reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-28.1 - Assessment of investigation costs against parties

The costs incurred by the Commissioner in conducting any hearing under this chapter may be assessed against the parties to the hearing in such proportion as the Commissioner may determine upon consideration of all relevant circumstances including, but not limited to, the nature of the hearing; whether the hearing was instigated by or for the benefit of a particular party or parties; whether there is a successful party on the merits of the proceeding; and the relative levels of participation by the parties. For purposes of this Code section, costs incurred shall include payments made by the Commissioner to obtain the services of independent contractors or outside experts and travel expenses of such contractors or experts. The Commissioner shall make the assessment of costs incurred as part of the final order or decision arising out of the proceeding; provided, however, that any order or decision shall include findings and conclusions of the Commissioner or his designee to support the assessment of costs.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-29 - Issuance of remedial orders by Commissioner generally; suspension or revocation of certificate of authority or license

If after a hearing pursuant to Code Section
33-9-28
the Commissioner finds:
(1)
That any rate, rating plan, or rating system violates the applicable provisions of this chapter, he may issue an order to the insurer or rating organization which has been the subject of the hearing specifying in what respects the violation exists and stating when, within a reasonable period of time, the further use of the rate or rating system by the insurer or rating organization in contracts of insurance made thereafter shall be prohibited and may further order that the portion of premiums received from current policyholders as a result of the most recent rate increase at the time the notice of such hearing is issued shall be refunded to the policyholders;
(2)
That an insurer, rating organization, advisory organization, or a group, association, or other organization of insurers which engages in joint underwriting or joint reinsurance is in violation of the provisions of this chapter applicable to it other than the provisions dealing with rates, rating plans, or rating system, he may issue an order to the insurer, organization, group, or association which has been the subject of the hearing specifying in what respects the violation exists and requiring compliance within a reasonable time thereafter;
(3)
That the violation of this chapter applicable to it by any insurer or rating organization which has been the subject of the hearing was willful, he may suspend or revoke, in whole or in part, the certificate of authority of each insurer or the license of each rating organization with respect to the class of insurance which has been the subject matter of the hearing;
(4)
That any rating organization has willfully engaged in any fraudulent or dishonest act or practices, he may suspend or revoke, in whole or in part, the license of the organization in addition to any other penalty provided in this chapter.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-30 - Suspension or revocation of license or certificate of authority for failure to comply with order of Commissioner

In addition to other penalties provided in this title, the Commissioner, by order pursuant to Code Section
33-9-29
, may suspend or revoke, in whole or in part, the license of any rating organization or the certificate of authority of any insurer with respect to the class or classes of insurance specified in such order if such entity fails to comply within the time limited by such order or any extension thereof that the Commissioner may grant.
Amended by 2019 Ga. Laws 139,§ 1-51, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-31 - Manner of conduct of proceedings in connection with denial, suspension, or revocation of license or certificate of authority

Except as otherwise provided in this chapter, all proceedings in connection with the denial, suspension, or revocation of a license or certificate of authority under this chapter shall be conducted in accordance with Chapter 2 of this title; and the Commissioner shall have all the powers granted to him in Chapter 2 of this title.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-32 - Validity of contracts to use rates in excess of, or lower than, generally applicable rates

Nothing contained in this chapter shall be deemed to prohibit an insurer and its insured from contracting to use a rate on a specific risk or risks which is in excess of or lower than that otherwise applicable, provided that the contract and rate deviation by consenting parties have been filed with the Commissioner prior to the use of the rate in accordance with the procedures, conditions, and limitations as may be established by the Commissioner; and provided, further, that, if the resulting premium exceeds $1,000.00, a binder of coverage may be issued and the contract and rate deviation shall be filed within 20 days after the issuance of the binder. Such contract and rate deviation shall be subject to challenge by the Commissioner for a period of ten days after filing. If such challenge is upheld, the insurer shall be required to use its regular filed rates for the first 30 days of coverage in accordance with the requirements of applicable law. If there is no challenge or if a challenge is not upheld, the contract and rate deviation agreed upon may be used from and after the effective date of the binder.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-33 - Payment of dividends, savings, or unabsorbed premium deposits by insurers

