reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-85 - Limitations to insurer's investment

The limitations of paragraphs (1) and (2) of Code Section
33-11-5
shall not apply to an insurer's investment in an investment pool; provided, however, that an insurer shall not acquire an investment in an investment pool under this article if, as a result of and after giving effect to the investment, the aggregate amount of investments then held by the insurer under this article:
(1)
In any one investment pool would exceed 10 percent of its admitted assets;
(2)
In all investment pools investing in investments permitted under paragraph (2) of subsection (a) of Code Section
33-11-83
would exceed 25 percent of its admitted assets; or
(3)
In all investment pools would exceed 35 percent of its admitted assets.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-86 - Management of investment pool

For an investment in an investment pool to be qualified under this article, the manager of the investment pool shall:
(1)
Be organized under the laws of the United States or a state and designated as the pool manager in a pooling agreement;
(2)
Be the insurer, an affiliated insurer or a business entity affiliated with the insurer, a qualified bank, or a business entity registered under the Investment Advisors Act of 1940,
15 U.S.C. Section 80b-1
, et seq., as amended; or, in the case of a reciprocal insurer or interinsurance exchange, be its attorney in fact; or, in cases of a United States branch of an alien insurer, be its United States manager or affiliates or subsidiaries of its United States manager;
(3)
Compile and maintain detailed accounting records setting forth:
(A)
The cash receipts and disbursements reflecting each participant's proportionate investment in the investment pool;
(B)
A complete description of all underlying assets of the investment pool, including amount, interest rate, any maturity date, and other appropriate designations; and
(C)
Such other records which, on a daily basis, allow third parties to verify each participant's investment in the investment pool; and
(4)
Maintain the assets of the investment pool in one or more accounts, in the name of or on behalf of the investment pool, under a custodial agreement compliant with this title with a qualified bank. The custodial agreement shall include but not be limited to:
(A)
A statement and recognition of the claims and rights of each participant;
(B)
An acknowledgment that the underlying assets of the investment pool are held solely for the benefit of each participant in proportion to the aggregate amount of its investments in the investment pool; and
(C)
An agreement that the underlying assets of the investment pool shall not be commingled with the general assets of the custodian qualified bank or any other person.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-87 - Notification to Commissioner; ownership; inspection

A pooling agreement under this article may not be entered into unless the insurer has notified the Commissioner in writing of the pooling agreement at least 30 days prior to entering into the pooling agreement and the Commissioner has not disapproved it within such period. The pooling agreement for each investment pool shall be in writing and shall provide that:
(1)
An insurer and its affiliated insurers or, in the case of an investment pool investing solely in investments permitted under paragraph (1) of subsection (a) of Code Section
33-11-83
, the insurer and its subsidiaries, affiliates, or any pension or profit-sharing plan of the insurer, its subsidiaries and affiliates, or, in the case of a United States branch of an alien insurer, affiliates or subsidiaries of its United States manager, shall, at all times, hold 100 percent of the interests in the investments pool;
(2)
The underlying assets of the investment pool shall not be commingled with the general assets of the pool manager or any other person;
(3)
In proportion to the aggregate amount of each pool participant's interest in the investment pool:
(A)
Each participant owns an undivided interest in the underlying assets of the investment pool; and
(B)
The underlying assets of the investment pool are held solely for the benefit of each participant;
(4)
A participant, or in the event of the participant's insolvency, bankruptcy, or receivership, its trustee, receiver, or other successor in interest, may withdraw all or any portion of its investment from the pool under the terms of the pooling agreement;
(5)
Withdrawals may be made on demand without penalty or other assessment on any business day, but settlement of funds shall occur within a reasonable and customary period thereafter not to exceed five business days. Distributions under this paragraph shall be calculated in each case net of all then applicable fees and expenses of the investment pool. The pooling agreement shall provide that the pool manager shall distribute to a participant, at the discretion of the pool manager:
(A)
In cash, the then fair market value of the participant's pro rata share of each underlying asset of the investment pool;
(B)
In kind, a pro rata share of each underlying asset; or
(C)
In a combination of cash and in kind distributions, a pro rata share of each underlying asset; and
(6)
The pool manager shall make the records of the investment pool available for inspection by 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 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-88 - Business entity requirement

