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for the reinsurance, merger, or consolidation as approved by the Commissioner under Chapter 14 of this title. Upon application by the insurer and proof that forced sale of any of the property or security would materially injure the interests of the insurer, the Commissioner may extend the disposal period for an additional reasonable time.   (Code 1933, § 56-1033, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)
GA Code § 33-11-41 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-41. Effect of Failure of Insurer to Dispose of Real Estate, Personal Property, or Securities

  Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section 33-11-39 or 33-11-40, shall not be allowed as an asset of the insurer.   The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify.    (Code 1933, § 56-1034, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)
GA Code § 33-11-42 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-42. Investments of Foreign and Alien Insurers; Place of Domicile

  The investments of foreign and alien insurers shall be as permitted by the laws of their domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers.   For the purposes of this Code section the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Commissioner at time of admission to this state and may be any one of the following states:   This state if the insurer is entering through this state to transact insurance in the United States through a United States branch;   That in which the insurer was first authorized to transact insurance;   That in which is located the insurer's principal place of business in the United States; or   That in which is held the larger deposits of trusteed assets of the insurer for the protection of its policyholders and creditors in the United States.     If the insurer makes no such designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.   In the case of the insurer formed under the laws of Canada or a province of Canada, its domicile shall be deemed to be that province in which its head office is situated.    (Code 1933, § 56-1036, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 584, § 5; Ga. L. 1999, p. 592, §§ 5, 6.)   OPINIONS OF THE ATTORNEY GENERAL   Section gives Commissioner discretion in evaluating deposits by foreign and alien insurers.    - Former Code 1933, § 56-1036 (see O.C.G.A. § 33-11-42) vests in the Insurance Commissioner the discretionary determination whether securities deposited in this state by foreign or alien insurers are "of a quality substantially as high" as those required of domestic insurers under former Code 1933, § 56-309 (see O.C.G.A. § 33-3-8), as construed in conjunction with former Code 1933, § 56-1002(2) (see O.C.G.A. § 33-11-2), and this is true even though such securities may not meet the specific qualitative restrictions contained in this title, provided such securities are authorized by the law of the insurer's domicile. 1971 Op. Att'y Gen. No. 71-170.   Foreign insurers not limited to specific real estate investments permitted domestic insurers.    - The "quality" clause of subsection (a) of former Code 1933, § 56-1036 (see O.C.G.A. § 33-11-42) did not limit a foreign insurer's investments to only those investments specifically permitted for domestic insurers under former Code 1933, §§ 56-1028 through 56-1031 (see O.C.G.A. §§ 33-11-29 through33-11-32). 1970 Op. Att'y Gen. No. 70-180.
GA Code § 33-11-43 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-43. Compliance With Secondary Mortgage Market Enhancement Act

 Notwithstanding any provision of the federal Secondary Mortgage Market Enhancement Act of 1984, 15 U.S.C. Section 77r-1, to the contrary, any insurer subject to the provisions of this title shall comply with all provisions, restrictions, and limitations concerning investments provided in this article.    (Code 1981, §33-11-43, enacted by Ga. L. 1991, p. 1424, § 4; Ga. L. 1999, p. 592, §§ 5, 6.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 2000, "of 1984" was inserted following "Enhancement Act".   Editor's notes.   - Ga. L. 1991, p. 1424, § 9, not codified by the General Assembly, contained inconsistencies in references to the sections of the bill due to differences in the section numbers contained in the Senate version of the bill and the final version of the bill. Subsection (c) of Section 9 refers to Code Sections 33-13-3.1 and 33-13-5 in the Senate version of Ga. L. 1991, p. 1424.   Ga. L. 1991, p. 1424, § 9(c), not codified by the General Assembly, provides that this Code section is applicable to transactions between affiliates or subsidiaries taking place on or after July 1, 1991.   Law reviews.   - For note on 1991 enactment of this Code section, see 8 Ga. St. U.L. Rev. 89 (1992).
GA Code § 33-11-50 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-50. Legislative Purpose; Application of Article; Separate Accounts

  The purpose of this article is to protect and to further the interests of insureds, creditors, and the general public. This objective will be met by the establishment of:   Prudent standards by which an insurer shall develop its investment policy and investment portfolio;   A minimum financial security benchmark and a minimum asset requirement, each of which shall be supported by classes of investments and, as applicable, noninvested assets, described in this article;   A level of investment discretion whereby the regulation of an insurer's investment practices has minimum interference with management initiative and judgment; and   A prescribed process for actions by the Commissioner to address situations where an insurer's investment policy or investment portfolio is not prudent under prevailing circumstances.     This article and the regulations adopted to interpret and implement it shall apply only to domestic life, accident and sickness, property, and casualty insurers licensed pursuant to Code Section 33-3-2 to transact the classes of business described in paragraphs (1) through (5) of Code Section 33-3-5 and United States branches of similar alien insurers entered through this state if such entry is otherwise permitted by law.   Separate accounts established in accordance with Code Sections 33-11-65 through 33-11-67 shall be governed pursuant to those Code sections.     (Code 1981, §33-11-50, enacted by Ga. L. 1999, p. 592, § 12.)
GA Code § 33-11-53 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-53. Factors to Be Considered in Determining Prudence

