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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-14.1 - Securities of federal agencies

An insurer may invest in bonds, debentures, or other securities issued or insured or guaranteed by any agency, authority, unit, or corporate body created by the government of the United States of America whether or not such obligations are guaranteed by the United States.
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 33-11-15 - Securities of public housing authorities or agencies

An insurer may invest in the bonds, debentures, or other securities of public housing authorities, issued under the act of Congress entitled the Housing Act of 1949 and approved July, 1949, the Municipal Housing Commission Act, or the Rural Housing Commission Act, and any additional amendments issued by any other public housing authority or agency in the United States, if the bonds, debentures, or other securities are secured by a pledge of annual contributions to be paid by the United States or any agency of the United States.
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 33-11-16 - Obligations issued, assumed, or guaranteed by International Bank for Reconstruction and Development or International Finance Corporation

An insurer may invest in obligations issued, assumed, or guaranteed by the International Bank for Reconstruction and Development or the International Finance Corporation. The investments authorized by this Code section shall not be counted as an investment of reserves under paragraph (4) of Code Section
33-11-5
at any one time in an amount greater than 5 percent of the insurer's admitted assets. Such investments shall be subject to all limitations and requirements of this article. In addition to authority contained in Code Section
33-11-8
and elsewhere in this title, an insurer may invest up to 10 percent of its admitted assets in securities or other investments within a foreign country which are similar in characteristics and quality to like investments authorized pursuant to this article for investments in the United States of America, including obligations of the government of such foreign country and its political subdivisions and instrumentalities, provided that the values of such securities or other investments shall be determined in accordance with the valuation methods then currently formulated or approved by the National Association of Insurance Commissioners or its successor organization.
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 33-11-17 - Obligations issued, assumed, or guaranteed by Asian Development Bank

An insurer may invest in obligations issued, assumed, or guaranteed by the Asian Development Bank, in which bank the United States is a subscribing participant by virtue of an act of Congress approved March 16, 1966, entitled Asian Development Bank Act. The investments authorized by this Code section shall not be counted as an investment of reserves of paragraph (4) of Code Section
33-11-5
at any time in an amount greater than 5 percent of the insurer's 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-18 - Obligations issued, assumed, or guaranteed by Inter-American Development Bank

An insurer may invest in obligations issued, assumed, or guaranteed by the Inter-American Development Bank. The investments authorized by this Code section shall not be counted as an investment of reserves of paragraph (4) of Code Section
33-11-5
at any one time in an amount greater than 5 percent of the insurer's 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-19 - [Repealed]

Repealed and reserved by 2024 Ga. Laws 399,§ 2-32, eff. 6/30/2024.
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 33-11-19.1 - Obligations issued, assumed, or guaranteed by African Development Bank

An insurer may invest in obligations issued, assumed, or guaranteed by the African Development Bank. The investments authorized by this Code section shall not be counted as an investment of reserves of paragraph (4) of Code Section
33-11-5
at any one time in an amount greater than 5 percent of the insurer's 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-19.2 - Loans guaranteed by United Student Aid Funds, Inc

An insurer may make and invest in loans guaranteed as to principal and interest by the United Student Aid Funds, Inc., 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 33-11-21 - Corporate stocks

An insurer may invest in nonassessable dividend-paying stocks, common or preferred, of any solvent corporation other than a corporation engaged solely in the business of operating real estate or a corporation having substantially all of its assets invested in the shares of such corporation, created or existing under the laws of the United States of America or of any state or of the District of Columbia, provided cash dividends on the common stocks shall have been paid out of current earnings in at least three of the last five years preceding the purchase.
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 33-11-22 - Equipment trust obligations or certificates

An insurer may invest in equipment trust obligations or certificates adequately secured and evidencing an interest in transportation equipment, wholly or in part within the United States of America, and the right to receive determined portions of rental, purchase, or other fixed obligatory payments for the use or purchase of the transportation equipment.
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 33-11-23 - Loans secured by pledge of securities or by pledge or assignment of life insurance policies

An insurer may invest in loans which are secured by pledge of securities eligible for investment under this article or by the pledge or assignment of life insurance policies issued by other insurers authorized to transact insurance in this state. On the date made, no loan shall exceed in amount 75 percent of the market value of the collateral pledged. The amount so loaned shall be included in the maximum percentage of funds permitted under this article to be invested in the kinds of securities or evidences of debt pledged.
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 33-11-25.1 - Security representing interest in pool of loans secured by mortgage or deed of trust upon property in United States or Canada