An investment pool authorized under this article must be a business entity.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-89 - Standards not applicable; reporting

Transactions between an investment pool and its participants shall not be subject to the provisions of Code Section
33-13-5
. Investment activities of an investment pool and transactions between such pools and pool participants shall be reported annually in the registration statement required by Code Section
33-13-4
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-1 - Persons with whom required deposit to be made; acceptance and holding in trust of deposits generally

(a)
Deposits required or permitted by law to be made by domestic life insurers and all other insurers shall be made with the Commissioner or with some strong corporation approved by the Commissioner.
(b)
The Commissioner shall accept and hold in trust deposits of securities or funds by insurers as follows:
(1)
Deposits required for authority to transact insurance in this state;
(2)
Deposits of domestic, foreign, or alien insurers when made pursuant to the laws of other states, provinces, and countries as prerequisite for authority to transact insurance in such state, province, or country; or
(3)
Deposits in such additional amounts as are permitted to be made by Code Section
33-12-6
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-2 - Purposes for which deposits to be held

Deposits shall be held as follows:
(1)
When the deposit is required for authority to transact insurance in this state, the deposit shall be held for the protection of all the insurer's policyholders or others entitled to the proceeds of policies within the United States, provided that this paragraph shall not apply to a deposit made under Code Section
33-3-9
;
(2)
When the deposit is required pursuant to the laws of another state, commonwealth, territory, district of the United States, province, or country, the deposit shall be held for such purposes as are required by such laws and as specified by the Commissioner at the time the deposit is made; or
(3)
When the deposit is required pursuant to the retaliatory provision, Code Section
33-3-26
, the deposit shall be held for purposes as specified in the Commissioner's order requiring the deposit.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-3 - Assets deemed eligible for deposit

(a)
All deposits required for authority to transact insurance in this state shall consist of any combination of the securities eligible for the investment of capital funds of domestic insurers as enumerated and described in paragraph (3) of Code Section
33-11-5
, except real estate, notes secured by real estate, stocks, or investment trust or investment company shares.
(b)
All deposits required pursuant to the laws of another state, province, or country or pursuant to the retaliatory provisions of Code Section
33-3-26
shall consist of those assets as are required or permitted by law or as are required pursuant to a retaliatory provision.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-4 - Designation of state depositories; responsibility for safekeeping of deposits; acceptance of book-entry securities as securities

(a)
The Commissioner may designate any regularly constituted state depository having trust powers domiciled in this state as a depository to receive and hold deposit. A deposit so held shall be at the expense of the insurer. A depository shall give to the Commissioner proper trust and safekeeping, receipt upon which the Commissioner shall give official receipt to the insurer.
(b)
The Commissioner shall be responsible for the safekeeping and return of all securities deposited pursuant to this title with the Commissioner or in any depository so designated.
(c)
The Commissioner may by rule or regulation prescribe the methods by which book-entry securities may be accepted as securities required or permitted by law.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-5 - Rights of insurers as to recovery, exchange, and inspection of deposits generally

So long as the insurer remains solvent and complies with this title it may:
(1)
Demand, receive, institute an action for, and recover the income from the securities deposited;
(2)
Exchange and substitute for the deposited securities or any part thereof, with the approval of the Commissioner, eligible securities of equivalent or greater value; and
(3)
Inspect at reasonable times any deposit.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-6 - Deposit of securities in amounts exceeding required or permitted deposit

An insurer may deposit eligible securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than $100,000.00 for the purpose of absorbing fluctuations in the value of securities held in its deposit and to facilitate the exchange and substitution of securities deposited. During the solvency of the insurer any excess deposit or part thereof shall be released to the insurer upon its request, subject to Code Section
33-12-9
. During the insolvency of the insurer the excess deposit shall be released only as provided in Code Section
33-12-8
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-7 - Procedure upon occurrence of deficiencies in deposits of insurers generally

If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 30 days after receipt of notice to deposit other or additional assets or securities by registered or certified mail or statutory overnight delivery from the Commissioner, the Commissioner shall revoke the insurer's certificate of authority.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-8 - Release of deposits generally