 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's investment portfolio or investment policy is not prudent:    General economic conditions;   The possible effect of inflation or deflation;   The expected tax consequences of investment decisions or strategies;   The fairness and reasonableness of the terms of an investment considering its probable risk and reward characteristics and relationship to the investment portfolio as a whole;   The extent of the diversification of the insurer's investments among:   Individual investments;   Classes of investments;   Industry concentrations;   Dates of maturity; and   Geographic areas;     The quality and liquidity of investments in affiliates;   The investment exposure to the following risks, quantified in a manner consistent with the insurer's acceptable risk level appropriate for the insurer given the level of capitalization and expertise available to the insurer:   Liquidity;   Credit and default;   Systemic (market);   Interest rate;   Call, prepayment, and extension;   Currency; and   Foreign sovereign, political subdivision, and corporate;     The amount of the insurer's assets, capital and surplus, premium writings, insurance in force, and other appropriate characteristics;   The amount and adequacy of the insurer's reported liabilities;   The relationship of the expected cash flows of the insurer's assets and liabilities and the risk of adverse changes in the insurer's assets and liabilities;   The adequacy of the insurer's capital and surplus to secure the risks and liabilities of the insurer; and   Any other factors appropriate for consideration and relevant to whether an investment is prudent.     (Code 1981, §33-11-53, enacted by Ga. L. 1999, p. 592, § 12.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, a comma was inserted following "prepayment" in subparagraph (7)(E) and a comma was deleted following "liabilities" in paragraph (10).
GA Code § 33-11-54 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-54. Written Plan and Policy; Duty of Board of Directors

  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 strategies intended to assure that the investments and investment practices are appropriate for the business conducted by the insurer, its liquidity needs, and its capital and surplus. The board shall review and assess the insurer's technical investment and administrative capabilities and expertise before adopting a written plan concerning an investment strategy or investment practice.   Investments acquired and held under this article shall be acquired and held under the supervision and direction of the board of directors of the insurer. The board of directors shall evidence by formal resolution, at least annually, that it has determined whether all investments have been made in accordance with delegations, standards, limitations, and investment objectives prescribed by the board or a committee of the board charged with the responsibility to direct its investments.   On no less than a quarterly basis, and more often if deemed appropriate, an insurer's board of directors or committee of the board of directors shall:   Receive and review a summary report on the insurer's investment portfolio, its investment activities, and investment practices engaged in under delegated authority, in order to determine whether the investment activity of the insurer is consistent with its written plan; and   Review and revise, as appropriate, the written plan.     In discharging its duties under this Code section, the board of directors shall require that records of any authorizations or approvals, other documentation as the board may require, and reports of any action taken under authority delegated under the plan referred to in subsection (a) of this Code section shall be made available on a regular basis to the board of directors.   If an insurer does not have a board of directors, all references to the board of directors in this article shall be deemed to be references to the governing body of the insurer having authority equivalent to that of a board of directors.   In discharging their duties under this Code section, the directors of an insurer shall perform their duties to the same degree required by Code Section 14-2-830.     (Code 1981, §33-11-54, enacted by Ga. L. 1999, p. 592, § 12.)
GA Code § 33-11-59 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-59. Obligations in Different Currencies

 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's obligations in each currency. The Commissioner may by order exempt an insurer, or by regulation a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values.    (Code 1981, §33-11-59, enacted by Ga. L. 1999, p. 592, § 12.)
GA Code § 33-11-60 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers|§ 33-11-60. Prohibited Investments and Activities

 In addition to investments excluded or prohibited pursuant to other provisions of this article, an insurer shall not, directly or indirectly:    Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this article; or   Invest in or lend its funds upon the security of shares of its own stock, except that an insurer may acquire shares of its own stock for the following purposes, but the shares shall not be admitted assets of the insurer:   Conversion of a stock insurer into a mutual or reciprocal insurer or a mutual or reciprocal insurer into a stock insurer;   Issuance to the insurer's officers, employees, or agents in connection with a plan approved by the Commissioner for converting a publicly held insurer into a privately held insurer or in connection with other stock option and employee benefit plans; or   In accordance with any other plan approved by the Commissioner.       (Code 1981, §33-11-60, enacted by Ga. L. 1999, p. 592, § 12.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1999, a comma was inserted following "employees" in subparagraph (2)(B).