reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-18 - Service of findings and cease and desist orders of Commissioner; modification or setting aside of order or report

(a)
If, after a hearing pursuant to Code Section
33-39-16
, the Commissioner determines that the insurance institution, agent, or insurance-support organization charged has engaged in conduct or practices in violation of this chapter, the Commissioner shall reduce his or her findings to writing and shall issue and cause to be served upon such insurance institution, agent, or insurance-support organization a copy of such findings and an order requiring such insurance institution, agent, or insurance-support organization to cease and desist from the conduct or practices constituting violation of this chapter.
(b)
If, after a hearing pursuant to Code Section
33-39-16
, the Commissioner determines that the insurance institution, agent, or insurance-support organization charged has not engaged in conduct or practices in violation of this chapter, the Commissioner shall prepare a written report which sets forth findings of fact and conclusions of law. Such report shall be served upon the insurance institution, agent, or insurance-support organization charged and upon the person or persons, if any, whose rights under this chapter were allegedly violated.
(c)
Until the expiration of the time allowed under Code Section
33-39-20
for filing a petition for review or until such petition is actually filed, whichever occurs first, the Commissioner may modify or set aside any order or report issued under this Code section. After the expiration of the time allowed under Code Section
33-39-20
for filing a petition for review, if no such petition has been duly filed, the Commissioner may, after notice and opportunity for hearing, alter, modify, or set aside, in whole or in part, any order or report issued under this Code section whenever conditions of fact or law warrant such action or if the public interest so requires.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-19 - Monetary penalty for knowing violations of chapter; monetary penalty for violation of cease and desist order

(a)
In any case where a hearing pursuant to Code Section
33-39-16
results in the finding of a knowing violation of this chapter, the Commissioner may, in addition to the issuance of a cease and desist order as prescribed in Code Section
33-39-18
, order payment of a monetary penalty of not more than $500.00 for each violation but not to exceed $10,000.00 in the aggregate for multiple violations.
(b)
Any person who violates a cease and desist order of the Commissioner under Code Section
33-39-18
may, after notice and hearing and upon order of the Commissioner, be subject to one or more of the following penalties, at the discretion of the Commissioner:
(1)
A monetary fine of not more than $10,000.00 for each violation;
(2)
A monetary fine of not more than $50,000.00 if the Commissioner finds that violations have occurred with such frequency as to constitute a general business practice; or
(3)
Suspension or revocation of an insurance institution's or agent's license.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-20 - Order or report of Commissioner

(a)
Any person subject to an order of the Commissioner under Code Section
33-39-18
or Code Section
33-39-19
or any person whose rights under this chapter were allegedly violated may obtain a review of any order or report of the Commissioner by filing in the Superior Court of Fulton County, within 30 days from the date of the service of such order or report, a written petition requesting that the order or report of the Commissioner be set aside. A copy of such petition shall be simultaneously served upon the Commissioner, who shall forthwith certify and file in such court a transcript of the entire record of the proceeding giving rise to the order or report which is the subject of the petition. Upon filing of the petition and transcript the court shall have jurisdiction to make and enter a decree modifying, affirming, or reversing any order or report of the Commissioner, in whole or in part. The findings of the Commissioner as to the facts supporting any order or report, if supported by any evidence, shall be conclusive.
(b)
To the extent an order or report of the Commissioner is affirmed, the court shall issue its own order commanding obedience to the terms of the order or report of the Commissioner. If any party affected by an order or report of the Commissioner shall apply to the court for leave to produce additional evidence and shall show to the satisfaction of the court that such additional evidence is material and that there are reasonable grounds for the failure to produce such evidence in prior proceedings, the court may order such additional evidence to be taken before the Commissioner in such manner and upon such terms and conditions as the court may deem proper. The Commissioner may modify his or her findings of fact or make new findings by reason of the additional evidence so taken and shall file such modified or new findings along with any recommendation, if any, for the modification or revocation of a previous order or report. If supported by clear and convincing evidence, the modified or new findings shall be conclusive as to the matters contained therein.
(c)
An order or report issued by the Commissioner under Code Section
33-39-18
or
33-39-19
shall become final:
(1)
Upon the expiration of the time allowed for the filing of a petition for review, if no such petition has been duly filed except that the Commissioner may modify or set aside an order or report to the extent provided in subsection (c) of Code Section
33-39-18
; or
(2)
Upon a final decision of the superior court if it directs that the order or report of the Commissioner be affirmed or the petition for review dismissed.
(d)
No order or report of the Commissioner under this chapter or order of the court to enforce the same shall in any way relieve or absolve any person affected by such order or report from any liability under any law of this state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-21 - Equitable relief; damages recoverable; costs and attorney's fees; statute of limitations; limitation on remedy or recovery