Nothing in this chapter shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers. A plan for the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members, or subscribers shall not be deemed a rating plan or system.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-34 - Acts done, actions taken, or agreements made pursuant to chapter not to constitute violation under other laws

No act done, action taken, or agreement made pursuant to the authority conferred by this chapter shall constitute a violation of or grounds for prosecution or civil proceedings under any other law of this state which does not specifically refer to insurance.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-35 - Withholding of information; false or misleading information

No person, insurer, or organization shall willfully withhold information from, or knowingly give false or misleading information to, the Commissioner or to any rating organization, advisory organization, insurer, or group, association, or other organization of insurers which will affect the rates, rating systems, or premiums for the classes of insurance to which this chapter is applicable.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-36 - Unauthorized premiums; unlawful inducements

(a)
As used in this Code section, the term:
(1)
"Gift certificate" shall have the same meaning as provided in Code Section
10-1-393
.
(2)
"Insurance" includes suretyship.
(3)
"Policy" includes bond.
(4)
"Store gift card" shall have the same meaning as provided in Code Section
10-1-393
.
(b)
No broker or agent shall knowingly charge, demand, or receive a premium for any policy of insurance except in accordance with this chapter.
(c)
No insurer or employee of such insurer and no broker or agent shall pay, allow, or give, or offer to pay, allow, or give, directly or indirectly as an inducement to insurance or after insurance has been effected, any rebate, discount, abatement, credit, or reduction of the premium named in a policy of insurance, or any special favor or advantage in the dividends or other benefits to accrue on such policy of insurance, or any valuable consideration or inducement whatever, not specified in the policy of insurance, except to the extent provided for in an applicable filing. No insured named in a policy of insurance nor any employee of the insured shall knowingly receive or accept, directly or indirectly, any such rebate, discount, abatement, credit, or reduction of premium, or any special favor or advantage or valuable consideration or inducement.
(d)
Nothing in this Code section shall be construed as prohibiting the payment of commissions or other compensation to duly licensed agents and brokers, nor as prohibiting any insurer from allowing or returning to its participating policyholders, members, or subscribers dividends, savings, or unabsorbed premium deposits.
(e)
Nothing in this Code section shall be construed as prohibiting the payment for food or refreshments by an insurer or employee of such insurer or a broker or an agent for current or prospective clients during sales presentations and seminars, provided that no insurance or annuity applications or contracts are offered or accepted at such presentations or seminars.
(f)
Nothing in this Code section shall be construed as prohibiting an insurer or employee of such insurer or a broker or an agent from advertising or conducting promotional programs by insurers or insurance producers whereby prizes, goods, wares, store gift cards, gift certificates, sporting event tickets, or merchandise, not exceeding $100.00 in value per customer in the aggregate in any one calendar year, are given to current or prospective customers; provided, however, that the giving of any item or items of value under this subsection shall not be contingent on the sale or renewal of a policy.
Amended by 2019 Ga. Laws 139,§ 1-52, eff. 7/1/2019.
Amended by 2016 Ga. Laws 444,§ 2, eff. 7/1/2016.
Amended by 2006 Ga. Laws 453,§ 33, eff. 4/14/2006.
Amended by 2005 Ga. Laws 108,§ 3, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-37 - Liability of insurer conspiring to fix insurance rates unauthorized by chapter

In the event any insurer shall in collusion with any other insurer conspire to fix, set, or adhere to insurance rates, except as expressly sanctioned by this chapter, the insurer shall be liable to any person damaged thereby for an amount equal to three times the amount of the damage together with the damaged party's attorney's fees.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-38 - Penalty for failure to comply with final order of Commissioner; penalty for willful violation of provision of chapter