(a)
In addition to the investment authority granted to insurers under Code Sections
33-11-20
,
33-11-21
, and other applicable provisions of this title, an insurer authorized to transact insurance in this state, other than an insurer authorized to transact mortgage guaranty insurance, may invest in, purchase, or hold a mortgage or a mortgage participation, pass-through, conventional pass-through, trust certificate, or other similar security which represents an undivided, beneficial interest in a pool of loans secured by first mortgages, deeds of trust, or deeds to secure debt upon fee simple, unencumbered, improved, or income-producing real property located in the United States or Canada, which is improved with a residential building or a condominium unit or buildings designed for occupancy by not more than four families, including leasehold estates in such real estate if such first mortgages, deeds of trust, or deeds to secure debt are fully guaranteed or insured by the Federal Housing Administration, the United States Department of Veterans Affairs, the Farmers Home Administration, the Federal Home Loan Mortgage Corporation, the Government National Mortgage Association, the Federal National Mortgage Association, or any other similar governmental entity or instrumentality or by an insurer authorized to transact mortgage guaranty insurance in this state in accordance with such rules and regulations as may be promulgated by the Commissioner after due notice and hearing.
(b)
Notwithstanding any provisions of this title which might be construed to the contrary, the Commissioner may, in his discretion, grant, deny, or revoke the authority of any authorized insurer to invest in or to continue to hold its investment in such securities if, after due notice and hearing, he shall determine that such continued investments would be hazardous to such insurer's policyholders or to the public. In such event, the Commissioner shall give such company a reasonable period of time, not to exceed three years, to dispose of such investments as otherwise provided for in this title, subject to such extensions of time or exceptions as the Commissioner, in his discretion, may grant.
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 33-11-26 - Chattel mortgage loans

(a)
In connection with a loan on the security of real estate designed and used primarily for residential purposes only, which loan was acquired pursuant to Code Section
33-11-25
, an insurer may lend or invest an amount not exceeding 20 percent of the amount loaned on or invested in the real estate mortgage or loan deed on the security of a chattel mortgage to be amortized by regular periodic payments within a term of not more than five years, and representing a first and prior lien, except for taxes not then delinquent, on personal property constituting durable equipment owned by the mortgagor or security grantor and kept and used in the mortgaged premises.
(b)
For the purpose of this Code section, the term "durable equipment" shall include only mechanical refrigerators, air-conditioning equipment, mechanical laundering machines, heating and cooking stoves and ranges, and, in addition, in the case of apartment houses and hotels, room furniture and furnishings.
(c)
Prior to the acquisition of a chattel mortgage as prescribed by this Code section, items of property to be included in such mortgage shall be separately appraised by a qualified appraiser and the fair market value of such items of property determined. No chattel mortgage loan shall exceed in amount the same ratio of loan to the value of the property as is applicable to the companion loan on the real property.
(d)
This Code section shall not prohibit an insurer from taking liens on personal property as additional security for any investment otherwise eligible under this article.
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 33-11-27 - Abstract plant and equipment and stocks of abstract companies

(a)
In addition to other investments eligible under this article, a title insurer may invest and have invested an amount not exceeding 50 percent of its paid-in capital stock in its abstract plant and equipment and, with the Commissioner's consent, in stocks of abstract companies.
(b)
Investments authorized by this Code section shall not be credited against the insurer's required unearned premium or guaranty fund reserve provided for under Code Section
33-10-10
.
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 33-11-28 - Investments incidental to preservation or enhancement of earnings of real property securing evidence of indebtedness held by insurer

(a)
If real property securing any evidence of indebtedness held by an insurer is used for agricultural purposes and a proceeding to foreclose the security instrument or an insolvency proceeding relating to the mortgagor has been commenced or, if the mortgagor has made an assignment for the benefit of creditors, the insurer may, for the purpose of preserving or enhancing the earnings of the property:
(1)
Purchase agricultural livestock or equipment and utilize the same or cause the same to be utilized in the operation of the property by the mortgagor, or a receiver or trustee, or by the insurer-creditor; or
(2)
Lend up to the value of any agricultural equipment or livestock which may be used in the operation of the property, on the security of a first lien on the equipment and livestock.
(b)
Nothing in this Code section shall be deemed to limit any right which the insurer may otherwise have under or with respect to any loan, mortgage, or investment.
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 33-11-29 - Acquisition or holding of real property generally