(a)
If any insurance institution, agent, or insurance-support organization fails to comply with Code Section
33-39-9
,
33-39-10
, or
33-39-11
with respect to the rights granted under those Code sections, any person whose rights are violated may apply to any superior court of this state, having jurisdiction over the defendant, for appropriate equitable relief.
(b)
An insurance institution, agent, or insurance-support organization which discloses information in violation of Code Section
33-39-14
shall be liable for damages sustained by the individual about whom the information relates; provided, however, that no individual shall be entitled to a monetary award which exceeds the actual damages sustained by the individual as a result of a violation of Code Section
33-39-14
.
(c)
In any action brought pursuant to this Code section, the court may award the cost of the action and reasonable attorney's fees to the prevailing party.
(d)
An action under this Code section must be brought within two years from the date the alleged violation is or should have been discovered.
(e)
Except as specifically provided in this Code section, there shall be no remedy or recovery available to individuals, in law or in equity, for occurrences constituting a violation of any provision of this chapter.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-22 - Availability of remedy for disclosure of personal, privileged, or false information

No cause of action in the nature of defamation, invasion of privacy, or negligence shall arise against any person for disclosing personal or privileged information in accordance with this chapter, nor shall such a cause of action arise against any person for furnishing personal or privileged information to an insurance institution, agent, or insurance-support organization; provided, however, this Code section shall provide no immunity for disclosing or furnishing false information with malice or willful intent to injure any person.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 39 - COLLECTION, USE, AND DISCLOSURE OF INFORMATION GATHERED BY INSURANCE INSTITUTIONS (§§ 33-39-1 — 33-39-23) › Section 33-39-23 - Obtaining of information under false pretenses as constituting misdemeanor

Any person who knowingly and willfully obtains information about an individual from an insurance institution, agent, or insurance-support organization under false pretenses shall be guilty of a misdemeanor.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-1 - Purpose

The purpose of this chapter is to regulate the formation and operation of risk retention groups in this state formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 (RRA 1986).
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-3 - Risk retention groups chartered in this state

A risk retention group seeking to be chartered in this state must be chartered and licensed as a casualty or liability insurance company as provided in this title or as a risk retention group captive insurance company under Chapter 41 of this title and, except as provided elsewhere in this chapter or in Chapter 41, as applicable, must comply with all of the laws, rules, regulations, and requirements applicable to such insurers chartered and licensed in this state and with Code Section
33-40-4
to the extent such requirements are not a limitation on laws, rules, regulations, or requirements of this state. Before it may offer insurance in any state, each risk retention group shall also submit for approval to the Commissioner a plan of operation or a feasibility study and revisions of such plan or study if the group intends to offer any additional lines of casualty or liability insurance.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-4 - Risk retention groups not chartered in this state

(a)
Risk retention groups chartered in states other than this state and seeking to do business as a risk retention group in this state must observe and abide by the laws of this state as provided in this Code section.
(b)
Before offering insurance in this state, a risk retention group shall submit to the Commissioner:
(1)
A statement identifying the state or states in which the risk retention group is chartered and licensed as a casualty or liability insurance company, date of chartering, its principal place of business, and such other information, including information on its membership, as the Commissioner may require to verify that the risk retention group is qualified under this chapter;
(2)
A copy of its plan of operations or a feasibility study and revisions of such plan or study submitted to its state of domicile; provided, however, that the provision relating to the submission of a plan of operation or a feasibility study shall not apply with respect to any line or classification of liability insurance which was defined in the Product Liability Risk Retention Act of 1981 before October 27, 1986, and which was offered before such date by any risk retention group which had been chartered and operating for not less than three years before such date;
(3)
A statement of registration which designates the Commissioner as its agent for the purpose of receiving service of legal documents or process; and
(4)
A fee or fees as provided in Code Section
33-8-1
, which shall accompany such statements and plans required under paragraphs (1), (2), and (3) of this subsection.
(c)
Any risk retention group doing business in this state shall submit to the Commissioner:
(1)
A copy of the group's financial statement submitted to its state of domicile, which shall be certified by an independent public accountant and contain a statement of opinion on loss and loss adjustment expense reserves made by a member of the American Academy of Actuaries or a qualified loss reserve specialist approved by the Commissioner;
(2)
A copy of each examination of the risk retention group as certified by the Commissioner or public official conducting the examination;
(3)
Upon request by the Commissioner, a copy of any audit performed with respect to the risk retention group;
(4)
Such information as may be required to verify its continuing qualification as a risk retention group under this chapter; and
(5)
A fee or fees as provided in Code Section
33-8-1
, which shall accompany such copies required under paragraphs (1) and (2) of this subsection.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-5 - Tax on premiums