(a)
Any person, insurer, organization, group, or association who fails to comply with a final order of the Commissioner under this chapter shall be liable to the state in an amount not exceeding $50.00; but, if such failure is willful, the person, insurer, organization, group, or association shall be liable to the state in an amount not exceeding $5,000.00. The Commissioner shall collect the amount so payable and may bring an action in the name of the people of the State of Georgia to enforce collection. Such penalties may be in addition to any other penalties provided by law.
(b)
Any person who willfully violates this chapter shall be guilty of a misdemeanor.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-39 - Restrictions on motor vehicle insurance surcharges relating to accidents involving law enforcement officers, firefighters, or emergency medical technicians

No insurer shall surcharge the premium or rate charged on a policy of motor vehicle insurance that provides coverage for the personal motor vehicles of any law enforcement officer, firefighter, or emergency medical technician in this state for any accident:
(1)
That occurred while the law enforcement officer, firefighter, or emergency medical technician was lawfully engaged in the performance of official duties; and
(2)
For which the law enforcement officer, firefighter, or emergency medical technician furnishes proof, in the form of copies of the accident report, 9-1-1 emergency dispatch log, or the employing agency's documents, to the insurer of the condition provided in paragraph (1) of this Code section.
Amended by 2005 Ga. Laws 134,§ 5, eff. 7/1/2005.
Amended by 2004 Ga. Laws 541, § 1, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-40 - Prohibition of motor vehicle insurance surcharges relating to accidents in which insured not at fault

No insurer shall surcharge the premium or rate charged on a policy of motor vehicle insurance or cancel such policy as a result of the insured person's involvement in a multivehicle accident when such person was not at fault in such accident.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-40.2 - Workers' compensation insurance premium discount for insured with drug-free workplace program

(a)
For each policy of workers' compensation insurance issued or renewed in the state on and after July 1, 1993, there shall be granted by the insurer not less than a 7 1/2 percent reduction in the premium for such policy if the insured has been certified by the State Board of Workers' Compensation as having a drug-free workplace program which complies with the requirements of Article 11 of Chapter 9 of Title 34 and has notified its insurer in writing of such certification.
(b)
The premium discount provided by this Code section shall be applied to an insured's policy of workers' compensation insurance pro rata as of the date the insured receives certification by the State Board of Workers' Compensation and shall continue for as long as the insured maintains the certification as having a drug-free workplace; provided, however, that an insurer shall not be required to credit the actual amount of the premium discount to the account of the insured until the final premium audit under such policy. Certification by an insured shall be required for each year in which such premium discount is granted.
(c)
The workers' compensation insurance policy of an insured shall be subject to an additional premium for the purposes of reimbursement of a previously granted premium discount and to cancellation in accordance with the provisions of the policy if it is determined by the State Board of Workers' Compensation that such insured misrepresented the compliance of its drug-free workplace program with the provisions of Article 11 of Chapter 9 of Title 34.
(d)
Each insurer shall make an annual report to the rating and statistical organization designated by the Commissioner pursuant to this chapter illustrating the total dollar amount of drug-free workplace premium credit. Standard earned premium figures reported pursuant to this subsection on the aggregate calls for experience must reflect the effects of such credits. The net standard premium will then be the basis of any premium adjustment. The drug-free workplace credits must be reported under a unique classification code or unit statistical reports submitted to the rating and statistical organization designated by the Commissioner pursuant to this chapter.
(e)
The Commissioner shall conduct a study to determine the impact of this chapter on reducing workers' compensation losses and on the impact of the premium credit provided pursuant to this Code section in encouraging employers to implement and maintain the program for which the credit is provided.
(f)
The Commissioner shall be authorized to promulgate rules and regulations necessary for the implementation and enforcement of this Code section.
Amended by 2006 Ga. Laws 453,§ 33, eff. 4/14/2006.
Amended by 2005 Ga. Laws 378,§ 1, eff. 7/1/2005.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-40.3 - Employers to provide work based learning opportunities for students age 16 and older

