reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.04 - Forms - Incorporation by Reference, Summaries and Omissions

Current through Rules and Regulations filed through June 27, 2024
(1) Information
				required by any item of Form A, Form B, Form D, Form E or Form F may be
				incorporated by reference in answer or partial answer to any other item.
				Information contained in any financial statement, annual report, proxy
				statement, statement filed with a governmental authority, or any other document
				may be incorporated by reference in answer or partial answer to any item of
				Form A, Form B, Form D, Form E or Form F provided such document or paper is
				filed as an exhibit to the statement. Excerpts of documents may be filed as
				exhibits if the documents are extensive. Documents currently on file with the
				Commissioner which are filed within three years need not be attached as
				exhibits. References to information contained in exhibits or in documents
				already on file shall clearly identify the material and shall specifically
				indicate that such material is to be incorporated by reference in answer to the
				item. Matter shall not be incorporated by reference in any case where such
				incorporation would render the statement incomplete, unclear, or
				confusing.
(2) Where an item
				requires a summary or outline of the provisions of any document, only a brief
				statement shall be made as to the pertinent provision of the document. In
				addition to such statement, the summary or outline may incorporate by reference
				particular parts of any exhibit or document currently on file with the
				Commissioner which was filed within three years and may be qualified in its
				entirety by such reference. In any case where two or more documents required to
				be filed as exhibits are substantially identical in all material respects
				except as to the parties thereto, the dates of execution, or other details, a
				copy of only one of such documents needs to be filed with a schedule
				identifying the omitted documents and setting forth the material details in
				which such documents differ from the documents a copy of which is
				filed.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.05 - Forms - Information Unknown or Unavailable and Extension of Time to Furnish

Current through Rules and Regulations filed through June 27, 2024
(1) Information required need be given only
				insofar as it is known or reasonably available to the person filing the
				statement. If any required information is unknown and not reasonably available
				to the person filing, either because the obtaining thereof would involve
				unreasonable effort or expense, or because it rests peculiarly within the
				knowledge of another person not affiliated with the person filing, the
				information may be omitted, subject to the following conditions:
(a) The person filing shall give such
				information on the subject as it possesses or can acquire without unreasonable
				effort or expense, together with the sources thereof; and
(b) The person filing shall include a
				statement either showing that unreasonable effort or expense would be involved
				or indicating the absence of any affiliation with the person within whose
				knowledge the information rests and stating the result of a request made to
				such person for the information.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.06 - Additional Information and Exhibits

Current through Rules and Regulations filed through June 27, 2024
In addition to the information expressly required to be
				  included in Form A, Form B, Form C, Form D, Form E and Form F, there shall be
				  added such further material information, if any, as may be necessary to make
				  the information contained therein not misleading. The person filing may also
				  file such exhibits as it may desire in addition to those expressly required by
				  the statement. Such exhibits shall be so marked as to indicate clearly the
				  subject matters to which they refer. Changes to Forms A, B, C, D, E or F shall
				  include on the top of the cover page the phrase: "Change No. (insert number)
				  to" and shall indicate the date of the change and not the date of the original
				  filing.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.07 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) As used in this
				Regulation, the term:
(a) "Executive officer"
				means chief executive officer, chief operating officer, chief financial
				officer, treasurer, secretary, controller, and any other individual performing
				functions corresponding to those performed by the foregoing officers under
				whatever title.
(b) "Ultimate
				controlling person" means that person which is not controlled by any other
				person.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.08 - Subsidiaries of Domestic Insurers

Current through Rules and Regulations filed through June 27, 2024
The authority to invest in subsidiaries under subsection (b)
				  of O.C.G.A. Section
				  33-13-2 is in addition to any
				  authority to invest in subsidiaries which may be contained in any other
				  provision of the Georgia Insurance Code.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-8.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.09 - Acquisition of Control - Statement Filing

Current through Rules and Regulations filed through June 27, 2024
A person required to file a statement pursuant to O.C.G.A.
				  Section 33-13-3 shall furnish the required
				  information on Form A, hereby made a part of this Regulation. Such person shall
				  also furnish the required information on Form E, hereby made part of this
				  Regulation and described in Rule
				  120-2-23-.12.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.10 - Amendments to Form A