Any deposit made in this state under this title shall be released:
(1)
To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held;
(2)
To the insurer to the extent such deposit is in excess of the amount required; or
(3)
Upon proper order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-9 - Requirement of application and order for release of deposits; liability of Commissioner for release

No release of deposited funds shall be made except upon application to and the written order of the Commissioner. The Commissioner shall have no liability for any release of any deposit or part of a deposit so made by him in good faith.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-10 - Levy upon deposits by claimants

No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this title or upon any part of a deposit, except that such levy may be permitted if so specified in the Commissioner's order requiring the deposit pursuant to the retaliatory provision of Code Section
33-3-26
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-11 - Retention of amount to pay judgment in event of occurrence of loss by insured; application for appointment of receiver

Whenever any loss insured against shall occur, the insured or other person entitled to the proceeds of the policy, by judgment or otherwise, in order to secure his recovery, may give notice to the Commissioner of the occurrence of said loss and of the amount claimed, after which notice the Commissioner shall be bound to retain, subject to the order of a court of competent jurisdiction trying any action that may be brought for the recovery of the loss or any action which may be brought upon any judgment obtained in the courts of another state or the courts of the United States on account of the loss, a sufficient amount to pay the judgment in said case in event of recovery; and, if the amount for which the depositing insurer is liable shall not be paid within 30 days, said plaintiff may file an application with the judge of the superior court of the county where the case was tried for appointment of the Commissioner as receiver to take charge of as many securities as shall be necessary to satisfy the aforesaid judgment.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-12 - Proceedings upon appointment of receiver generally

The Commissioner in his capacity as receiver shall apply to the judge of the superior court for an order of sale and in pursuance of said order shall sell said securities. After deducting any expenses as shall be allowed by the court, he shall pay over to the plaintiff or his attorney a sufficient amount to satisfy the judgment; and, if there shall remain any residue in the hands of the receiver, he shall pay over the same to the agent of the depositing company taking his receipt for the same, which shall be filed and recorded with the other papers in the case. The receipt shall be a complete discharge to the Commissioner.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-13 - Proceedings upon appointment of receivers for satisfaction of multiple claims

If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provided in Code Section
33-12-11
. If the receiver determines that the securities the insurer has on deposit are insufficient to cover the claim and if there is another receivership or there are other receiverships in this state against the same insurer in which distribution has not been completed, the Commissioner shall institute proceedings for a general receivership under Chapter 37 of this title.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-14 - Proceeding by Commissioner upon reduction in amount of deposit resulting from occurrence or loss by insured; effect of failure to deposit additional securities

Whenever, by means of Code Sections
33-12-11
through
33-12-13
, the amount of securities so deposited shall be reduced, the Commissioner shall give notice to the insurer depositing and require more securities to be deposited so as always to maintain the original amount; and if the company so notified by the Commissioner shall fail to comply within 30 days, its certificate of authority to do business in this state shall be revoked, and the Commissioner shall at the same time give notice by publication of display advertising in bold type in a newspaper of general circulation throughout the state of the fact of the failure and revocation of certificate of authority. The cost of this publication shall be paid by the company failing to comply with this Code section.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-15 - Limitation period for settlement or renewal of claims against deposits of insurers; procedure upon settlement of claims

Whenever a notice of claim is filed with the Commissioner as provided by law against the deposit of any insurance company doing business in Georgia and said claim has not been withdrawn at the expiration of seven years from the date of the notice of claim, the Commissioner is authorized to treat the notice as void and not binding unless the notice of claim is renewed within said seven-year period. In the event the Commissioner determines that a claim on which notice has been filed and not released by claimant has been settled or disposed of in any manner, it is authorized to proceed as if the notice of claim had never been filed.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-16 - Effect of order of general receivership

Whenever a general receivership under Chapter 37 of this title is ordered by a court of this state, it shall supersede receiverships created under Code Sections
33-12-11
through
33-12-13
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 12 - ADMINISTRATION OF DEPOSITS (§§ 33-12-1 — 33-12-17) › Section 33-12-17 - Withdrawal of deposit