(a)
For each policy of workers' compensation insurance issued or renewed in the state on and after July 1, 2016, there may be granted by the insurer up to a 5 percent reduction in the premium for such policy if the insured has been certified by the State Board of Education to the State Board of Workers' Compensation as a work based learning employer pursuant to Article 12 of Chapter 9 of Title 34 and has notified its insurer in writing of such certification.
(b)
If granted, the premium discount provided by this Code section shall be applied to an insured's policy of workers' compensation insurance pro rata as of the date the insured receives such certification and shall continue for as long as the insured maintains the certification; provided, however, that an insurer shall not be required to credit the actual amount of the premium discount to the account of the insured until the final premium audit under such policy. Certification of an insured shall be required for each year in which a premium discount is granted.
(c)
If it is determined that an insured misrepresented its qualifications for certification pursuant to Article 12 of Chapter 9 of Title 34, the workers' compensation insurance policy of such insured may be subject to an additional premium for the purposes of reimbursement of a previously granted premium discount and to cancellation in accordance with the provisions of the policy.
(d)
Each insurer shall make an annual report, in accordance with guidelines established by the Commissioner, to the rating and statistical organization designated by the Commissioner illustrating the total dollar amount of the premium discounts applied pursuant to this Code section.
(e)
The Commissioner shall conduct a study to determine the impact of the premium discounts provided pursuant to this Code section in encouraging employers to provide work based learning opportunities for students age 16 or older.
(f)
The Commissioner shall be authorized to promulgate rules and regulations necessary for the implementation and enforcement of this Code section.
Added by 2016 Ga. Laws 356,§ 2, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-41 - [Repealed] Study of effect of 1987 legislation on loss experience; cooperation of insurers; report to General Assembly

Repealed and reserved by 2001 Ga. Laws 2, § 33, eff. 2/12/2001.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-43 - Reduction in premiums for motor vehicle liability, first-party medical, and collision coverage for named drivers under 25 years of age

(a)
For each personal or family-type policy of private passenger motor vehicle insurance issued, delivered, issued for delivery, or renewed, there shall be offered by the insurer a reduction in the premium for motor vehicle liability, first-party medical, and collision coverage for each named driver under 25 years of age, as listed on the policy application or provided in information subsequent to such application, of each motor vehicle covered by such policy, if that driver:
(1)
Is unmarried;
(2)
Is enrolled as a full-time student in:
(A)
High school;
(B)
Academic courses in a college or university; or
(C)
Vocational-technical school;
(3)
Is an honor student because the scholastic records for the immediately preceding quarter, semester, or comparable segment show that such person:
(A)
Ranks scholastically in the upper 20 percent of the class;
(B)
Has a "B" average or better;
(C)
Has a 3.0 average or better; or
(D)
Is on the "Dean's List" or "Honor Roll"; and
(4)
Is a driver whose use of the automobile is considered by the insurer in determining the applicable classification.
(b)
Proof of meeting the requirements for the discount provided by this Code section shall be provided annually to the insurer by the insured student or policyholder upon such forms as the Commissioner shall prescribe. The premium reduction required by this Code section shall be approved by the Commissioner and reflected in the insurer's automobile rating plan.
(c)
An insurer shall not be required to offer the premium reduction provided in subsection (a) of this Code section to a driver who, at any time within a period of three years prior to the beginning of the policy year during which that reduction is otherwise required, has:
(1)
Been involved in any motor vehicle accident in which that person has been determined to have been at fault;
(2)
Been finally convicted of, pleaded nolo contendere to, or been found to have committed a delinquent act constituting any of the following offenses:
(A)
Any serious traffic offense described in Article 15 of Chapter 6 of Title 40;
(B)
Any traffic offense for which three or more points may be assessed pursuant to Code Section
40-5-57
; or
(C)
Any felony or any offense prohibited pursuant to Chapter 13 of Title 16, relating to dangerous drugs, marijuana, and controlled substances; or
(3)
Had that person's driver's license suspended for refusal to submit to chemical tests pursuant to Code Section
40-5-67.1
and that suspension has not been reversed, if appealed from.
Amended by 2019 Ga. Laws 139,§ 1-54, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 9 - REGULATION OF RATES, UNDERWRITING RULES, AND RELATED ORGANIZATIONS (§§ 33-9-1 — 33-9-44) › Section 33-9-44 - Legislative intent