Current through Rules and Regulations filed through June 27, 2024
The applicant shall promptly advise the Commissioner of any
				  changes in the information so furnished on Form A arising subsequent to the
				  date upon which such information was furnished but prior to the Commissioner's
				  disposition of the application.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-8.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.11 - Acquisition of O.C.G.A. Section 33-13-3(a)(1) Insurers

Current through Rules and Regulations filed through June 27, 2024
(1) If the person
				being acquired is deemed to be a "domestic insurer" solely because of the
				provisions of paragraph (1) of subsection (a) of O.C.G.A. Section
				33-13-3, the name of the domestic
				insurer on the cover page should be indicated as follows:
"ABC Insurance Company, a subsidiary of XYZ Holding
				  Company".
(2) Where an
				insurer deemed "domestic insurer" under paragraph (4) of subsection (a) of
				O.C.G.A. Section
				33-13-3 is being acquired,
				references to "the insurer" contained in
Form A shall refer to both the domestic subsidiary insurer
				  and the person being acquired.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.12 - Pre-Acquisition Notification

Current through Rules and Regulations filed through June 27, 2024
If a domestic insurer, including any person controlling a
				  domestic insurer, is proposing a merger or acquisition pursuant to O.C.G.A.
				  Section 33-13-3(a)(1)  of
				  the Act, that person shall file a pre-acquisition notification form, Form E,
				  which was developed pursuant to O.C.G.A. Section
				  33-13-3.1(c).
Additionally, if a non-domiciliary insurer licensed to do
				  business in this state is proposing a merger or acquisition pursuant to
				  O.C.G.A. Section
				  33-13-3.1, that person shall file
				  a pre-acquisition notification form, Form E. No pre-acquisition notification
				  form need be filed if the acquisition is beyond the scope of O.C.G.A. Section
				  33-13-3.1 as set forth in Section
				  O.C.G.A. Section
				  33-13-3.1(b)(2).
In addition to the information required by Form E, the
				  Commissioner may wish to require an expert opinion as to the competitive impact
				  of the proposed acquisition.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-3.1,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.13 - Annual Registration of Insurers - Statement Filing

Current through Rules and Regulations filed through June 27, 2024
An insurer required to file an annual registration statement
				  pursuant to O.C.G.A. Section
				  33-13-4 shall furnish the required
				  information on Form B, hereby made a part of this Regulation, on or before
				  April 30 of each calendar year.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-4,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.14 - Summary of Registration - Statement Filing

Current through Rules and Regulations filed through June 27, 2024
An insurer required to file an annual registration statement
				  pursuant to O.C.G.A. Section
				  33-13-4 is also required to furnish
				  information required on Form C, hereby made a part of this Regulation. An
				  insurer shall file a copy of Form C in each state in which the insurer is
				  authorized to do business, if requested by the Commissioner of that
				  state.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-4,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.15 - Alternative and Consolidated Registrations

Current through Rules and Regulations filed through June 27, 2024
(1) Any authorized insurer may file a
				registration statement on behalf of any affiliated insurer or insurers which
				are required to register under O.C.G.A. Section
				33-13-4. A registration statement
				may include information not required by Chapter 13 of Title 33 regarding any
				insurer in the insurance holding company system even if such insurer is not
				authorized to do business in this State. In lieu of filing a registration
				statement on Form B, the authorized insurer may file a copy of the registration
				statement or similar report which is required to file in its State of domicile,
				provided:
(a) The statement or report contains
				substantially similar information required to be furnished on Form B;
				and
(b) The filing insurer is the
				principal insurance company in the insurance holding company system.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.16 - Disclaimers and Termination of Registration

Current through Rules and Regulations filed through June 27, 2024
(1) A disclaimer of affiliation or a request
				for termination of registration claiming that a person does not, or will not
				upon the taking of some proposed action, control another person (hereinafter
				referred to as the "subject") shall contain the following information:
(a) The number of authorized, issued, and
				outstanding voting securities of the subject;
(b) With respect to the person whose control
				is denied and all affiliates of such person, the number and percentage of
				shares of the subject's voting securities which are held of record or known to
				be beneficially owned, and the number of such shares concerning which there is
				a right to acquire, directly or indirectly;
(c) All material relationships and bases for
				affiliation between the subject and the person whose control is denied and all
				affiliates of such person; and
(d)
				A statement explaining why such person should not be considered to control the
				subject.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.17 - Transactions Subject to Prior Notice - Notice Filing