(a)
An insurer shall not directly or indirectly acquire or hold real estate except as authorized in this Code section and in Code Sections
33-11-30
through
33-11-32
. An insurer may acquire and hold:
(1)
Land and buildings on such land used or acquired for use as its principal home office and branch offices for the convenient transaction of its own business; portions of such buildings not used for its own business may be rented by the insurer to others;
(2)
Real property acquired in satisfaction in whole or in part of loans, mortgages, liens, judgments, decrees, or debts previously owing to the insurer in the course of its business;
(3)
Real property acquired in part payment of the consideration on the sale of other real property owned by it if such transaction effects a net reduction in the insurer's investment in real estate;
(4)
Real property acquired by gift or devise, or through merger, consolidation, or bulk reinsurance of another insurer under this title; or
(5)
Additional real property and equipment incident to real property if necessary or convenient for the enhancement of the marketability or sale value of real property previously acquired or held by it under paragraphs (2) through (4) of this subsection, but subject to the prior written approval of the Commissioner.
(b)
The amount invested by an insurer in home office and branch office property under paragraph (1) of subsection (a) of this Code section shall not exceed 10 percent of the insurer's admitted assets, but the Commissioner may grant permission to the insurer to invest in real property for that purpose in an increased amount not to exceed 25 percent of 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-31 - Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees

Subject to prior approval of the Commissioner, an insurer may acquire and hold real property for recreation, hospitalization, convalescence, and retirement purposes of its employees. All investments under this Code section shall not exceed 5 percent of the insurer's surplus; or, if a mutual or reciprocal insurer, all of those investments shall not exceed 5 percent of the insurer's surplus in excess of the surplus required to be maintained under this title for its authority to transact insurance.
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 33-11-32 - Limitation on investments pursuant to Code Sections 33-11-30 or 33-11-31

No investment in real property shall be made by any insurer pursuant to Code Section
33-11-30
or
33-11-31
which will cause the insurer's investment in all real property owned or held by it directly or indirectly to exceed 25 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-33 - Prohibited investments; underwriting of offering of securities or property by other persons

(a)
In addition to investments excluded pursuant to other provisions of this title, an insurer shall not directly or indirectly invest in or lend its funds upon the security of:
(1)
Any investment or security which is found by the Commissioner to be designed to evade any prohibition of this title;
(2)
Issued shares of its own capital stock, except for the purpose of mutualization under Chapter 14 of this title or in connection with a plan approved by the Commissioner for purchase of the shares by the insurer's employees or agents;
(3)
Except with the advance consent of the Commissioner, securities issued by any corporation or enterprise the controlling interest of which is, or will after acquisition by the insurer be, held directly or indirectly by the insurer or any combination of the insurer and the insurer's directors, officers, parent corporation, subsidiaries, or controlling stockholders. Investments in subsidiaries, to the extent otherwise authorized by this article, shall not be subject to this provision; or
(4)
Any note or other evidence of indebtedness of any director, officer, or controlling stockholder of the insurer.
(b)
No insurer shall underwrite or participate in the underwriting of an offering of securities or property by 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 1 - INVESTMENTS OF CERTAIN INSURERS (§§ 33-11-1 — 33-11-43) › Section 33-11-37 - Investment of funds in excess of reserve and capital, or surplus, in authorized and approved investments

After satisfying requirements of this article, any funds of any domestic insurer in excess of its reserve and capital, if a stock insurer, or surplus, if a mutual or reciprocal insurer, required to be maintained may be invested without limitation in any investments otherwise authorized by this title, and, in addition, in the other investments, notwithstanding any prohibition contained in Code Section
33-11-29
, as may be approved by the Commissioner; provided, however, that approval of the Commissioner is not required except to the extent the investments constitute more than 5 percent of the total assets of an insurer.
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 33-11-38 - Authority of insurers to convey property or securities in which moneys or assets invested or upon which loans made

Insurance companies organized and doing business by virtue of the laws of this state may sell, assign, transfer, and convey, either with or without warranty, or either with or without recourse upon it, as it may prefer, any real estate, personal property, bond, note, mortgage, deed of trust, deed to secure debt, or other form of property or securities in which it may have invested its money or its assets or on which it may have made loans as allowed by law and may also buy and sell any realty that may be necessary for the protection of any loan such insurance company may lawfully make.
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 33-11-39 - Time limit for disposal by insurer of real estate