It is specifically intended that the discounts provided in Code Sections
33-9-42
and
33-9-43
shall be provided by the insurer to any person who qualifies for such discounts.
Amended by 2019 Ga. Laws 139,§ 1-55, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-2 - Excluded assets

In addition to assets impliedly excluded by Code Section
33-10-1
, the following expressly shall not be allowed as assets in any determination of the financial condition of an insurer:
(1)
Trade names and other similar intangible assets;
(2)
Advances to officers other than policy loans whether secured or not and advances other than policy loans to employees, agents, and other persons on personal security only;
(3)
Stock of such insurer, owned by such insurer, or any equity in such stock or loans secured by such stock or any proportionate interest in such stock acquired or held through the ownership by such insurer of a controlling interest in another firm, corporation, or business unit;
(4)
Furniture, fixtures, furnishings, safes, vehicles, libraries, stationery, literature, and supplies other than data processing and accounting system authorized under paragraph (3) of Code Section
33-10-1
, except, in the case of title insurers, such materials and plants as the insurer is expressly authorized to invest in under Code Section
33-11-27
and except, in the case of any insurer, such personal property as the insurer is permitted to hold pursuant to Chapter 11 of this title or which is reasonably necessary for the maintenance and operation of real estate lawfully acquired and held by the insurer other than real estate used by such insurer for home office, branch office, or similar purposes; and
(5)
The amount, if any, by which the aggregate book value of investments as carried in the ledger assets of the insurer exceeds the aggregate value of the investments as determined under this chapter.
Amended by 2019 Ga. Laws 274,§ 2, eff. 7/1/2019.
Amended by 2019 Ga. Laws 139,§ 1-56, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-3 - Deduction of assets from liabilities and liabilities from assets generally

Assets may be allowable as deductions from corresponding liabilities, and liabilities may be charged as deductions from assets, in accordance with the form of annual statement applicable to such insurer as directed by the Commissioner or otherwise in his or her discretion.
Amended by 2019 Ga. Laws 139,§ 1-57, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-4 - Reporting of unallowed assets and assets of doubtful value or character as deduction from gross assets

All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Commissioner or in any examiner's report to said Commissioner shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-5 - Capital stock and liabilities charged against assets

In any determination of the financial condition of an insurer, capital stock and liabilities to be charged against its assets shall include:
(1)
The amount of its capital stock outstanding, if any;
(2)
The amount, estimated consistent with this title, necessary to pay all of its unpaid losses and claims incurred on or prior to the date of statement, whether reported or unreported, together with the expenses of adjustment or settlement thereof;
(3)
With reference to life and disability insurance and annuity contracts:
(A)
The amount of reserves on life insurance policies and annuity contracts in force, valued according to the tables of mortality, rates of interest, and methods adopted pursuant to this title which are applicable thereto;
(B)
Reserves for disability benefits for both active and disabled lives;
(C)
Reserves for accidental death benefits; and
(D)
Any additional reserves which may be required by the Commissioner consistent with practice formulated or approved by him on account of such insurance;
(4)
With reference to insurance other than that specified in paragraph (3) of this Code section and other than title insurance, the amount of reserves equal to the unearned portions of the gross premiums charged on policies in force, computed in accordance with this chapter; and
(5)
Taxes, expenses, and other obligations due or accrued at the date of the statement.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-6 - Unearned premium reserve required for property, general casualty, and surety insurance generally