(a)
All premiums paid for coverages within this state to risk retention groups shall be subject to taxation at the rate of 4 percent on all premiums paid or due and payable during the preceding quarter, less return premium. Risk retention groups shall be subject to interest, fines, and penalties for nonpayment or nonreporting as provided in Code Section
33-5-32
for surplus lines brokers.
(b)
To the extent agents or brokers are utilized, they shall report and pay the taxes for the premiums for risks which they have placed with or on behalf of a risk retention group not chartered in this state.
(c)
To the extent agents or brokers are not utilized or fail to pay the tax, each risk retention group shall pay the tax for risks insured within the state. Further, each risk retention group shall report all premiums paid to it for risks insured within the state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-6 - Unfair trade practices

Any risk retention group and its agents and representatives shall comply with Chapter 6 of this title and all rules and regulations promulgated pursuant to such chapter.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-7 - Financial examination

Any risk retention group must submit to an examination by the Commissioner to determine its financial condition if the commissioner of the jurisdiction in which the group is chartered has not initiated an examination or does not initiate an examination within 60 days after a request by the Commissioner of this state. Any such examination shall be coordinated to avoid unjustified repetition and conducted in an expeditious manner and in accordance with the Examiner Handbook of the National Association of Insurance Commissioners.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-8 - Notice required in policy

Any policy issued by a risk retention group shall contain in ten-point type on the front page and the declaration page the following notice:
NOTICE
This policy is issued by your risk retention group. Your risk retention group may not be subject to all of the insurance laws and regulations of your state. State insurance insolvency guaranty funds are not available for your risk retention group.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-9 - Prohibited acts

The following acts by a risk retention group are prohibited:
(1)
The solicitation or sale of insurance by a risk retention group to any person who is not eligible for membership in such group; and
(2)
The solicitation or sale of insurance by, or operation of, a risk retention group that is in a hazardous financial condition or is financially impaired.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-10 - Insurance companies as members

No risk retention group shall be allowed to do business in this state if an insurance company is directly or indirectly a member or owner of such risk retention group, other than in the case of a risk retention group comprised solely of insurance companies.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-11 - Financially impaired nonresident groups

A risk retention group not chartered in this state and doing business in this state must comply with a lawful order issued in a voluntary dissolution proceeding or in a delinquency proceeding commenced by a state insurance commissioner if there has been a finding of financial impairment after an examination under Code Section
33-40-7
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-12 - Georgia Insurers Insolvency Pool

No risk retention group shall be permitted to join or contribute financially to the Georgia Insurers Insolvency Pool under Chapter 36 of this title nor shall any risk retention group or its insureds receive any benefit from the Georgia Insurers Insolvency Pool for claims arising out of the operations of such risk retention group.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-14 - Federal purchasing groups

Any purchasing group meeting the criteria established under the provisions of the federal Liability Risk Retention Act of 1986 shall be exempt from any law of this state relating to the creation of groups for the purchase of insurance, prohibition of group purchasing, or any law that would discriminate against a purchasing group or its members. In addition, an insurer shall be exempt from any law of this state which prohibits providing or offering to provide to a purchasing group or its members advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages, or other matters. A purchasing group shall be subject to all other applicable laws of this state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-15 - Purchasing group requirements