(a)
Except as provided in subsection (d) of this Code section, an insurer shall dispose of real property within time limits as follows:
(1)
If acquired under paragraph (1) of subsection (a) of Code Section
33-11-29
or Code Section
33-11-31
, the insurer shall sell the property within five years after it ceased to be used or to be necessary for the purposes stated in paragraph (1) of subsection (a) of Code Section
33-11-29
or Code Section
33-11-31
;
(2)
If acquired under paragraph (2), (3), or (4) of subsection (a) of Code Section
33-11-29
, the insurer shall sell the property within five years after the insurer acquired title to the property;
(3)
If acquired under paragraph (5) of subsection (a) of Code Section
33-11-29
, the insurer shall sell the property within five years after the date of acquisition by the insurer of the real property the marketability or sales price of which was so enhanced; and
(4)
If acquired under Code Section
33-11-30
, the insurer shall within five years after the termination or expiration of the lease sell the property or re-lease the property for an additional term under the same conditions provided for in Code Section
33-11-30
as for an original leasing.
(b)
Any real property otherwise subject to disposal under paragraphs (2) through (4) of subsection (a) of this Code section may be retained by the insurer for home office or branch office purposes for so long as so used, provided that retention of the real property is in compliance with any other provisions of this article applicable to the home office and branch office property (real property leasing).
(c)
Any real property otherwise subject to disposal under paragraph (1), (2), or (3) of subsection (a) of this Code section may be retained by the insurer for leasing under Code Section
33-11-30
for so long as so used and subject to provisions otherwise applicable to such real property for leasing.
(d)
Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale of such real property, the Commissioner may by certificate grant a reasonable additional period, as specified in the certificate, within which the insurer shall dispose of any particular parcel of real property.
(e)
Nothing contained in this Code section shall prevent any insurer from improving or conveying its real property, notwithstanding the lapse of five years without having procured a certificate from 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 33-11-40 - Time limit for disposal by insurer of personal property or securities deemed unauthorized investments

Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three years from date of acquisition unless within that period the security has attained to the standard of eligibility. However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for the reinsurance, merger, or consolidation as approved by the Commissioner under Chapter 14 of this title. Upon application by the insurer and proof that forced sale of any of the property or security would materially injure the interests of the insurer, the Commissioner may extend the disposal period for an additional reasonable time.
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 33-11-41 - Effect of failure of insurer to dispose of real estate, personal property, or securities

(a)
Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section
33-11-39
or
33-11-40
, shall not be allowed as an asset of the insurer.
(b)
The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify.
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 33-11-42 - Investments of foreign and alien insurers; place of domicile

(a)
The investments of foreign and alien insurers shall be as permitted by the laws of their domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers.
(b)
For the purposes of this Code section the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Commissioner at time of admission to this state and may be any one of the following states:
(1)
This state if the insurer is entering through this state to transact insurance in the United States through a United States branch;
(2)
That in which the insurer was first authorized to transact insurance;
(3)
That in which is located the insurer's principal place of business in the United States; or
(4)
That in which is held the larger deposits of trusteed assets of the insurer for the protection of its policyholders and creditors in the United States.
(c)
If the insurer makes no such designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.
(d)
In the case of the insurer formed under the laws of Canada or a province of Canada, its domicile shall be deemed to be that province in which its head office is situated.
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 33-11-43 - Compliance with Secondary Mortgage Market Enhancement Act

Notwithstanding any provision of the federal Secondary Mortgage Market Enhancement Act of 1984,
15 U.S.C. Section 77r-1
, to the contrary, any insurer subject to the provisions of this title shall comply with all provisions, restrictions, and limitations concerning investments provided in this article.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-50 - Legislative purpose; application of article; separate accounts