Current through Rules and Regulations filed through June 27, 2024
(1) An insurer
				required to give notice of a proposed transaction pursuant to O.C.G.A. Section
				33-13-5 shall furnish the required
				information on Form D, hereby made a part of this Regulation.
(2) Agreements for cost sharing services and
				management services shall at a minimum and as applicable:
(a) Identify the person providing services
				and the nature of such services;
(b) Set forth the methods to allocate
				costs;
(c) Require timely
				settlement, not less frequently than on a quarterly basis, and compliance with
				the requirements in the Accounting Practices and Procedures Manual;
(d) Prohibit advancement of funds by the
				insurer to the affiliate except to pay for services defined in the
				agreement;
(e) State that the
				insurer will maintain oversight for functions provided to the insurer by the
				affiliate and that the insurer will monitor services annually for quality
				assurance;
(f) Define books and
				records of the insurer to include all books and records developed or maintained
				under or related to the agreement;
(g) Specify that all books and records of the
				insurer are and remain the property of the insurer and are subject to control
				of the insurer;
(h) State that all
				funds and invested assets of the insurer are the exclusive property of the
				insurer, held for the benefit of the insurer and are subject to the control of
				the insurer;
(i) Include standards
				for termination of the agreement with and without cause;
(j) Include provisions for indemnification of
				the insurer in the event of gross negligence or willful misconduct on the part
				of the affiliate providing the services;
(k) Specify that, if the insurer is placed in
				receivership or seized by the commissioner under Chapter 37 of Title 33:
1. All of the rights of the insurer under the
				agreement extend to the receiver or commissioner; and,
2. All books and records will immediately be
				made available to the receiver or the commissioner, and shall be turned over to
				the receiver or commissioner immediately upon the receiver or the
				commissioner's request;
(l) Specify that the affiliate has no
				automatic right to terminate the agreement if the insurer is placed in
				receivership pursuant to the State Receivership Act; and
(m) Specify that the affiliate will continue
				to maintain any systems, programs, or other infrastructure notwithstanding a
				seizure by the commissioner under the Insurers Rehabilitation and Liquidation
				Act, and will make them available to the receiver, for so long as the affiliate
				continues to receive timely payment for services rendered.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.18 - Enterprise Risk Report

Current through Rules and Regulations filed through June 27, 2024
The ultimate controlling person of an insurer required to
				  file an enterprise risk report pursuant to O.C.G.A Section
				  33-13-4(l)  shall
				  furnish the required information on Form F, hereby made a part of this
				  Regulation.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-4,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.19 - Extraordinary Dividends and Other Distributions

Current through Rules and Regulations filed through June 27, 2024
(1) Request for approval of extraordinary
				dividends or any other extraordinary distribution to shareholders shall include
				the following:
(a) The amount of the proposed
				dividend;
(b) The date established
				for payment of the dividend;
(c) A
				statement as to whether the dividend is to be in cash or other property and, if
				in property, a description thereof, its cost, and its fair market value
				together with an explanation of the basis for valuation;
(d) A copy of the calculations determining
				that the proposed dividend is extraordinary. The work paper shall include the
				following information:
1. The amounts, dates
				and form of payment of all dividends or distributions (including regular
				dividends but excluding distributions of other insurers own securities) paid
				within the period of 12 consecutive months ending on the date fixed for payment
				of the proposed dividend for which approval is sought and commencing on the day
				after the same day of the same month in the last preceding year;
2. Surplus as regards policyholders (total
				capital and surplus) as of December 31 next preceding;
3. If the insurer is a life insurer, the net
				gain from operations for the twelve (12) month period ending December 31 next
				preceding;
4. If the insurer is not
				a life insurer, the net income less realized capital gains for the twelve (12)
				month period ending December 31 next preceding and the two preceding twelve
				(12) months periods; and
5. If the
				insurer is not a life insurer, the dividends paid to stockholders excluding
				distributions of the insurer's own securities in the preceding two calendar
				years.
(e) A balance
				sheet and statement of income for the period intervening from the last annual
				statement filed with the Commissioner and the end of the month preceding the
				month in which the request for dividend approval is submitted; and
(f) A brief statement as to the effect of the
				proposed dividend upon the insurer's surplus and the reasonableness of surplus
				in relation to the insurer's outstanding liabilities and the adequacy of
				surplus relative to the insurer's financial needs.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.20 - Adequacy of Surplus