(a)
A purchasing group which intends to do business in this state shall furnish to the Commissioner notice which shall:
(1)
Identify the state in which the group is domiciled;
(2)
Specify the lines and classifications of casualty or liability insurance which the purchasing group intends to purchase;
(3)
Identify the insurance company from which the group intends to purchase its insurance and the domicile of such company;
(4)
Identify the principal place of business of the group; and
(5)
Provide such other information as may be required by the Commissioner to verify that the purchasing group is qualified under Code Section
33-40-2
.
(b)
The purchasing group shall register with and designate the Commissioner as its agent solely for the purpose of receiving service of legal documents or process, except that such requirements shall not apply in the case of a purchasing group:
(1)
Which was domiciled before April 2, 1986, and is domiciled on and after October 27, 1986, in any state of the United States;
(2)
Which, before October 27, 1986, purchased insurance from an insurance carrier licensed in any state and since October 27, 1986, has purchased its insurance from an insurance carrier licensed in any state;
(3)
Which was a purchasing group under the requirements of the Product Liability Retention Act of 1981 before October 27, 1986; and
(4)
Which does not purchase insurance that was not authorized for purposes of an exemption under that act, as in effect before October 27, 1986.
(c)
The notice and registration required by subsections (a) and (b) of this Code section shall be accompanied by a fee or fees as provided in Code Section
33-8-1
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-16 - Purchases by purchasing group

A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purchase is effected through a licensed agent or broker acting pursuant to the surplus lines laws and regulations of such state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-17 - Enforcement

The Commissioner is authorized to make use of any of the powers established under this title to enforce the laws of this state so long as those powers are not specifically preempted by the federal Product Liability Risk Retention Act of 1981, as amended by the Risk Retention Amendments of 1986. This includes, but is not limited to, the Commissioner's administrative authority to investigate, issue subpoenas, conduct depositions and hearings, issue orders, and impose penalties. With regard to any investigation, administrative proceedings, or litigation, the Commissioner can rely on the procedural law and regulations of this state. The injunctive authority of the Commissioner in regard to risk retention groups is restricted by the requirement that any injunction be issued by a court of competent jurisdiction.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-18 - Penalties

Any risk retention group which violates any provision of this chapter will be subject to fines and penalties applicable to licensed insurers generally, including revocation of its license or the right to do business in this state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-19 - License requirement

Any person acting or offering to act as an agent or broker for a risk retention group or purchasing group which solicits members, sells insurance coverage, purchases coverage for its members located within the state, or otherwise does business in this state shall, before commencing any such activity, obtain a license from the Commissioner.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-20 - Enforcement of federal order

An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating, in any state, in all states, or in any territory or possession of the United States upon a finding that such a group is in a hazardous financial condition shall be enforceable in the courts of this state.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 40 - RISK RETENTION GROUPS (§§ 33-40-1 — 33-40-21) › Section 33-40-21 - [Reserved] Rules

Amended by 2019 Ga. Laws 186,§ 1-1, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-1 - Short title

This chapter shall be known and may be cited as the "Georgia Captive Insurance Company Act."
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-4 - Prerequisites to transacting insurance

No captive insurance company may transact any insurance in this state unless:
(1)
It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state;
(2)
It maintains its principal place of business in this state;
(3)
Any organization providing the principal administrative or management services to such captive insurance company shall be approved by the Commissioner;
(4)
Its board of directors or board of managers holds at least one meeting each year in this state; and
(5)
It appoints a registered agent to accept service of process in this state, provided that, whenever such registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the Commissioner shall be an agent of such captive insurance company upon whom any process, notice, or demand may be served.
Amended by 2019 Ga. Laws 186,§ 2-4, eff. 7/1/2019.
Amended by 2017 Ga. Laws 246,§ 3, eff. 7/1/2017.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
Amended by 2015 Ga. Laws 67,§ 1-2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-6 - Name

(a)
A captive insurance company shall not use any name which is either similar, misleading, or confusing with respect to any other name already in use by any other captive insurance company, domestic mutual or stock insurance company, corporation, or association organized or doing business in this state. The Commissioner shall not approve the formation documents of an applicant attempting to use such a name nor shall the Commissioner approve an application for a certificate of authority from such applicant.
(b)
The name of a risk retention group captive insurance company shall include the words "risk retention group captive insurance company."
(c)
If the captive insurance company is a mutual insurer, the word "mutual" shall be a part of its name.
Amended by 2017 Ga. Laws 246,§ 5, eff. 7/1/2017.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-7 - Directors or managers