(a)
With reference to insurance against loss or damage to property, except as provided in Code Section
33-10-7
, and with reference to all general casualty insurance and surety insurance, every insurer shall maintain an unearned premium reserve on all policies in force.
(b)
The Commissioner may require that such reserves shall be equal to the unearned portions of the gross premiums in force after deducting reinsurance in solvent insurers as computed on each respective risk from the policy's date of issue. If the Commissioner does not so require, the portions of the gross premium in force, less reinsurance in solvent insurers to be held as a premium reserve, shall be computed according to the following table:
Term for Which Policy
Reserve for Unearned
Was Written
Premium
1 year or less ........................
1/2
2 years ........................
First year 3/4
.......................
Second year 1/4
3 years ........................
First year 5/6
.......................
Second year 1/2
.......................
Third year 1/6
4 years ........................
First year 7/8
.......................
Second year 5/8
.......................
Third year 3/8
.......................
Fourth year 1/8
5 years ........................
First year 9/10
.......................
Second year 7/10
.......................
Third year 1/2
.......................
Fourth year 3/10
.......................
Fifth year 1/10
Over 5 years ........................
Pro rata
(c)
Unearned premium reserves on policies written for an intermediate period shall be calculated on a monthly pro rata basis.
(d)
In lieu of computation according to the foregoing table, all of such reserves may be computed, at the option of the insurer, on a monthly or more frequent pro rata basis.
(e)
After adopting a method for computing such reserve, a domestic insurer shall not change methods without approval of the Commissioner, and a foreign or alien insurer shall not change methods without approval of the insurance supervisory official of the state of its domicile.
(f)
This Code section does not apply to title insurance.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-7 - Marine insurance, required reserves

With reference to marine insurance, premiums on trip risks not terminated shall be deemed unearned, and the Commissioner may require the insurer to carry a reserve thereon equal to 100 percent on trip risks written during the month ended as of the date of statement.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-8 - Accident and sickness insurance, required reserves

For all accident and sickness insurance policies the insurer shall maintain an active life reserve which shall place a sound value on its liabilities under such policies and which shall not be less in the aggregate than the reserve according to such method of calculation as the Commissioner may approve.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-9 - [Repealed] Employers' liability and workers' compensation insurance, required reserves

Repealed by 2005 Ga. Laws 130,§ 1, eff. 5/2/2005.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-10 - Title insurance, required reserves

In addition to an adequate reserve as to outstanding losses as required under Code Section
33-10-5
, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
(1)
Ten percent of the total amount of the risk premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
(2)
During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.
Amended by 2019 Ga. Laws 139,§ 1-58, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-11 - Requirement of special reserve for certain bonds

In lieu of the unearned premium reserve required on surety insurance under subsection (a) of Code Section
33-10-6
, the Commissioner may require any surety insurer or limited surety insurer to set up and maintain a reserve on all bail bonds or other single premium bonds without definite expiration data, furnished in judicial proceedings, equal to 25 percent of the total consideration charged for any bonds as are outstanding as of the date of any then current financial statement of the insurer.
Amended by 2019 Ga. Laws 139,§ 1-59, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-12 - Requirement by Commissioner of increase in loss reserves

If the loss experience shows that an insurer's loss reserves, however estimated, are inadequate, the Commissioner shall require the insurer to maintain loss reserves of increased amounts as are needed to make them adequate. This Code section does not apply to life insurance.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-14 - Valuation of investments

The value or amount of investments, unless otherwise specified in this chapter, and excluding assets of separate accounts which are subject to Code Sections
33-11-65
through
33-11-67
, shall be the value at which assets of an insurer are required to be reported for statutory accounting purposes as determined in accordance with procedures prescribed in published accounting and valuation standards of the National Association of Insurance Commissioners and adopted by regulation promulgated by the Commissioner or as otherwise prescribed by regulation promulgated by the Commissioner.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-16 - Valuation of real and personal property reserves