Current through Rules and Regulations filed through June 27, 2024
The factors set forth in subsection (c) of O.C.G.A. Section
				  33-13-5 are not intended to be an
				  exhaustive list. In determining the adequacy and reasonableness of an insurer's
				  surplus no single factor is necessarily controlling. The Commissioner, instead,
				  will consider the net effect of all of these factors plus other factors bearing
				  on the financial condition of the insurer. In comparing the surplus maintained
				  by other insurers, the Commissioner will consider the extent to which each of
				  these factors varies from company to company and in determining the quality and
				  liquidity of investments in subsidiaries, the Commissioner will consider the
				  individual subsidiary and may discount or disallow its valuation to the extent
				  that the individual investments so warrant.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.21 - Confidentiality of Information Received From International Regulators

Current through Rules and Regulations filed through June 27, 2024
(1)
Scope of Rule.
This Rule shall apply where
				confidential information is shared between an international regulator and the
				Commissioner pursuant to a memorandum of understanding between the Commissioner
				and the international regulator covering the sharing of confidential
				information.
(2)
Definitions.
(a)
				"Access confidentiality statement" shall mean the statement set forth in Form G
				that is executed by any individual who is authorized by the Commissioner to
				have access to confidential information.
(b) "Authorized individual" shall mean an
				individual who has executed an access confidentiality statement.
(c) "Confidential information" shall mean all
				information that is confidential pursuant to O.C.G.A. §§
										33-2-14(g)  and
				33-13-8(a)  and
				which is covered by the memorandum of understanding.
(d) "Disclosure restriction" shall mean any
				restriction that is set forth in the memorandum of understanding that restricts
				or otherwise prevents the Commissioner from exercising his discretion to
				disclose confidential information.
(e) "International regulator" shall mean the
				entity that has responsibility for regulating insurance in a non-U.S.
				jurisdiction.
(f) "Memorandum of
				understanding" shall mean the agreement governing the sharing and use of
				confidential information between the Commissioner and the international
				regulator.
(g) "Person" shall mean
				an individual, insurer, company, association, trade association,organization,
				society, reciprocal or interinsurance exchange, partnership, syndicate,
				business trust, corporation, Lloyd's association, and associations, groups, or
				department of underwriters, and any other legal entity.
(h) "Scope of use" shall mean the use of
				confidential information in manner that is consistent with the description of
				the regulatory need for confidential information set forth in the
				Commissioner's request for confidential information from an international
				regulator or as otherwise approved by the international regulator.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Form (120-2-23) E - PRE-ACQUISITION NOTIFICATION FORM REGARDING THE POTENTIAL COMPETITIVE IMPACT OF A PROPOSED MERGER OR ACQUISITION BY A NON-DOMICILIARY INSURER DOING BUSINESS IN THIS STATE OR BY A DOMESTIC INSURER

Current through Rules and Regulations filed through June 27, 2024
___________________________________
Name of Applicant
___________________________________
Name of Other Person
Involved in Merger or
Acquisition
Filed with the Insurance Department of
______________________________________________________
Dated:__________________________, 20 _______________
Name, title, address and telephone number of person
				  completing this statement:
__________________________________________________________
__________________________________________________________
__________________________________________________________
____________________________________________________
ITEM 1.
NAME AND ADDRESS
State the names and addresses of the persons who hereby
				  provide notice of their involvement in a pending acquisition or change in
				  corporate control.
ITEM 2.
NAME AND ADDRESSES OF AFFILIATED
				  COMPANIES
State the names and addresses of the persons affiliated with
				  those listed in Item 1. Describe their affiliations.
ITEM 3.
NATURE AND PURPOSE OF THE PROPOSED MERGER OR
				  ACQUISITION
State the nature and purpose of the proposed merger or
				  acquisition.
ITEM 4.
NATURE OF BUSINESS
State the nature of the business performed by each of the
				  persons identified in response to Item 1 and Item 2.
ITEM 5.
MARKET AND MARKET SHARE
State specifically what market and market share in each
				  relevant insurance market the persons identified in Item 1 and Item 2 currently
				  enjoy in this state. Provide historical market and market share data for each
				  person identified in Item 1 and Item 2 for the past five years and identify the
				  source of such data. Provide a determination as to whether the proposed
				  acquisition or merger, if consummated, would violate the competitive standards
				  of the state as stated in O.C.G.A. Section
				  33-13-3.1(d). If
				  the proposed acquisition or merger would violate competitive standards, provide
				  justification of why the acquisition or merger would not substantially lessen
				  competition or create a monopoly in the state.
For purposes of this question, market means direct written
				  insurance premium in this state for a line of business as contained in the
				  annual statement required to be filed by insurers licensed to do business in
				  this state.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.22 - Severability Clause

