reglab/housing_qa huggingface dataset:
GA Code § 33-14-40 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-40. Reinsurance of Risks Generally; Bulk Insurance Agreements

  A domestic stock insurer may accept reinsurance for the same kinds of insurance and within the same limits as it is authorized to transact direct insurance unless such reinsurance is prohibited by its charter.   A domestic stock insurer may reinsure all or substantially all of its business in force or substantially all of a major class thereof with another insurer by an agreement of bulk insurance; but the agreement shall not become effective unless filed with and approved in writing by the Commissioner.   The Commissioner shall approve agreements of bulk insurance within 60 days after their filing unless he finds that it is inequitable to the stockholders of the domestic insurer or would substantially reduce the protection or service to its policyholders. If the Commissioner does not approve the agreement, he shall so notify the insurer in writing specifying his reasons therefor.    (Code 1933, § 56-1538, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 44 Am. Jur. 2d, Insurance, § 1818.   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 § 33-14-41 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-41. Dividends Payable Only Out of Realized Profits or Upon Special Approval of Commissioner

  As used in this Code section, the term "unassigned surplus" means, with respect to a stock insurer, undistributed, accumulated surplus, including net income and unrealized gains, since the organization of such insurer.   A domestic stock insurer may pay dividends to its stockholders only out of unassigned surplus or upon special approval of the Commissioner upon the terms and conditions set out in subsection (c) of this Code section.   Notwithstanding any other provision of the law, a domestic stock insurer may, conditioned upon receipt of the Commissioner's approval, declare a dividend from other than unassigned surplus; provided, however, that such declaration shall confer no rights upon the security holders of such insurer and such insurer may not pay such dividend until the Commissioner has:   Approved the payment of such dividend; or   Not disapproved the payment of such dividend within 30 days after receipt of notice from such insurer of the declaration thereof.      (Code 1933, § 56-1523, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1965, p. 483, § 1; Ga. L. 1993, p. 625, § 3.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1993, "accumulated surplus" was substituted for "accumulated, surplus" in subsection (a) and "30 days" was substituted for "thirty days" in paragraph (c)(2).   OPINIONS OF THE ATTORNEY GENERAL    This section does not relate to "stock dividends."  1963-65 Op. Att'y Gen. p. 205.   RESEARCH REFERENCES   ALR.    - Apportionment of divisible surplus of insurance company between different policies, 108 A.L.R. 1212.
GA Code § 33-14-42 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-42. Illegal Dividends

  Any director of a domestic stock insurer who votes for or concurs in declaration or payment of an illegal dividend to stockholders shall upon conviction thereof be guilty of a misdemeanor and shall be jointly and severally liable together with other such directors for any loss thereby sustained by the insurer.   The stockholders receiving such an illegal dividend shall be liable in the amount thereof to the insurer.   The Commissioner may revoke or suspend the certificate of authority of an insurer which has declared or paid an illegal dividend.    (Code 1933, § 56-1525, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   C.J.S.   - 18 C.J.S., Corporations, § 371 et seq.   44 C.J.S., Insurance, §§ 180, 196, 199.   45 C.J.S., Insurance, § 695.   ALR.    - Apportionment of divisible surplus of insurance company between different policies, 108 A.L.R. 1212.
GA Code § 33-14-43 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-43. Authorization and Procedure for Merger or Consolidation; Receipt of Consideration by Directors, Officers, Agents, or Employees; Formation of Domestic Insurance Company for Sole Purpose of Merging or Consolidating With Existing Domestic Insurer

