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 120-2-69 - REQUIREMENTS FOR INSURANCE COMPANY CUSTODIAL ACCOUNTS › Rule 120-2-69-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
When used in this regulation, the term:
(a) "Agent" shall mean a national bank, state
				bank or trust company that maintains an account in its name in a clearing
				corporation or that is a member of the Federal Reserve System and through which
				a custodian participates in a clearing corporation or the Federal Reserve
				book-entry system, except that with respect to securities issued by
				institutions organized or existing under the laws of any foreign country or
				securities used to meet the deposit requirements pursuant to the laws of a
				foreign country as a condition of doing business therein, "agent" may include a
				corporation which is organized or existing under the laws of a foreign country
				and which is legally qualified under those laws to accept custody of
				securities;
(b) "Clearing
				corporation" shall mean a corporation as defined in Section 8-102(3) of the
				Uniform Commercial Code that is organized for the purpose of effecting
				transactions in securities by computerized book-entry, except that with respect
				to securities issued by institutions organized or existing under the laws of
				any foreign country or securities used to meet deposit requirements pursuant to
				the laws of a foreign country as a condition for doing business therein,
				"clearing corporation" may include a corporation that is organized or existing
				under the laws of any foreign country and which is legally qualified under such
				laws to effect transactions in securities by computerized book-entry;
(c) "Commissioner" shall mean the Insurance
				Commissioner of the State of Georgia;
(d) "Custodian" shall mean a national bank,
				state bank or trust company that shall at all times during which it acts as a
				custodian pursuant to this regulation be no less than adequately capitalized as
				determined by the standards adopted by United States banking regulators and
				that is regulated by either state banking laws or is a member of the Federal
				Reserve System and that is legally qualified to accept custody of securities in
				accordance with the standards set forth below, except that with respect to
				securities issued by institutions organized or existing under the laws of any
				foreign country, or securities used to meet the deposit requirements pursuant
				to the laws of a foreign country as a condition of doing business therein,
				"custodian" may include a bank or trust company incorporated or organized under
				the laws of a country other than the United States that is regulated as such by
				that country's government or an agency thereof which shall at all times during
				which it acts as a custodian pursuant to this Regulation Chapter be no less
				than adequately capitalized as determined by the standards adopted by
				international banking authorities and that is legally qualified to accept
				custody of securities. Such definitions also shall apply to subcustodians
				selected by the custodian and disclosed to and approved by the
				principal;
(e) "Federal Reserve
				book-entry system" shall mean the computerized systems sponsored by the United
				States Department of the Treasury and certain agencies and instrumentalities of
				the United States for holding and transferring securities of the United States
				government and the agencies and instrumentalities, respectively, in Federal
				Reserve Banks through banks which are members of the Federal Reserve System or
				which otherwise have access to such computerized systems;
(f) "Securities" shall mean certificated
				securities and uncertificated securities as defined in Section 8-102(1)(a) and
				(b) of the Uniform Commercial Code.
O.C.G.A. Sec.
				  33-2-9.