(a)
The affairs of every captive insurance company shall be managed by not less than three directors or managers.
(b)
At least one of the directors or managers of every captive insurance company shall be a resident of this state.
(c)
Every captive insurance company shall report to the Commissioner within 30 days after any change in its directors or managers including in its report a statement of the business and professional background and affiliations of any new director or manager.
Amended by 2017 Ga. Laws 246,§ 6, eff. 7/1/2017.
Amended by 2015 Ga. Laws 67,§ 1-3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-8 - Amount of capital or surplus

(a)
The amount of minimum capital or surplus required for each captive insurance company shall be determined on an individual basis, however:
(1)
A pure captive insurance company shall maintain at least $250,000.00 in surplus;
(2)
An association captive insurance company shall maintain at least $500,000.00 in surplus;
(3)
An agency captive insurance company shall maintain at least $250,000.00 in surplus;
(4)
An industrial insured captive insurance company shall maintain at least $500,000.00 in surplus;
(5)
A risk retention group shall maintain at least $500,000.00 in surplus; and
(6)
A sponsored captive insurance company shall maintain at least $250,000.00 in surplus.
The Commissioner may require additional capital or surplus of any captive insurance company in an amount he or she deems appropriate under the circumstances based on the captive insurance company's business plan as described in Code Section
33-41-10
. Additional capital or surplus may be required if the captive insurance company's business plan indicates that an increase is required in order for the captive insurance company to meet its contractual obligations to its policyholders or to maintain its solvency.
(b)
Minimum capital or surplus of up to $500,000.00 shall be maintained in any of the following:
(1)
Cash;
(2)
Certificates of deposit or similar certificates or evidences of deposits in banks or trust companies but only to the extent that the certificates or deposits are insured by the Federal Deposit Insurance Corporation;
(3)
Savings accounts, certificates of deposit, or similar certificates or evidences of deposit in savings and loan associations and building and loan associations but only to the extent that the same are insured by the Federal Savings and Loan Insurance Corporation; or
(4)
One or more letters of credit, so long as they are in conformance with Code Section
33-41-9
.
(c)
Each association captive insurance company, industrial insured captive insurance company, and risk retention group captive insurance company must deposit with the state prior to the issuance of a certificate of authority.
(d)
Any additional capital or surplus in excess of $500,000.00 required by the Commissioner pursuant to subsection (a) of this Code section may be provided and maintained in any of the following:
(1)
Any eligible investments of minimum capital or surplus authorized under Code Section
33-11-5
;
(2)
Promissory notes or other obligations of shareholders secured by one or more letters of credit, as described in Code Section
33-41-9
; or
(3)
Any other investments approved by the Commissioner that do not impair the financial solvency of the captive insurance company.
Amended by 2019 Ga. Laws 186,§ 2-6, eff. 7/1/2019.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
Amended by 2015 Ga. Laws 67,§ 1-4, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-9 - Letters of credit

(a)
Any letter of credit used to meet the requirements set forth in this chapter shall be:
(1)
Clean, irrevocable, and unconditional;
(2)
Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System;
(3)
Presentable and payable within the State of Georgia; and
(4)
Provided in conformity with any other requirements established by the Commissioner.
(b)
The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company's policyholders.
Amended by 2019 Ga. Laws 186,§ 2-7, eff. 7/1/2019.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-11 - Refusal, suspension, or nonrenewal of certificate; expiration, renewal, amendment

(a)
The certificate of authority of a captive insurance company to transact insurance in this state may be refused or suspended or not be renewed pursuant to Code Sections
33-3-17
through
33-3-19
, inclusive.
(b)
A certificate of authority shall expire, be renewed, and be amended by the Commissioner pursuant to Code Section
33-3-16
; provided, however, that captive insurance companies shall not be subject to the publishing requirements of such Code section.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-12 - Assets

For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section
33-41-13
, the reporting of business affairs pursuant to Code Section
33-41-15
, and the examinations and investigations pursuant to Code Section
33-41-16
, there shall be allowed as assets of a captive insurance company:
(1)
Those assets described in Code Section
33-10-1
;
(2)
Those assets otherwise authorized by Code Sections
33-41-8
and
33-41-14
;
(3)
Obligations for premium payments, provided that such obligations are secured by letters of credit, as described in Code Section
33-41-9
; and
(4)
Assets that are approved by the Commissioner as admitted assets under rules adopted pursuant to this chapter.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-13 - Reserves