When any depositing company shall desire to withdraw any deposit made with the Commissioner as provided by Code Section
33-12-1
, and the Commissioner shall find that the deposit is no longer required, in whole or in part, in order to comply with the laws of this or any other state, he may to that extent release the deposit, and his certificate to that effect shall authorize the state to return the deposit so released to the depositing company. A certificate from the Commissioner or other official authorized to administer the insurance laws of any other state or states showing that the depositing company has fully satisfied or made provision for the full payment and satisfaction of all policy obligations in the other state or states or that such policy obligations in such other state or states have been otherwise adequately provided for shall be sufficient evidence that the deposit is no longer required by the laws of such other state or states; provided, however, that any notice of loss theretofore given in conformity with this law shall remain effective, and the Commissioner shall nevertheless retain securities in an amount sufficient to meet the requirements of Code Sections
33-12-11
and
33-12-12
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 1 - GENERAL PROVISIONS (§§ 33-13-1 — 33-13-15) › Section 33-13-9 - Rules and regulations and orders

The Commissioner may, upon notice and opportunity for all interested persons to be heard, issue any rules, regulations, and orders as shall be necessary to carry out this article.
Amended by 2015 Ga. Laws 87,§ 3, eff. 7/1/2015.
Renumbered from §
31-13-8
by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 1 - GENERAL PROVISIONS (§§ 33-13-1 — 33-13-15) › Section 33-13-12 - Receivership

Whenever it appears to the Commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided in Chapter 37 of this title to take possession of the property of the domestic insurer and to conduct the business of the domestic insurer.
Amended by 2015 Ga. Laws 87,§ 3, eff. 7/1/2015.
Renumbered from §
31-13-11
by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 1 - GENERAL PROVISIONS (§§ 33-13-1 — 33-13-15) › Section 33-13-13 - Revocation, suspension, or nonrenewal of license or authority to do business

Whenever it appears to the Commissioner that any person has committed a violation of this article which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew the insurer's license or authority to do business in this state for any period as he or she finds is required for the protection of policyholders or the public. Any determination shall be accompanied by specific findings of fact and conclusions of law.
Amended by 2015 Ga. Laws 87,§ 3, eff. 7/1/2015.
Renumbered from §
31-13-12
and amended by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 1 - GENERAL PROVISIONS (§§ 33-13-1 — 33-13-15) › Section 33-13-14 - Recovery by receiver of distributions paid in event of liquidation, rehabilitation, or conservation of insurer

(a)
If an order for the liquidation, rehabilitation, or conservation of an insurer authorized to do business in this state is entered under Chapter 37 of this title, the receiver appointed under the order shall have a right to recover on behalf of the insurer (i) from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock, or (ii) any payment in the form of a bonus, termination settlement, or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer, or employee, where the distribution or payment pursuant to (i) or (ii) is made at any time during the one year preceding the petition for liquidation, conservation, or rehabilitation, as the case may be, subject to the limitations of subsections (b), (c), and (d) of this Code section.
(b)
No distribution shall be recoverable if that insurer shows that when paid the distribution was lawful and reasonable and that the insurer did not know and could not reasonably have known that the distribution might adversely affect the ability of the insurer to fulfill the obligations to claimants under its insurance contracts.
(c)
(1)
Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time the distributions were paid shall be liable up to the amount of distributions or payments under subsection (a) of this Code section which the person received.
(2)
Any person who otherwise controlled the insurer at the time the distributions were declared shall be liable up to the amount of distributions he or she would have received if they had been paid immediately.
(3)
If under paragraphs (1) and (2) of this subsection two persons are liable with respect to the same distributions, they shall be jointly and severally liable.
(d)
The maximum amount recoverable under this Code section shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
(e)
To the extent that any person liable under subsection (c) of this Code section is insolvent or otherwise fails to pay claims due from it, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from the parent corporation or holding company or person who otherwise controlled it.
Renumbered from §
31-13-13
and amended by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 1 - GENERAL PROVISIONS (§§ 33-13-1 — 33-13-15) › Section 33-13-15 - Aggrieved persons; appeal of actions of Commissioner; mandamus