(a)
The purpose of this article is to protect and to further the interests of insureds, creditors, and the general public. This objective will be met by the establishment of:
(1)
Prudent standards by which an insurer shall develop its investment policy and investment portfolio;
(2)
A minimum financial security benchmark and a minimum asset requirement, each of which shall be supported by classes of investments and, as applicable, noninvested assets, described in this article;
(3)
A level of investment discretion whereby the regulation of an insurer's investment practices has minimum interference with management initiative and judgment; and
(4)
A prescribed process for actions by the Commissioner to address situations where an insurer's investment policy or investment portfolio is not prudent under prevailing circumstances.
(b)
This article and the regulations adopted to interpret and implement it shall apply only to domestic life, accident and sickness, property, and casualty insurers licensed pursuant to Code Section
33-3-2
to transact the classes of business described in paragraphs (1) through (5) of Code Section
33-3-5
and United States branches of similar alien insurers entered through this state if such entry is otherwise permitted by law.
(c)
Separate accounts established in accordance with Code Sections
33-11-65
through
33-11-67
shall be governed pursuant to those Code sections.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-53 - Factors to be considered in determining prudence

The following factors shall be evaluated by the insurer and considered along with its business in determining whether an investment portfolio or investment policy is prudent, and the Commissioner shall consider the following factors prior to making a determination that an insurer's investment portfolio or investment policy is not prudent:
(1)
General economic conditions;
(2)
The possible effect of inflation or deflation;
(3)
The expected tax consequences of investment decisions or strategies;
(4)
The fairness and reasonableness of the terms of an investment considering its probable risk and reward characteristics and relationship to the investment portfolio as a whole;
(5)
The extent of the diversification of the insurer's investments among:
(A)
Individual investments;
(B)
Classes of investments;
(C)
Industry concentrations;
(D)
Dates of maturity; and
(E)
Geographic areas;
(6)
The quality and liquidity of investments in affiliates;
(7)
The investment exposure to the following risks, quantified in a manner consistent with the insurer's acceptable risk level appropriate for the insurer given the level of capitalization and expertise available to the insurer:
(A)
Liquidity;
(B)
Credit and default;
(C)
Systemic (market);
(D)
Interest rate;
(E)
Call, prepayment, and extension;
(F)
Currency; and
(G)
Foreign sovereign, political subdivision, and corporate;
(8)
The amount of the insurer's assets, capital and surplus, premium writings, insurance in force, and other appropriate characteristics;
(9)
The amount and adequacy of the insurer's reported liabilities;
(10)
The relationship of the expected cash flows of the insurer's assets and liabilities and the risk of adverse changes in the insurer's assets and liabilities;
(11)
The adequacy of the insurer's capital and surplus to secure the risks and liabilities of the insurer; and
(12)
Any other factors appropriate for consideration and relevant to whether an investment is prudent.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-54 - Written plan and policy; duty of board of directors

(a)
An insurer's board of directors shall adopt a written plan for acquiring and holding investments and for engaging in investment practices that specifies guidelines as to the quality, maturity, and diversification of investments and other specifications, including investment strategies intended to assure that the investments and investment practices are appropriate for the business conducted by the insurer, its liquidity needs, and its capital and surplus. The board shall review and assess the insurer's technical investment and administrative capabilities and expertise before adopting a written plan concerning an investment strategy or investment practice.
(b)
Investments acquired and held under this article shall be acquired and held under the supervision and direction of the board of directors of the insurer. The board of directors shall evidence by formal resolution, at least annually, that it has determined whether all investments have been made in accordance with delegations, standards, limitations, and investment objectives prescribed by the board or a committee of the board charged with the responsibility to direct its investments.
(c)
On no less than a quarterly basis, and more often if deemed appropriate, an insurer's board of directors or committee of the board of directors shall:
(1)
Receive and review a summary report on the insurer's investment portfolio, its investment activities, and investment practices engaged in under delegated authority, in order to determine whether the investment activity of the insurer is consistent with its written plan; and
(2)
Review and revise, as appropriate, the written plan.
(d)
In discharging its duties under this Code section, the board of directors shall require that records of any authorizations or approvals, other documentation as the board may require, and reports of any action taken under authority delegated under the plan referred to in subsection (a) of this Code section shall be made available on a regular basis to the board of directors.
(e)
If an insurer does not have a board of directors, all references to the board of directors in this article shall be deemed to be references to the governing body of the insurer having authority equivalent to that of a board of directors.
(f)
In discharging their duties under this Code section, the directors of an insurer shall perform their duties to the same degree required by Code Section
14-2-830
.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-59 - Obligations in different currencies

An insurer doing business that requires it to make payment in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of this article as applied separately to the insurer's obligations in each currency. The Commissioner may by order exempt an insurer, or by regulation a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-60 - Prohibited investments and activities