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation or the application
				  thereof to any person or circumstance, is held invalid, such determination
				  shall not affect other provisions or applications of this Regulation which can
				  be given effect without the invalid provision or application, and to that end
				  the provisions of this Regulation are severable.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-23 - INSURANCE HOLDING COMPANY REGULATIONS › Rule 120-2-23-.23 - Exemption for Passive Investors

Current through Rules and Regulations filed through June 27, 2024
1) Institutional investors, their sponsored
				investment funds, subsidiaries and affiliates who meet the following criteria
				will not be presumed to control a domestic insurer under O.C.G.A. §
									33-13-1(3), and
				therefore, the Commissioner may exempt such investors, in accordance with
				O.C.G.A. §
									33-13-3(e), from
				Form A filing requirements and being included in Form B requirements in
				accordance with O.C.G.A. §
									33-13-4(j)  in
				connection with such passive investments. Investors may seek this exemption are
				those who:
a) Only make passive investment
				directly or indirectly in publicly traded voting securities of insurance
				holding companies with a domestic insurer;
b) Whose investments directly or indirectly
				equal or exceed 10% of the voting securities of such companies; and
c) Whose passive investment in such companies
				are not entered into for the purpose of changing or influencing the control of
				a domestic insurer.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Insurance
				  Commissioner pursuant to the authority set forth in Section
				  33-2-9 and Section
				  33-6-12 of the Georgia Insurance
				  Code.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is to protect the interests of
				  life insurance policyholders by establishing minimum standards of conduct to be
				  observed in the replacement or proposed replacement of existing life
				  insurance.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.04 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
Unless otherwise specifically included, this Regulation shall
				  not apply to:
(1) Replacement of
				annuity contracts;
(2) Credit life
				insurance;
(3) Group life
				insurance;
(4) Life insurance
				issued in connection with a pension, profit-sharing or other benefit plan
				qualifying for tax deductibility of premiums, provided that
(a) a portion or all of the premium is paid
				by someone other than the policyholder, certificate holder, insured,
				beneficiary, or no individual underwriting is required with respect to any
				proposed insurance policy, and
(b)
				as to any plan otherwise qualifying for exemption by this subsection, full and
				complete disclosure of all material facts shall be provided the administrator
				of the plan subject to replacement.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.05 - Duties of Agents

Current through Rules and Regulations filed through June 27, 2024
(1) Each agent shall submit to the insurer to
				whom an application for life insurance is presented, with or as part of the
				application:
(a) a statement signed by the
				applicant as to whether replacement of existing life insurance is involved in
				the transaction; and
(b) a
				statement signed by the agent as to whether the agent knows replacement is or
				may be involved in the transaction.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.06 - Duties of All Insurers

Current through Rules and Regulations filed through June 27, 2024
Each insurer shall:
(1) Inform its agents and other personnel
				responsible for compliance with this Regulation of the requirements of this
				Regulation.
(2) Require with or as
				a part of each completed application for life insurance or annuity a statement
				signed by the applicant as to whether such proposed insurance or annuity will
				replace existing life insurance.
(3) Maintain copies of the Replacement
				Notice, all written communications required under Rule
				120-2-24-.07 and
				-.08, the applicant's signed
				statement with respect to replacement, and a replacement register, cross
				indexed, by replacing agent and existing insurer to be replaced, in its home
				office for at least three years or until the conclusion of the next succeeding
				regular examination by the Insurance Department of its state of domicile,
				whichever is later.
(4) Any insurer
				which receives a Replacement Notice and written communication that its existing
				insurance may be replaced shall maintain copies thereof on its premises,
				indexed by insurer, notifying it of such replacement, for three years or until
				the conclusion of the next regular examination conducted by the Insurance
				Department of its state of domicile, whichever is later.
(5) Any insurer which receives a Replacement
				Notice and written communication that its existing insurance may be replaced
				shall, within ten (10) working days after receipt thereof, furnish a policy
				summary statement to their present policyholder if so indicated or
				requested.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.07 - Duties of Insurers That Use Agents

