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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Co-pay" means
				a discrete, specified dollar amount an insured must pay for specified covered
				services at the time of service.
(2) "Preferred Benefits" means services
				and/or benefits due or payable when the insured seeks covered health care
				services from a Preferred Provider in accordance with policy
				provisions.
(3) "Preferred Provider
				Insurance Policy" means an individual accident and sickness insurance policy,
				group accident and sickness insurance master policy or certificate, by whatever
				name called, other than:
(a) disability
				income;
(b) specified
				disease;
(c) health insurance
				policy written as part of Workers' Compensation equivalent coverage;
				or
(d) a credit accident and
				sickness insurance policy which provides for differentials in the level of
				benefits because of preferred provider arrangements, or participation contracts
				between the insurer and health care providers through which insurers attempt to
				effect cost savings by employing financial and/or managed care principles in a
				health insurance policy or certificate.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.05 - Prohibited Policy Provision

Current through Rules and Regulations filed through June 27, 2024
(1) In no event may a health care insurer
				deny at least non-preferred level of covered benefit reimbursement to an
				insured for services provided by a nonpreferred provider on the grounds that
				the insured was not referred to a preferred provider by a person acting on
				behalf of or under an agreement with the health care insurer.
(2) Preferred Provider Arrangements or
				Preferred provider insurance policies or certificates may not contain terms or
				conditions that would operate unreasonably to restrict the accessibility and
				availability of health care services for the insured.
(3) A health care insurer may not issue
				policies in this State containing preferred provider arrangements that provide
				no reimbursement for expenses of health care services rendered by a
				non-preferred provider.
(4) No
				health care plan utilizing a preferred provider arrangement shall be issued if
				the defined service area does not contain sufficient numbers of preferred
				providers to afford reasonable access to health care services by those persons
				covered under such plan.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-27.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.06 - Rates and Forms

Current through Rules and Regulations filed through June 27, 2024
(1) In accordance with the Rules and
				Regulations of the Office of Commissioner of Insurance §
									120-2-25-.06(1)(g),
				every group policy or contract, certificate, rider, endorsement, and
				application to be issued, delivered, or issued for delivery in this State in
				connection with a health plan having a preferred provider arrangement must be
				submitted for approval prior to use in this State. Following an initial
				approval of these forms for each insurer, subsequent, substantially similar
				group certificates and associated forms may be treated as exempt forms pursuant
				to the Rules and Regulations of the Office of Commissioner of Insurance §
									120-2-25-.05(3),
				provided the insurer files a notice and schedule of benefit changes with the
				Commissioner of Insurance for informational purposes at least 30 days prior to
				the use of such forms.
(2) Basic
				rates and charges shall not be excessive, inadequate, or unfairly
				discriminatory. A certification by a qualified actuary to the appropriateness
				of the basic rates, based on reasonable assumptions as to expected medical
				expenses, administrative expenses, and margins for contingencies, shall
				accompany the filing along with supporting information.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-27.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.07 - Allowable Arrangements

Current through Rules and Regulations filed through June 27, 2024
Only preferred provider arrangements and preferred provider
				  insurance policies which contain payment plans for preferred providers and
				  nonpreferred providers and insurance policy provisions conforming to the
				  provisions of Article 2 of Chapter 30 of Title 33 or other applicable sections
				  of Title 33 relative to individual preferred provider insurance plans of
				  accident and sickness insurance within the Official Code of Georgia Annotated
				  shall be permitted.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-27.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.08 - Disclosure and Advertising Materials

Current through Rules and Regulations filed through June 27, 2024
(1) The health care insurer shall provide
				each insured individual or group member with a current preferred provider
				roster or directory of health care providers under contract to provide services
				at alternative rates under the health care benefit plan. The roster shall be
				updated annually, but may be updated more frequently at the insurer's option.
(a) Each preferred provider roster or
				directory shall contain tollfree telephone numbers so that individuals or
				groups may confirm current preferred provider status 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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.09 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or particular circumstance is held invalid by
				  a court of competent jurisdiction, the remainder of the Regulation Chapter or
				  the applicability of such provisions to other persons, insurers or
				  circumstances shall not be affected thereby.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-27.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.10 - Failure to comply; Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, or any agent, counselor, representative,
				  officer, of employee of such insurer failing to comply with the requirements of
				  this Regulation Chapter shall be subject to such penalties as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-27.
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 120-2-44 - PREFERRED PROVIDER ARRANGEMENTS › Rule 120-2-44-.11 - Rental Preferred Provider Network Registration