(a)
Real property acquired under a mortgage loan or under a deed to secure debt or pursuant to a contract of sale, in the absence of a recent appraisal deemed by the Commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied for improvements in connection with the property.
(b)
Other real property held by an insurer shall not be valued at an amount in excess of fair value as determined by recent appraisal. If valuation is based on an appraisal more than three years old, the Commissioner may at his discretion call for and require a new appraisal in order to determine fair value.
(c)
Personal property acquired under a chattel mortgage made in accordance with Code Section
33-11-26
shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with the acquisition or the fair value of the property, whichever amount is the lesser.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 10 - ASSETS AND LIABILITIES (§§ 33-10-1 — 33-10-17) › Section 33-10-17 - Valuation of mortgage reserves

Mortgages on real property referred to in subsection (a) of Code Section
33-10-16
shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of the real property, whichever is less.
Amended by 2019 Ga. Laws 139,§ 1-61, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-1 - Scope of article

(a)
With the exception of Code Section
33-11-42
, this article shall apply to domestic insurers only.
(b)
The provisions of this article shall apply only to those insurers that are not subject to Article 2 of this chapter.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-2 - Eligible investments; investment limitations

(a)
Insurers shall invest in or lend their funds on the security of, and shall hold as invested assets, only eligible investments as prescribed in this article.
(b)
Eligibility of an investment shall be determined as of the date of its making or acquisition.
(c)
Any investment limitation based upon the amount of the insurer's assets or particular fund shall relate to such assets or funds as shown by the insurer's annual statement as of December 31 of the year preceding the date of acquisition of the investment by the insurer or as shown by a current financial statement resulting from merger of another insurer, bulk reinsurance, or change in capitalization.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-3 - Acquisition of securities or investments by insurers generally

(a)
No security or investment, other than real and personal property acquired under Code Sections
33-11-28
,
33-11-29
, and
33-11-32
and cash and deposits under Code Section
33-11-6
, shall be eligible for acquisition unless it is interest bearing or interest accruing or dividend or income paying, or it is not then in default in any respect, and the insurer is entitled to receive for its account and benefit the interest or income accruing thereon.
(b)
No security or investment shall be eligible for purchase at a price above its market value.
(c)
No provision of this article shall prohibit the acquisition by an insurer of other or additional securities or property if received as a dividend or as a lawful distribution of assets or under a lawful and bona fide agreement of bulk reinsurance, merger, or consolidation. Any investment so acquired which is not otherwise eligible under this article shall be disposed of pursuant to Code Section
33-11-39
if real property, or pursuant to Code Section
33-11-40
if personal property or securities.
(d)
Nothing in this Code section shall prohibit an insurer from acquiring control of another insurer subject to the approval of the Commissioner.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-4 - Authorization of loan or investment of insurer

An insurer shall not make any investment or loan other than policy loans or annuity contract loans of a life insurer unless the same is authorized or approved by the insurer's board of directors or by a committee authorized by the board and charged with the supervision or making of the investment or loan. The minutes of the committee shall be recorded and regular reports of the committee shall be submitted to the board of directors.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-6 - Authorized investments generally; cash or deposits

An insurer may have as assets cash or deposits in checking or savings accounts under certificates of deposit or in any other form in banks and trust companies and in savings accounts, certificates of deposit, or similar certificates or evidences of deposits in savings and loan associations and building and loan associations which have qualified for the insurance protection afforded by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation; provided, however, that an insurer may, upon approval of the Commissioner, have as assets cash or deposits in checking or savings accounts, or in any other form in banks, trust companies, or savings and loan associations which are not members of the Federal Deposit Insurance Corporation or Federal Savings and Loan Insurance Corporation.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-7 - Securities of open-end management investment company or investment trust