Current through Rules and Regulations filed through June 27, 2024
Each insurer that uses an agent in a life insurance or
				  annuity sale shall:
(1) Require with
				or as part of each completed application for life insurance or annuity, a
				statement signed by the agent as to whether he or she knows replacement is or
				may be involved in the transaction.
(2) Where a replacement is involved:
(a) Require from the agent with the
				application for life insurance or annuity (i) a list of all of the applicant's
				existing life insurance to be replaced and (ii) a copy of the Replacement
				Notice provided the applicant pursuant to Section
				120-2-24-.05(2)(a).
				Such existing life insurance shall be identified by name of insurer, insured,
				and policy number. If a policy number has not been assigned by the existing
				insurer, alternative identification, such as an application or receipt number,
				shall be listed.
(b) Send to the
				existing insurer a copy of the Replacement Notice and written communication
				advising of the replacement or proposed replacement, including the name of the
				replacing insurer, the insured, and the identification information with respect
				to the existing life insurance to be replaced obtained pursuant to Section
				120-2-24-.07(2)(a).
				The Replacement Notice and written communication shall be mailed within three
				(3) working days of the date the application is received in the replacing
				insurer's home or regional office, or the date the proposed policy is issued,
				whichever is sooner.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.09 - Relationship to Other Rules and Regulations

Current through Rules and Regulations filed through June 27, 2024
If any portion of this Regulation is inconsistent with any
				  provision of any other regulation dealing with life insurance or annuity
				  marketing practices or disclosure, said inconsistent portion shall be
				  interpreted so as to provide the greatest information or protection to the
				  policyholder.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.10 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any section, term, or provision of these rules and
				  regulations shall be adjudged invalid for any reason, such judgment shall not
				  affect, impair, or invalidate any other section, term, or provision of these
				  rules and regulations and the remaining sections, terms, and provisions shall
				  be and remain in full force.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES › Rule 120-2-24-.11 - Penalties

Current through Rules and Regulations filed through June 27, 2024
(1) Any insurer,
				agent, representative, officer, employee of an insurer, or counselor failing to
				comply with the requirements of this Regulation shall be subject to such
				penalties as may be appropriate under the Insurance Laws of Georgia and the
				Rules and Regulations of the Georgia Insurance Department.
(2) This Regulation does not prohibit the use
				of additional material other than that which is required that is not in
				violation of this Regulation or any other Georgia statute or
				regulation.
(3) Policyholders have
				the right to replace existing life insurance after indicating in or as part of
				the application for life insurance or annuity that such is not their intention.
				However, patterns of such action by policyholders who purchase the replacing
				policies from the same insurer, agent or counselor shall be deemed prima facie
				evidence of the insurer's, agent's or counselor's knowledge that replacement
				was intended in connection with the sale of those policies, and such patterns
				of action shall be deemed prima facie evidence of the insurer's, agent's or
				counselor's intent to violate this Regulation.
Ga. L. 1960, pp. 289,
				  305, 1972, pp. 1261, 1264.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the undersigned
				  Insurance Commissioner pursuant to authority set forth in Section
				  33-2-9; Chapter 33-6; and Chapter
				  33-24 of the Georgia Code Annotated.
Ga. L. 1960, pp. 289 to
				  755.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is:
1. To provide for the exemption of filing
				certain Life and Accident and Sickness Policy Forms and Annuity Contract Forms
				with the Office of the Insurance Commissioner.
2. To maintain a system of filing to best
				protect the interests of the insurance public by establishing clear and
				reasonable guidelines to review Life and Accident and Sickness Policy Forms and
				Annuity Contract Forms for the purpose of reducing misrepresentation, unfair
				methods of competition and unfair practices.
Ga. L. 1960, pp. 289 to
				  755.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.03 - Filing Provisions