(a)
Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this article may appeal the action to the Superior Court of Fulton County. The court shall conduct its review without a jury and by trial de novo, except that, if all parties including the Commissioner so stipulate, the review shall be confined to the record. Portions of the record may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.
(b)
The filing of an appeal pursuant to this Code section shall stay the application of any such rule, regulation, order, or other action of the Commissioner to the appealing party unless the court, after giving the party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors, or the public.
(c)
Any person aggrieved by any failure of the Commissioner to act or make a determination required by this article may petition the Superior Court of Fulton County for a writ in the nature of a mandamus or a peremptory mandamus directing the Commissioner to act or make the determination immediately.
Amended by 2015 Ga. Laws 87,§ 3, eff. 7/1/2015.
Renumbered from §
31-13-14
and amended by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-30 - Confidential and sensitive information within Own Risk and Solvency Assessment Summary Report; legislative intent

(a)
The General Assembly finds and declares that an Own Risk and Solvency Assessment Summary Report will contain confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing the report. This information will include proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if the information is made public.
(b)
It is the intent of the General Assembly that the Own Risk and Solvency Assessment Summary Report shall be a confidential document filed with the Commissioner, that the Own Risk and Solvency Assessment Summary Report will be shared only as stated in this article and to assist the Commissioner in the performance of his or her duties, and that in no event shall the Own Risk and Solvency Assessment Summary Report be subject to public disclosure.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-31 - Purpose

The purpose of this article is to provide the requirements for maintaining a risk management framework and completing an Own Risk and Solvency Assessment and provide guidance and instructions for filing an Own Risk and Solvency Assessment Summary Report with the Commissioner. The requirements of this article shall apply to all insurers domiciled in this state unless exempt pursuant to Code Section
33-13-36
.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-32 - Definitions

As used in this article, the term:
(1)
"Insurance group" means those insurers and affiliates included within an insurance holding company system as defined in paragraph (7) of Code Section
33-13-1
.
(2)
"Insurer" shall have the same meaning as set forth in Code Section
33-1-2
, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state.
(3)
"Own Risk and Solvency Assessment" or "ORSA" means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by that insurer or insurance group of the material and relevant risks associated with the insurer or insurance group's current business plan and the sufficiency of capital resources to support those risks.
(4)
"ORSA Guidance Manual" means the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners and as amended from time to time. A change in the ORSA Guidance Manual shall be effective on January 1 following the calendar year in which the changes have been adopted by the National Association of Insurance Commissioners.
(5)
"ORSA Summary Report" means a confidential high-level summary of an insurer or insurance group's ORSA.
Amended by 2019 Ga. Laws 139,§ 1-67, eff. 7/1/2019.
Amended by 2016 Ga. Laws 625,§ 33, eff. 5/3/2016.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-33 - Maintenance of risk management framework

An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. This requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-34 - Required conduct of ORSA

Subject to Code Section
33-13-36
, an insurer, or the insurance group of which the insurer is a member, shall regularly conduct an ORSA consistent with a process comparable to the ORSA Guidance Manual. The ORSA shall be conducted no less than annually, but also at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-35 - Submission of ORSA Summary Report

(a)
Upon the Commissioner's request, and no more than once each year, an insurer shall submit to the Commissioner an ORSA Summary Report or any combination of reports that together contain the information described in the ORSA Guidance Manual, applicable to the insurer or the insurance group of which it is a member. Notwithstanding any request from the Commissioner, if the insurer is a member of an insurance group, the insurer shall submit the report or reports required by this subsection if the Commissioner is the lead state commissioner of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
(b)
The report or reports shall include a signature of the insurer or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA Summary Report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee.
(c)
An insurer may comply with subsection (a) of this Code section by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the commissioner of another state or to a supervisor or regulator of a foreign jurisdiction, if that report provides information that is comparable to the information described in the ORSA Guidance Manual. Any such report in a language other than English must be accompanied by a translation of that report into the English language.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-37 - Preparation of report; review and use