(a)
Every captive insurance company shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all unpaid losses and claims incurred, whether reported or unreported, for which such captive insurance company may be liable, together with the expenses of adjustment or settlement of such losses and claims. Every captive insurance company shall keep a complete and itemized record, in a form satisfactory to the Commissioner, showing all losses and claims on which it has received notice.
(b)
If the loss experience of a captive insurance company shows that its loss reserves, however estimated, are inadequate, the Commissioner shall require the captive insurance company to maintain increased amounts of loss reserves as are needed to make its loss reserves adequate.
(c)
Every captive insurance company shall maintain an unearned premium reserve on all policies in force which shall never be less in the aggregate than the captive insurance company's actual liability to all its insureds for the return of gross unearned premiums computed pursuant to the method commonly referred to as the monthly pro rata method.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-14 - Reinsurance

(a)
A captive insurance company may cede any part of its risks to a reinsurer pursuant to a written reinsurance agreement and may take credit as an asset or a deduction from its liabilities for the amount of reinsurance premiums recoverable under such reinsurance agreement:
(1)
If the reinsurer is in compliance with Code Section
33-7-14
;
(2)
To the extent that assets are deposited or withheld from the reinsurer under a written trust or escrow agreement approved by the Commissioner pursuant to an express provision in the reinsurance agreement as security for the payment of the reinsurer's obligations thereunder, provided that:
(A)
The assets deposited or withheld are held subject to withdrawal by, and under the control of, the ceding captive insurance company; or
(B)
The assets deposited or withheld are placed in a trust or escrow account for such purposes in a bank which is either chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System and withdrawals cannot be made without the express written consent of the ceding captive insurance company;
(3)
To the extent of the amount of a letter of credit, as described in Code Section
33-41-9
, given pursuant to an express provision in the reinsurance agreement as security for the payment of the reinsurer's obligations thereunder; or
(4)
When the Commissioner shall otherwise authorize such credits or deductions.
(b)
Any assets deposited or withheld under paragraph (2) of subsection (a) of this Code section must be in the form of cash, as defined in Code Section
33-11-6
, or securities which must have a market value equal to or greater than the credit taken and are qualified as allowed assets for a domestic insurer under Chapter 11 of this title.
(c)
No credit shall be allowed for reinsurance in any unauthorized assuming reinsurer unless such reinsurer designates the Commissioner as agent for service of process in any action arising out of, or in connection with, such reinsurance.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-15 - Reports

Each captive insurance company shall be required to file annual and other reports of its business affairs and operations as prescribed by Code Section
33-3-21
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-16 - Examination by Commissioner or agent; confidentiality

(a)
The Commissioner or his or her designated agent may visit each captive insurance company at any time and examine its affairs in order to ascertain its financial condition, its ability to fulfill its contractual obligations, and its compliance with this chapter. For these purposes, the Commissioner or his or her designated agent shall have free access to all of the books and records relating to the business of the captive insurance company. The expenses and charges of any examination conducted pursuant to this Code section shall be paid directly by the captive insurance company examined.
(b)
When necessary or desirable to assist in any examination under this Code section, the Commissioner may retain such independent agents as described in subsection (b) of Code Section
33-41-10
, as the Commissioner deems appropriate, in order to facilitate his or her examination under this Code section. The expenses and charges of such persons so retained or designated shall be paid directly by the captive insurance company. The provision of subsection (g) of Code Section
33-2-14
shall apply to examinations of any captive insurance company.
(c)
All portions of license applications reasonably designated confidential by or on behalf of an applicant pure or agency captive insurance company, all information and documents, and any copies of the foregoing, produced or obtained by or submitted or disclosed to the Commissioner pursuant to this chapter that are reasonably designated confidential by a pure or agency captive insurance company, and all examination reports, preliminary examination reports, working papers, recorded information, other documents, and any copies of any of the foregoing, produced or obtained by or submitted or disclosed to the Commissioner pursuant to this chapter shall be given confidential treatment, except as to disclosures consented to by the pure or agency captive insurance company, and shall not be subject to subpoena, shall not be made public by the Commissioner, and shall not be provided or disclosed to any other person at any time except to:
(1)
Insurance commissioners of any state or of any foreign country or jurisdiction, provided that:
(A)
Such receiving party shall agree in writing to maintain the confidentiality of such information; and
(B)
The laws of the receiving party require such information to be and to remain confidential; or
(2)
A law enforcement official or agency of this state, any other state, or the United States of America so long as such official or agency agrees in writing to hold it confidential and in a manner consistent with this Code section.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
Amended by 2015 Ga. Laws 67,§ 1-5, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-17 - Fines