  A domestic stock insurer may merge or consolidate with one or more domestic, alien, or foreign stock corporations by complying with the applicable laws of this state governing the merger or consolidation of stock corporations formed for profit and Code Sections 33-14-5 and 33-14-6.   No director, officer, agent, or employee of any insurer party to such merger or consolidation shall receive any fee, commission, compensation, or other valuable consideration whatsoever for or in any manner aiding, promoting, or assisting therein except as set forth in the plan or agreement.   The Commissioner may permit the formation of a domestic insurance company that is established for the sole purpose of merging or consolidating with an existing domestic insurer simultaneously with a division authorized by Article 6 of this chapter. Upon request of the dividing insurer, as defined in Code Section 33-14-120, the Commissioner may waive the requirements of subsection (a) of this Code section, Code Section 33-3-15, and Chapter 13 of this title. Each insurer formed under this subsection shall be deemed to exist before a merger and division under this Code section becomes effective, but solely for the purpose of being a party to such merger and division. The Commissioner shall not require that such insurer be licensed to transact insurance business in this state before such merger and division. All insurance policies, annuities, or reinsurance agreements allocated to such insurer shall become the obligation of the insurer that survives the merger simultaneously with the effectiveness of the merger and division. The plan of merger shall be deemed to have been approved by such insurer if the dividing insurer approved such plan. The certificate of merger shall state that it was approved by the insurer formed under this subsection.    (Code 1933, § 56-1534, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 2019, p. 474, § 3/SB 156.)    The 2019 amendment,  effective July 1, 2019, added subsection (c).   OPINIONS OF THE ATTORNEY GENERAL   Compliance required only if at least one of companies is domestic.    - This section insofar as it requires compliance with former Code 1933, §§ 56-1505 and 56-1506 (see O.C.G.A. §§ 33-14-5 and33-14-6), can apply only where there is a merger of two domestic insurance companies or a merger of a domestic insurance company and a foreign insurance company, with the survivor being a Georgia company. 1963-65 Op. Att'y Gen. p. 19.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 62.   C.J.S.   - 44 C.J.S., Insurance, § 202 et seq.
GA Code § 33-14-44 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-44. Authorization and Procedure for Conversion of Stock Insurer to Mutual Insurer

  A domestic stock insurer certified to issue only those kinds of insurance which domestic mutual insurers are authorized to issue under this title may become a domestic mutual insurer pursuant to such plan and procedure as may be approved in advance by the Commissioner.   The Commissioner shall not approve any such plan or procedure unless:   It is equitable to stockholders and policyholders;   It is subject to approval by the holders of not less than three-fourths of the insurer's outstanding capital stock having voting rights and by not less than two-thirds of the insurer's policyholders who vote on the plan in person, by proxy, or by mail pursuant to such notice and procedure as may be approved by the Commissioner;   If a life insurer, the right to vote on such plan is limited as provided in the bylaws;   Mutualization will result in retirement of shares of the insurer's capital stock at a price not in excess of the fair market value of the insurer's capital stock as determined by competent disinterested appraisers;   The plan provides for the purchase of the shares of any nonconsenting stockholder in the same manner and subject to the same applicable conditions as provided by the general corporation laws of this state as to rights of nonconsenting stockholders with respect to consolidation or merger of private corporations;   The plan provides for definite conditions to be fulfilled by a designated early date upon which the mutualization will be deemed effective; and   The mutualization leaves the insurer with surplus funds reasonably adequate for the security of its policyholders and to enable it to continue successfully in business in the states in which it is then authorized to transact insurance, and for the kinds of insurance included in its certificate of authority in those states.     This Code section shall not apply to mutualization under order of court pursuant to rehabilitation of an insurer under Chapter 37 of this title.    (Code 1933, § 56-1536, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-45 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 2 - Domestic Stock Insurers|§ 33-14-45. Classes of Common or Preferred Shares

 A domestic stock insurer may have one or more classes of common or preferred shares, all of which shall be shares with par value in accordance with paragraph (5) of subsection (b) of Code Section 33-14-4 and any or all of which may, subject to any restrictions of this title, consist of shares with full, limited, multiple, fractional, or no voting rights and such designations, preferences, qualifications, privileges, limitations, redemption provisions (in the case of preferred shares), options, conversion rights, and other special rights as shall be stated in this article.Except as otherwise stated in this article, this title, or other applicable laws, each share shall be equal in all respects to every other share.    (Code 1981, §33-14-45, enacted by Ga. L. 1994, p. 694, § 2.)   Law reviews.   - For note on the 1994 enactment of this Code section, see 11 Ga. St. U.L. Rev. 196 (1994).
GA Code § 33-14-60 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-60. Bylaws