In addition to investments excluded or prohibited pursuant to other provisions of this article, an insurer shall not, directly or indirectly:
(1)
Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of this article; or
(2)
Invest in or lend its funds upon the security of shares of its own stock, except that an insurer may acquire shares of its own stock for the following purposes, but the shares shall not be admitted assets of the insurer:
(A)
Conversion of a stock insurer into a mutual or reciprocal insurer or a mutual or reciprocal insurer into a stock insurer;
(B)
Issuance to the insurer's officers, employees, or agents in connection with a plan approved by the Commissioner for converting a publicly held insurer into a privately held insurer or in connection with other stock option and employee benefit plans; or
(C)
In accordance with any other plan approved 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 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-61 - Using investment assets to satisfy minimum assets requirements; qualification of admitted assets; determining financially hazardous insurer

(a)
Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this article and applicable regulations promulgated and orders issued by the Commissioner pursuant to this article. Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual statement value.
(b)
An investment held as an admitted asset by an insurer on January 1, 2000, which qualified under Article 1 of this chapter shall remain qualified as an admitted asset under this article.
(c)
If an insurer does not own, or is unable to apply toward compliance with this article, an amount of assets equal to its minimum asset requirement, the Commissioner may deem it to be financially hazardous under Chapter 37 of 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 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-62 - Retention of personnel to assist Commissioner; confidentiality

(a)
The Commissioner may retain at the insurer's expense attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as may be reasonably necessary to assist in reviewing the insurer's investments. Persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity.
(b)
The investment policy or information related to the investment policy provided to the Commissioner for review under this article shall be considered confidential and shall not be a public record for purposes of Article 4 of Chapter 18 of Title 50 or subject to subpoena, and shall be subject to disclosure only as required for purposes of and in accordance with 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 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-63 - Determination by Commissioner of noncompliance; reasonable additional restrictions; consideration of other assets by Commissioner

(a)
If the Commissioner determines that an insurer's investment practices do not meet the provisions of this article, the Commissioner may, after notification to the insurer of the Commissioner's findings, order the insurer to make changes necessary to comply with the provisions of this article.
(b)
If the Commissioner determines that by reason of the financial condition, current investment practice, or current investment plan of an insurer, the interests of insureds, creditors, or the general public are or may be endangered, the Commissioner may impose reasonable additional restrictions upon the admissibility or valuation of investments or may impose restrictions on the investment practices of an insurer, including prohibition or divestment.
(c)
If the Commissioner is satisfied by evidence of an insurer's financial strength and the competence of management and its investment advisers, the Commissioner may count toward satisfaction of the minimum asset requirement any other investment not specifically prohibited by this article to the extent that the Commissioner is satisfied that the interests of insureds, creditors, and the general public of this state are protected.
2023 CODE OF GEORGIA › Title 33 - INSURANCE (§§ 33-1-1 — 33-66-8) › Chapter 11 - INVESTMENTS (§§ 33-11-1 — 33-11-89) › Article 2 - INVESTMENTS OF LIFE, ACCIDENT AND SICKNESS, PROPERTY, AND CASUALTY INSURERS (§§ 33-11-50 — 33-11-67) › Section 33-11-64 - Conditions under which insurer shall not acquire an investment; special rated credit instruments

(a)
An insurer shall not acquire an investment under this article if, as a result of and after giving effect to the investment, the aggregate amount of all investments then held by the insurer under this article would exceed:
(1)
For medium and lower grade investments, 20 percent of admitted assets;
(2)
For lower grade investments, 10 percent of admitted assets;
(3)
For investments rated 5 or 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section
33-10-14
, 5 percent of admitted assets; or
(4)
For investments rated 6 by the Securities Valuation Office or any successor office pursuant to the valuation procedures of Code Section
33-10-14
, 1 percent of admitted assets.
(b)
The aggregate amount of special rated credit instruments held by an insurer pursuant to the valuation procedures of Code Section
33-10-14
shall not exceed 10 percent of 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 33-11-80 - Short title

This article shall be known and may be cited as the "Investment Pool Act of 1997."
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 33-11-81 - Applicability

This article shall apply to domestic insurers only.
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 33-11-82 - Definitions