(a)
The ORSA Summary Report shall be prepared consistently with the ORSA Guidance Manual, subject to the requirements of subsection (b) of this Code section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the Commissioner.
(b)
The review of the ORSA Summary Report and any additional requests for information shall be made using similar procedures used in the analysis and examination of multistate or global insurers and insurance groups.
Amended by 2019 Ga. Laws 139,§ 1-68, eff. 7/1/2019.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-39 - Penalty for noncompliance

Any insurer failing, without just cause, to timely file the ORSA Summary Report as required in this article may be subject to any penalty set forth in subsection (g) of Code Section
33-2-24
. The Commissioner may reduce the monetary penalty if the insurer demonstrates to the Commissioner that the imposition of the monetary penalty would constitute a financial hardship to the insurer.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-40 - [Repealed] Severability

Repealed by 2019 Ga. Laws 139,§ 1-70, eff. 7/1/2019.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13 - INSURANCE HOLDING COMPANY SYSTEMS (§§ 33-13-1 — 33-13-41) › Article 2 - OWN RISK AND SOLVENCY ASSESSMENT (§§ 33-13-30 — 33-13-41) › Section 33-13-41 - Effective date for compliance

The requirements of this article shall become effective on July 1, 2015. The first filing of the ORSA Summary Report shall be required in 2015 pursuant to Code Section
33-13-35
.
Added by 2015 Ga. Laws 87,§ 2, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-1 - Short title

This chapter shall be known and may be cited as the "Mutual Insurance Holding Company Act."
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-5 - Incorporation of reorganized insurer

A mutual insurance holding company resulting from the reorganization of a domestic mutual insurer and the reorganized stock insurer shall be incorporated and governed pursuant to Chapter 14 of this title and subject to Chapter 13 of this title. This requirement shall supersede any conflicting provisions of Chapter 2 of Title 14. The articles of incorporation and any amendments to such articles of the mutual insurance holding company shall be subject to approval of the Commissioner in the same manner as those of an insurer. An intermediate stock holding company shall be incorporated and governed pursuant to Chapter 2 of Title 14.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-6 - Required compliance; treatment of assets

A mutual insurance holding company is deemed to be an insurer subject to this title and shall automatically be a party to any proceeding under this title involving an insurer that, as a result of a reorganization pursuant to Code Section
33-13A-3
or a merger pursuant to Code Section
33-13A-4
, is a subsidiary of the mutual insurance holding company or one or more intermediate stock holding companies. In any proceeding involving the reorganized stock insurer, the assets of the mutual insurance holding company are deemed to be assets of the estate of the reorganized stock insurer for purposes of satisfying the claims of the reorganized stock insurer's policyholders. A mutual insurance holding company shall not be dissolved or liquidated without the prior approval of the Commissioner.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-7 - Application of other statutory provisions

(a)
Code Section
33-14-76
is not applicable to a reorganization or merger pursuant to this chapter.
(b)
The demutualization of a mutual insurance holding company is subject to the requirements of Code Section
33-14-76
.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-8 - Effect of membership interest

A membership interest in a mutual insurance holding company shall not constitute a security as such term is defined in Code Section
11-8-102
.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-9 - Offerings of voting stock; duties of Commissioner

(a)
The offerings of voting stock by a reorganized stock insurer or intermediate stock holding company to any person other than the mutual insurance holding company or a wholly owned subsidiary thereof, which offering is to occur in connection with the reorganization or merger or is the first to occur after the effective date of the reorganization or merger, shall be made only in accordance with such provisions as the reorganization plan or merger plan may contain governing such an initial offering or with the prior approval of the Commissioner after submission of an application by the proposed issuer. The reorganization plan or merger plan shall describe the terms on which members, officers, and directors of the mutual insurance holding company, as well as any other persons, may participate in such offering. The Commissioner may approve any such application unless the Commissioner finds that the offering would be prejudicial to the members of the mutual holding company.
(b)
The Commissioner may retain any attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as may be reasonably necessary to assist the Commissioner in reviewing an application submitted pursuant to this Code section, the cost of which shall be borne by the proposed issuer submitting such application.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-10 - Policyholder meetings