  The initial board of directors of a domestic mutual insurer shall adopt original bylaws subject to the approval of the insurer's members at the next succeeding meeting. The members shall have power to adopt, modify, and revoke bylaws.   The bylaws shall provide:   That each member is entitled to one vote upon each matter coming to a vote at meetings of members or to more votes in accordance with a reasonable classification of members as set forth in the bylaws and based upon the amount of insurance in force, numbers of policies held, upon the amount of the premiums paid by such members, or upon other reasonable factors. A member shall have the right to vote in person or by his written proxy. No such proxy shall be made irrevocable;   For election of directors by the members and for the number, qualifications, terms of office, and powers of directors;   The time, notice, quorum, and conduct of annual and special meetings of members and voting procedures at the meetings. The bylaws may provide that the annual meeting shall be held at a place, date, and time to be set forth in the policy and that no other notice of the meeting shall be required;   The number, designation, election, terms, and powers and duties of the respective corporate officers;   For deposit, custody, disbursement, and accounting for corporate funds; and   For any other reasonable provisions customary, necessary, or convenient for the management or regulation of its corporate affairs and not inconsistent with law.     The insurer shall promptly file with the Commissioner a copy of its bylaws certified by the insurer's secretary or assistant secretary, and of every modification thereof or addition thereto. The Commissioner shall disapprove any bylaw provision deemed by him to be unlawful, unreasonable, inadequate, unfair, or detrimental to the proper interests or protection of the insurer's members of any class of members. The insurer shall not, after receiving written notice of such disapproval and during the existence of the corporation, effectuate any bylaw provision so disapproved.    (Code 1933, § 56-1515, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 68.   C.J.S.   - 44 C.J.S., Insurance, § 184.   ALR.    - Power of mutual benefit society to waive restrictions upon eligibility to membership, 28 A.L.R. 93.
GA Code § 33-14-62 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-62. Authorization of Transaction of Additional Kinds of Insurance

 A domestic mutual insurer formed after January 1, 1961, after being authorized to transact one kind of insurance shall be authorized by the Commissioner to transact such additional kinds of insurance as are permitted under Code Section 33-3-5, while otherwise in compliance with this title and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of this title applicable to such a stock insurer.   (Code 1933, § 56-1517, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-63 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-63. Filing of Surety Bond or Deposit by Incorporators of Proposed Insurer; Conditions of Bond or Deposit; Release and Discharge

  Prior to the solicitation of any applications for insurance pursuant to the requirements for a certificate of authority of a mutual insurer, the incorporators of the proposed insurer shall file with the Commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the state and for the use and benefit of the state and of applicant members and creditors of the corporation. The bond shall be conditioned as follows:   For the prompt return to applicant members of all premiums collected in advance;   For payment of all indebtedness of the corporation; and   For payment of costs incurred by the state in the event of any legal proceedings for liquidation or dissolution of the corporation.  All of the conditions shall become due and payable only in the event the corporation fails to complete its organization and secure a certificate of authority within two years from and after the date of the certificate of incorporation.      In lieu of such bond, the incorporators may deposit with the Commissioner $15,000.00 in cash or United States government bonds negotiable and payable to the bearer, with a market value at all times of not less than $15,000.00, to be held in trust upon the same conditions as required for the bond.   Any such bond filed or deposit made or remaining portion thereof held under this Code section shall be released and discharged upon settlement and termination of all liabilities against it.    (Code 1933, § 56-1511, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-71/SB 132.)    The 2019 amendment,  effective July 1, 2019, substituted "corporation" for "corporations" at the end of paragraph (a)(3).   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, §§ 10, 506.   C.J.S.   - 11 C.J.S., Bonds, § 39.   44 C.J.S., Insurance, § 85.
GA Code § 33-14-64 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-64. Solicitation of Applications for Policies Upon Approval of Bond or Deposit; Provisions and Execution of Applications; Requirement of Cash Premiums

  Upon receipt of the Commissioner's approval of the bond or deposit required by Code Section 33-14-63, the directors and officers of the proposed domestic mutual insurer may commence solicitation of such requisite applications for insurance policies as they may accept and may receive deposits of premiums thereon.   All applications shall be in writing signed by the applicant.   All applications shall provide that:   Issuance of the policy is contingent upon the insurer qualifying for and receiving a certificate of authority; and   No insurance is in effect unless and until the certificate of authority has been issued.     All qualifying premiums collected shall be in cash.    (Code 1933, § 56-1512, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 69.   C.J.S.   - 44 C.J.S., Insurance, § 185 et seq.
GA Code § 33-14-65 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-65. Deposit of Premiums and Fees Collected; Issuance and Delivery of Policies by Insurers; Effective Date of Insurance

  All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance with such corporation shall be deposited in trust in a bank or trust company in this state which is authorized under the laws of this state to act as a depository of state funds and which has its deposits insured by the Federal Deposit Insurance Corporation under a written trust agreement consistent with this Code section. The corporation shall file an executed copy of the trust agreement with the Commissioner.   Upon issuance to the corporation of a certificate of authority as an insurer for the kind of insurance for which the applications were solicited, all funds so held in trust shall become the funds of the insurer and the insurer shall issue and deliver its policies for which premiums have been paid and accepted. The insurance provided by the policies shall be effective as of the date of the certificate of authority.    (Code 1933, § 56-1513, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   C.J.S.   - 44 C.J.S., Insurance, §§ 142 et seq.
GA Code § 33-14-66 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-66. Return of Deposits or Premiums Upon Failure of Proposed Insurer to Complete Organization and Secure Original Certificate of Authority