Current through Rules and Regulations filed through June 27, 2024
All basic Life and Accident and Sickness Policy Forms and
				  Annuity Contract Forms, including Application Forms, where written application
				  is required and is to be made a part of the policy or contract, and printed
				  rider or endorsement forms, or form of renewal certificate not specifically
				  exempted by this Regulation, must be filed in compliance with Section
				  33-24-9 of the Georgia Code
				  Annotated.
Ga. L. 1960, pp. 289 to
				  755.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.04 - Listing of Forms in Use

Current through Rules and Regulations filed through June 27, 2024
1. On or before March 1, 1972, all insurers
				writing Life and Accident and Sickness Insurance Policies or Annuity Contracts
				in this State, shall file with this Office a List of all basic insurance
				policies and annuity contract forms, including applications, where written
				applications are required and are to be made a part of the policy or contract,
				and printed rider or endorsement forms, and all other such forms available for
				use as of December 31, 1971 in connection with such basic policies and
				contracts and which are exempted from filing under this Regulation.
(a) Forms must be grouped on the List by
				Type: Group Life, Individual Life, Group Accident and Health, Blanket Accident
				and Health, Etc. - and Kind: Policy, Rider, Application, Etc.
(b) The List must be accompanied by a
				statement executed by an authorized officer of the insurer, stating that to the
				best of his knowledge, the listed forms are in compliance with all statutory
				requirements and all Rules and Regulations of this Department, contain nothing
				that has previously been disapproved or objected to by this Department, and
				that the forms are exempted from filing by this Regulation.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.05 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
On and after the effective date of this Regulation, and
				  continuing until further Order of the Commissioner, the following policies and
				  contract forms are hereby exempted from filing under the provisions of Section
				  33-24-9 of the Georgia Code
				  Annotated:
1. Group Life Exemptions
				(Not including Credit Life)
(a) All Group
				Life Insurance Policies and Group Annuity Contracts, except as provided in
				Sections 33-11-19 and
				33-11-34 of the Georgia Code
				Annotated.
(b) Applications,
				riders, endorsements and Amendments applicable to Group Life Insurance Policies
				and Group Annuity Contracts, except as provided in Sections
				33-11-19 and
				33-11-34 of the Georgia Code
				Annotated.
(c) Group Life Rate and
				Classification Manuals.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.06 - General Information-Unfair Practices

Current through Rules and Regulations filed through June 27, 2024
1. Regulation
(a) This Order is not intended to relieve any
				insurer from complying with the terms of Chapter 33-6 of the Georgia Code
				Annotated, and the use of any policy or contract form, or the inclusion in any
				policy or contract forms of any language which violates the provisions of (b)
				through (g) of this Rule is hereby deemed and determined to be an unfair method
				of competition and an unfair and deceptive act or practice described by said
				Code Chapter, and the same is hereby prohibited.
(b) The insurer shall see that all forms
				comply with all required provisions in the Statutes, and Regulations of this
				Department.
(c) The insurer shall
				be held responsible for, and shall see that no forms contain any ambiguous,
				deceptive or misleading terms.
(d)
				The insurer shall be responsible for, and shall see that no forms contain any
				exception, exclusion, limitation or reduction that is unfair or inequitable or
				that would deceptively affect the risk purported to be assumed in the general
				coverage of the contract, or would, because of such provisions being unclear or
				deceptively worded, encourage misrepresentation.
(e) The insurer shall be responsible for, and
				shall see that no form is printed or otherwise reproduced in such a manner as
				to render any provision of the form substantially illegible or not easily
				legible to persons of normal vision.
{Footnote 1}
(f) No
				life insurance policy issued in this State shall have incorporated therein an
				interest rate on policy loans in excess of eight (8%) percent.
(g) Any form which contains provisions,
				conditions, or concepts which depart from those used by the industry in general
				in the State of Georgia, or which may be construed as uncommon or unusual,
must be submitted
whether or not it falls within one of the
				exempt filings as set forth herein.
(h) The Commissioner reserves the right to
				require insurers newly licensed in Georgia to submit all forms proposed for use
				in Georgia for so long as deemed necessary.
(i) The Commissioner shall have the authority
				at any time to examine and to require the filing of any or all forms used in
				this State by any insurer at the expense of said insurer.
{Footnote 1}Amended by order of Hon. Johnnie L. Caldwell,
				  Insurance Commissioner, dated October 2, 1975;
effective January 1,
				  1976.