(a)
Within 45 days after the date of the Commissioner's approval of a reorganization plan or merger plan pursuant to this chapter, unless extended by the Commissioner for good cause, the mutual insurer shall hold a meeting of its policyholders to vote upon such plan. The mutual insurer shall give notice at least 30 days before the time fixed for the meeting, by first-class mail to the last known address of each policyholder, that the reorganization plan or merger plan will be voted upon at a regular or special meeting of the policyholders. The notice shall include a brief description of the reorganization plan or merger plan and a statement that the Commissioner has approved such plan. The notice shall also include information regarding where the policyholder can obtain copies of the full reorganization plan or merger at no cost to the policyholder. The notice to each policyholder shall also include a written proxy permitting the policyholder to vote for or against the reorganization plan or merger plan. A reorganization plan or merger plan shall be approved only if not less than two-thirds of the policyholders voting in person or by proxy at the meeting vote in favor of such plan. Each policyholder shall be entitled to only one vote regardless of the number of policies owned by the policyholder.
(b)
If a mutual insurer complies substantially and in good faith with the notice requirements of this Code section, the mutual insurer's failure to give any policyholder any required notice does not impair the validity of any action taken under this Code section.
(c)
For purposes of voting, policyholder means a person who is eligible to vote under the mutual insurer's articles of incorporation or bylaws and who is also a policyholder of the mutual insurer as of the date on which the reorganization plan or merger plan is initially approved by the board of directors of the mutual insurer.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-11 - Treatment of stock

The majority of the voting stock of the reorganized stock insurer, which is required by this Code section to be at all times owned by a mutual insurance holding company, shall not be conveyed, transferred, assigned, pledged, subject to a security interest or lien, encumbered, or otherwise hypothecated or alienated by the mutual insurance holding company or intermediate stock holding company. Any conveyance, transfer, assignment, pledge, security interest, lien, encumbrance, hypothecation, or alienation of, in or on the majority of the voting stock of the reorganized stock insurer that is required by this Code section to be at all times owned by a mutual insurance holding company, is in violation of the provisions of this Code section and shall be void in inverse chronological order of the date of such conveyance, transfer, assignment, pledge, security interest, lien, encumbrance, hypothecation, or alienation as to the shares necessary to constitute a majority of such voting stock. The majority of the voting stock of the reorganized stock insurer that is required by this Code section to be at all times owned by a mutual insurance holding company shall not be subject to execution and levy. The shares of the capital stock of the surviving or new company resulting from a merger or consolidation of two or more reorganized stock insurers or two or more intermediate stock holding companies that were subsidiaries of the same mutual insurance holding company are subject to the same requirements, restrictions, and limitations as provided in this Code section to which the shares of the merging or consolidating reorganized stock insurers or intermediate stock holding companies were subject as provided in this Code section prior to the merger or consolidation.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-12 - Legislative intent regarding impact on taxation

It is the intent of the General Assembly that the formation of a mutual insurance holding company shall not increase the Georgia tax burden of the mutual insurance holding company system and that a reorganized stock insurer shall continue to be subject to Georgia insurance premium taxation in lieu of all other taxes except as provided in Chapter 8 of this title.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 13A - MUTUAL INSURANCE HOLDING COMPANY ACT (§§ 33-13A-1 — 33-13A-13) › Section 33-13A-13 - Regulatory authority

The Commissioner shall have the authority to promulgate rules and regulations to implement and enforce the provisions of this chapter.
Added by 2015 Ga. Laws 120,§ 3, eff. 7/1/2015.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 14 - DOMESTIC STOCK AND MUTUAL INSURERS (§§ 33-14-1 — 33-14-128) › Article 1 - GENERAL PROVISIONS (§§ 33-14-1 — 33-14-27) › Section 33-14-1 - Applicability of chapter

This chapter shall govern domestic mutual and stock insurers.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 14 - DOMESTIC STOCK AND MUTUAL INSURERS (§§ 33-14-1 — 33-14-128) › Article 1 - GENERAL PROVISIONS (§§ 33-14-1 — 33-14-27) › Section 33-14-2 - Definitions

As used in this chapter, the term:
(1)
"Mutual insurer" means an incorporated insurer without capital stock or shares which is owned and governed by its policyholders.
(2)
"Stock insurer" means an incorporated insurer with capital divided into shares and owned by its shareholders.