 If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within two years from and after the date of its incorporation, the corporation shall be dissolved by the Commissioner and the Commissioner shall return or cause to be returned to the persons entitled thereto all advance deposits or payments of premiums held in trust under Code Section 33-14-65.   (Code 1933, § 56-1514, enacted by Ga. L. 1960, p. 289, § 1.)
GA Code § 33-14-67 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-67. Policyholders Deemed Members of Insurers; Persons Entitled to Become Members; Liability Upon Insurance Contracts of Representatives of Members; Rights of Members Generally

  Each policyholder of a domestic mutual insurer other than of a reinsurance contract is a member of the insurer with all rights and obligations of such membership, and the policy shall so specify.   Any person, government, or governmental agency, state or political subdivision thereof, public or private corporation, board, association, firm, estate, trustee, or fiduciary may be a member of a domestic, foreign, or alien mutual insurer. Any officer, stockholder, trustee, or legal representative of any corporation, board, association, or estate may be recognized as acting for or on its behalf for the purpose of membership, and shall not be personally liable upon any contract of insurance for acting in a representative capacity.   Any domestic corporation may participate as a member of a mutual insurer as an incidental purpose for which the corporation is organized and as such is granted the rights and powers expressly conferred.    (Code 1933, § 56-1516, enacted by Ga. L. 1960, p. 289, § 1.)   OPINIONS OF THE ATTORNEY GENERAL   Section does not change restrictions on lending local credit.   - This section cannot be construed to alter or change the restrictions imposed by Ga. Const. 1976, Art. IX, Sec. IV, Para. III (see Ga. Const. 1983, Art. IX, Sec. II, Para. VIII). 1960-61 Op. Att'y Gen. p. 383.   State and its subdivisions may not assume contingent mutual insurance liability.   - The state and its political subdivisions may not insure public property in a mutual company if the insured assumes any contingent liability under the contract. 1945-47 Op. Att'y Gen. p. 371.   Future liability forbidden.   - If, in any way, the state, or any division thereof, taking insurance in a mutual insurance company assumes any future liability, the contract could not be binding upon the state or the division of the state taking the policy, because such a contract is forbidden by law. 1945-47 Op. Att'y Gen. p. 371.   Only bids on nonassessable contracts may be considered.   - The supervisor of purchases (now Department of Administrative Services) may consider bids and quotations from mutual insurers authorized to write fire insurance and fidelity bonds in Georgia only when such contracts are written upon a nonassessable basis and where no contingent liability is assumed or agreed to be paid by the state or any of its political subdivisions. 1960-61 Op. Att'y Gen. p. 383.   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 71.   C.J.S.   - 44 C.J.S., Insurance, § 185.   ALR.    - Power of mutual benefit society to waive restrictions upon eligibility to membership, 28 A.L.R. 93.    Liability of policyholders in mutual insurance companies to assessments, 137 A.L.R. 945.
GA Code § 33-14-68 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 14 - Domestic Stock and Mutual Insurers|Article 3 - Domestic Mutual Insurers|§ 33-14-68. Contingent Liability of Members

  Each member of a domestic mutual insurer shall, except as provided in Code Section 33-14-71 with respect to nonassessable policies, have a contingent liability, pro rata and not one for another, for the discharge of its obligations, which contingent liability shall be in the maximum amount stated in the insurer's charter.   Each policy issued by the insurer shall contain a statement of the contingent liability, if any, of its members.   Termination of the policy of any member shall not relieve the member of contingent liability for his proportion, if any, of the obligations of the insurer which accrued while the policy was in force.   Unrealized contingent liability of members does not constitute an asset of the insurer in any determination of its financial condition.    (Ga. L. 1893, p. 73, § 20; Civil Code 1895, § 2029; Civil Code 1910, § 2411; Code 1933, § 56-230; Code 1933, § 56-1527, enacted by Ga. L. 1960, p. 289, § 1.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 77.   C.J.S.   - 44 C.J.S., Insurance, §§ 186, 192 et seq.   ALR.    - Liability of policyholders in mutual insurance companies to assessments, 137 A.L.R. 945.