GA Code § 33-11-37 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 11 - Investments|Article 1 - Investments of Certain Insurers|§ 33-11-37. Investment of Funds in Excess of Reserve and Capital, or Surplus, in Authorized and Approved Investments

 After satisfying requirements of this article, any funds of any domestic insurer in excess of its reserve and capital, if a stock insurer, or surplus, if a mutual or reciprocal insurer, required to be maintained may be invested without limitation in any investments otherwise authorized by this title, and, in addition, in the other investments, notwithstanding any prohibition contained in Code Section 33-11-29, as may be approved by the Commissioner; provided, however, that approval of the Commissioner is not required except to the extent the investments constitute more than 5 percent of the total assets of an insurer.   (Code 1933, § 56-1027, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1969, p. 23, § 1; Ga. L. 1999, p. 592, §§ 5, 6.)   OPINIONS OF THE ATTORNEY GENERAL    Two types of investments are specified in this section; the first is investments authorized by this title and specifically set forth in former Code 1933, §§ 56-1002 through 56-1023 (see O.C.G.A. §§ 33-11-2 through33-11-28); the second is investments as may be approved by the Commissioner and, of course, encompasses investments not specified in the foregoing sections; to this second category is added the proviso that "approval of the Commissioner is not required to the extent that such investments constitute more than five percent of the total assets of the insurer." 1963-65 Op. Att'y Gen. p. 284.   Excess funds may be invested at discretion without approval up to five percent limit.   - When the conditions set out in this section have been met, an insurer may then invest five percent of its total assets in investments which are not specifically recognized as eligible investments and in investments which have not been approved by the Commissioner. 1963-65 Op. Att'y Gen. p. 312.   Assuming compliance with other provisions of the law, a domestic insurer would be entitled under this section to invest the funds required to be maintained, which funds do not exceed five percent of the total assets, at its discretion; such investment would not require the Commissioner's approval. 1963-65 Op. Att'y Gen. p. 284.   In loan to finance company secured by pledge of consumer loans.   - A stock insurance company, after having invested sums equivalent to the amount of its capital stock and required reserves in the securities required by law, may participate in a loan to a finance company secured by pledge of its consumer loans without first obtaining the Commissioner's consent, provided that the amount of the insurer's participation is less than five percent of its total assets. 1963-65 Op. Att'y Gen. p. 312.   Investments are admitted or allowed assets.   - Investments made under the "provided clause" of this section are admitted assets or allowed assets. 1963-65 Op. Att'y Gen. p. 312.    A mutual insurance company may organize and capitalize a stock company as a subsidiary,  provided the prior consent of the Commissioner is obtained and the conditions indicated in this section are complied with. 1962 Op. Att'y Gen. p. 294.