As used in this article, the term:
(1)
"Business entity" means a corporation, limited liability company, association, partnership, joint-stock company, joint venture, mutual fund trust, or other similar form of business organization, whether organized for profit or not for profit.
(2)
"Class one money market mutual fund" means a mutual fund that at all times qualifies for investment using the bond class one reserve factor under the
Purposes and Procedures
of the SVO or any successor publication.
(3)
"Government money market mutual fund" means a money market mutual fund that at all times:
(A)
Invests only in obligations issued, guaranteed, or insured by the government of the United States or collateralized repurchase agreements composed of such obligations; and
(B)
Qualifies for investment without a reserve under the
Purposes and Procedures
of the SVO or any successor publication.
(4)
"Money market mutual fund" means a mutual fund that meets the conditions of
17 C.F.R. 270.2a-7
, under the Investment Company Act of 1940,
15 U.S.C. Section 80a-1
, et seq., as amended.
(5)
"Obligation" means a bond, note, debenture, or trust certificate, including equipment certificate, production payment, negotiable bank certificate of deposit, banker's acceptance, credit tenant loan, loan secured by financing net leases, and other evidence of indebtedness for the payment of money, or participation, certificates, or other evidences of an interest in any of the foregoing, whether constituting a general obligation of the issuer or payable only out of certain revenues or certain funds pledged or otherwise dedicated for payment.
(6)
"Qualified bank" means a national bank, state bank, or trust company that at all times is no less than adequately capitalized as determined by the standards provided by federal banking regulations and that is either regulated by state banking laws or is a member of the Federal Reserve System.
(7)
"Repurchase transaction" means a transaction in which an insurer purchases securities from a business entity that is obligated to repurchase the purchased securities or equivalent securities from the insurer at a specified price, either within a specified period of time or upon demand.
(8)
"Reverse repurchase transaction" means a transaction in which an insurer sells securities to a business entity and is obligated to repurchase the sold securities or equivalent securities from the business entity at a specified price, either within a specified period of time or upon demand.
(9)
"Securities lending transaction" means a transaction in which securities are loaned by an insurer to a business entity that is obligated to return the loaned securities or equivalent securities to the insurer, either within a specified period of time or upon demand.
(10)
"SVO" means the Securities Valuation Office of the National Association of Insurance Commissioners.
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 33-11-83 - Authorization and requirements for insurers acquiring investments in investment pools

(a)
Notwithstanding any provisions of Article 1 or Article 2 of this chapter to the contrary, an insurer may under this article acquire investments in investments pools that:
(1)
Invest only in:
(A)
Obligations that are rated 1 or 2 by the SVO or have an equivalent of an SVO 1 or 2 rating by a nationally recognized statistical rating organization recognized by the SVO or, in the absence of an SVO 1 or 2 rating or equivalent rating, the issuer has outstanding obligations with an SVO 1 or 2 rating or equivalent rating by a nationally recognized statistical rating organization recognized by the SVO and which have:
(i)
A remaining maturity of 397 days or less or a put that entitles the holder to receive the principal amount of the obligation, which put may be exercised through maturity at specified intervals not exceeding 397 days; or
(ii)
A remaining maturity of three years or less and a floating interest rate that resets no less frequently than quarterly on the basis of a current short-term index, including federal funds, prime rate, treasury bills, London InterBank Offered Rate (LIBOR), or commercial paper, and is subject to no maximum limit, if the obligations do not have an interest rate that varies inversely to market interest rate changes;
(B)
Government money market mutual funds or class one money market mutual funds; or
(C)
Securities lending, repurchase, and reverse repurchase transactions that meet all the requirements of Code Section
33-11-7
; or
(2)
Invest only in investments which an insurer may acquire under this title, if the insurer's proportionate interest in the amount invested in such investments does not exceed the applicable limits of 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 3 - INVESTMENT POOLS (§§ 33-11-80 — 33-11-89) › Section 33-11-84 - Qualification in investment pool

For an investment in an investment pool to be qualified under this article, the investment pool shall not:
(1)
Acquire securities issued, assumed, guaranteed, or insured by the insurer or an affiliate of the insurer;
(2)
Borrow or incur an indebtedness for borrowed money, except for securities lending and reverse repurchase transactions that meet the requirements of this article; or
(3)
Permit the aggregate value of securities then loaned or sold to, purchased from, or invested in any one business entity under this article to exceed 10 percent of the total assets of the investment pool.