The Commissioner may impose fines as prescribed by Code Section
33-3-20
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-18 - Investments

Except as provided in Code Section
33-41-8
:
(1)
Risk retention group captive insurance companies, industrial insured captive insurance companies, and association captive insurance companies shall comply with the investment requirements contained in Article 2 of Chapter 11 of this title; and
(2)
Pure captive insurance companies and agency captive insurance companies shall not be subject to any restrictions on eligible investments whatever, including those limitations contained in Chapter 11 of this title; provided, however, that the Commissioner may prohibit or limit any investment that threatens the solvency or liquidity of any such captive insurance company.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-19 - Rates, underwriting rules, and policy forms

(a)
No captive insurance company shall be required to join or use the rates, rating systems, underwriting rules, or policy or bond forms of a rating or advisory organization as defined in Code Section
33-9-2
.
(b)
No captive insurance company shall be required to file its premium rates or policy forms with, or seek approval of such rates or forms from, the Commissioner or any other authority of this state. However, the Commissioner shall impose minimum premiums upon association captive insurance companies which write motor vehicle liability insurance coverage required by law and do not participate in the Georgia Insurers Insolvency Pool.
Amended by 2020 Ga. Laws 521,§ 33, eff. 7/29/2020.
Amended by 2019 Ga. Laws 186,§ 2-9, eff. 7/1/2019.
Amended by 2016 Ga. Laws 611,§ 1, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-20 - Exclusion from insolvency funds; participation in FAIR plan or joint underwriting association; assessment for payments to Subsequent Injury Trust Fund

(a)
(1)
No captive insurance company other than an association or industrial insured captive insurance company issuing workers' compensation insurance contracts shall be permitted to join or contribute financially to the Georgia Insurers Insolvency Pool under Chapter 36 of this title or any other plan, pool, or association guaranty or insolvency fund in this state. Other than an association or industrial insured captive insurance company issuing workers' compensation insurance contracts, no captive insurance company, or its insureds or claimants against its insureds, nor its parent or any affiliated company shall receive any benefit from the Georgia Insurers Insolvency Pool or any other plan, pool, or association guaranty or insolvency fund for claims arising out of the operations of such captive insurance company.
(2)
No captive insurance company shall be required to participate in any FAIR Plan established and maintained in this state under Chapter 33 of this title.
(3)
No captive insurance company shall be required to participate in any joint underwriting association established and maintained in this state under Chapter 9 of this title.
(b)
Captive insurance companies shall be assessed on the same basis as self-insurers for the purpose of payments to the Subsequent Injury Trust Fund as described in Chapter 9 of Title 34.
Amended by 2007 Ga. Laws 132,§ 1, eff. 1/1/2008.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-20.1 - Membership of captive insurance companies in Georgia Insurers Insolvency Pool

(a)
Every association and industrial insured captive insurance company issuing workers' compensation insurance contracts shall become a member of the Georgia Insurers Insolvency Pool under Chapter 36 of this title as to workers' compensation only. Such captive insurance companies shall be liable for assessments pursuant to Code Section
33-36-7
and for all other obligations imposed pursuant to Chapter 36 of this title as to workers' compensation only.
(b)
Except as provided for in Code Section
33-36-20
, the Georgia Insurers Insolvency Pool shall not be liable for any claims incurred by any captive insurance company before January 1, 2008.
Amended by 2019 Ga. Laws 186,§ 1-2, eff. 7/1/2019.
Amended by 2010 Ga. Laws 666,§ 4, eff. 6/4/2010.
Added by 2007 Ga. Laws 132,§ 2, eff. 1/1/2008.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 41 - CAPTIVE INSURANCE COMPANIES (§§ 33-41-1 — 33-41-106) › Article 1 - GENERAL PROVISIONS (§§ 33-41-1 — 33-41-26) › Section 33-41-21 - Rehabilitation, reorganization, conservation, and liquidation

The provisions of Chapter 37 of this title shall apply to and govern the rehabilitation, reorganization, conservation, and liquidation of captive insurance companies.