An insurer may invest in the securities of any open-end management type investment company or investment trust registered with the Federal Securities and Exchange Commission under the Investment Company Act of 1940, as from time to time amended, if such investment company or trust has been organized for not less than ten years or has assets of not less than $25 million at the date of investment by the insurer.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-8 - Foreign securities

An insurer authorized to transact insurance in a foreign country may make investments, in a manner consistent with the laws of such country, in securities or other investments within such foreign country which are similar in characteristics and quality to like investments required pursuant to this article for investments in the United States of America. The aggregate amount of the investments must not exceed the amount which is customary and necessary for the servicing of the insurance which the insurer has in force in the foreign country. Canadian securities eligible for investment under this article are not subject to this Code section.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-9 - Obligations of government of United States generally

An insurer may invest in bonds, notes, warrants, and other evidences of indebtedness which are direct obligations of the government of the United States of America or for which the full faith and credit of the government of the United States of America is pledged for the payment of principal and interest.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-10 - Securities which are not evidenced by certificates

Notwithstanding any other provisions of this title which might be construed to the contrary, nothing contained in this title shall be deemed to prohibit an insurer from investing its funds in or holding or owning as admitted assets securities which are not evidenced by certificates or instruments and related records issued to the insurer if held in accordance with the rules and regulations prescribed by the Commissioner and such securities are otherwise eligible for investment under this title.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-11 - Loans guaranteed by government of United States

An insurer may invest in loans guaranteed as to principal and interest by the government of the United States of America, or by any agency or instrumentality of the government of the United States of America, to the extent of such guaranty.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-12 - Securities of states of United States, District of Columbia, or government of Canada

An insurer may invest in bonds, notes, warrants, and other securities not in default which are the direct obligations of any state of the United States or of the District of Columbia, or of the government of Canada or any province of Canada, or for which the full faith and credit of such state, district, government, or province has been pledged for the payment of principal and interest.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-12.1 - Investment in direct obligations of foreign governments

Subject to the restrictions and limitations provided in this title, an insurer may invest in bonds, notes, warrants, and other securities not in default which are the direct obligations of the government of any foreign country which the International Monetary Fund lists as an industrialized country and for which the full faith and credit of such government has been pledged for the payment of principal and interest, provided such securities are listed as investment grade by the Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) or as investment grade by a securities rating organization accepted by the NAIC.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-13 - Obligations of political subdivisions or public authorities of states of United States, District of Columbia, or government of Canada

An insurer may invest in the obligations of any county, any incorporated city, town, or village, any school district, water district, sewer district, road district, or any special district, or any other political subdivision or public authority of any state, territory, or insular possession of the United States, or of the District of Columbia, or of the Canadian cities that have a population of over 25,000 according to the most recent official Census of Canada, which has not defaulted for a period of 120 days in the payment of interest upon, or for a period of more than one year in the payment of principal of, any of its bonds, notes, warrants, certificates of indebtedness, securities, or any other interest-bearing obligation during the five years immediately preceding the acquisition of the investment.
Amended by 2006 Ga. Laws 756,§ 1, eff. 5/3/2006.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-14 - Industrial development obligations

An insurer may invest in the bonds, notes, certificates of indebtedness, warrants, or other evidence of indebtedness which are valid obligations issued, assumed, or guaranteed by the United States of America or any state of the United States of America, or by any county, municipal corporation, district, or political subdivision, or civil division or public instrumentality of any such government or unit of such government, if by statute or other legal requirements such obligations are payable as to both principal and interest from revenues or earnings from the whole or any part of any utility supplying water, gas, sewage disposal facility, or electricity or any other public service, including but not limited to toll roads and toll bridges, and in revenue bonds issued by any political subdivision, authority, unit, or other corporate body created by the United States government or the government of any state, for the purpose of aiding in or promoting the industrial development of such state or political subdivisions.