Current through Rules and Regulations filed through June 27, 2024
(1) Any person
				required to register as a rental preferred provider network must submit the
				requisite forms in accordance with the instructions on the Commissioner's
				website.
(2) All registrations must
				be renewed on an annual basis by July 1st of each year per the instructions on
				the Commissioner's website.
(3) All
				registered persons must report any material changes to the information
				submitted on the registration documents within 30 days of such
				changes.
O.C.G.A. §§
										33-2-9,
				  33-20D-1 et
				  seq.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Chapter is promulgated by the Commissioner of Insurance
				  pursuant to the authority set forth in O.C.G.A. §
									33-41-23.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Chapter is to provide for the
				  establishment and regulation of captive insurance companies.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Commissioner"
				means the Commissioner of Insurance of the State of Georgia.
(2) "Captive manager" means a third party
				person that is designated to manage a captive insurance company and to
				correspond with the Commissioner regarding the business of such
				company.
(3) "Captive insurance
				company" or "company" means a captive insurance company as defined in O.C.G.A.
				§
									33-41-2(4).
(4) "Employee captive manager" means an
				employee of the company who is designated to manage the company and to
				correspond with the Commissioner regarding the business of such
				company.
(5) "Person" means an
				individual, corporation, limited liability company, partnership, association,
				joint-stock company, trust, unincorporated organization, any similar entity, or
				any combination of the foregoing acting in concert.
(6) "Service provider" means a captive
				manager, producer, third party administrator, managing general agent, or an
				insurance intermediary for a company.
(7) All other terms as defined in O.C.G.A.
				§
									33-41-1
et seq.
or, as appropriate, Title 33 of the Official Code of Georgia Annotated, which
				are used in this Regulation shall have the same meaning as in such
				references.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.04 - Application for Certificate of Authority; Renewal

Current through Rules and Regulations filed through June 27, 2024
(1) Each application for a certificate of
				authority shall be made on the appropriate form prescribed by the Commissioner
				and found on the Commissioner's website. It shall be accompanied by all
				required documents. The application and related documents are subject to review
				and written approval by the Commissioner.
(2) A company holding an active certificate
				of authority shall renew its certificate of authority by paying the required
				fee.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.05 - Captive Insurance Company Managers

Current through Rules and Regulations filed through June 27, 2024
(1) Authorization Required.
No person shall, in or from within this state, act as a
				  service provider without the authorization of the Commissioner. Application for
				  such authorization must be made by completing the appropriate application form,
				  which can be found on the Commissioner's website. The application shall be
				  accompanied by all required documents. The application and related documents
				  shall be filed with the application for certificate of authority and are
				  subject to review and approval by the Commissioner.
(2) Service Provider Agreements.
(a) The agreement between any service
				provider and a company must be in writing. The written agreement with a service
				provider, and any amendment thereto, shall be filed with the Commissioner at
				least thirty (30) days prior to the effective date of the agreement unless such
				initial agreement(s) is filed with the company's Application for Certificate of
				Authority for a Captive Insurance Company, or any amendment to an
				agreement.
(b) If the captive
				manager performs the duties of an insurance managing general agent, reinsurance
				intermediary, third party administrator, broker or agent, the captive manager
				must also be specifically authorized by the Commissioner to perform any or all
				of these functions.
(c) Any
				agreement filed pursuant to this Rule
				120-2-45-.05(2)
				shall be held as confidential as required by O.C.G.A. §
										33-41-16(c).
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.06 - Biographical questionnaire

Current through Rules and Regulations filed through June 27, 2024
(1) General Requirement - Direct or Indirect
				Control.
Each officer, director, and each owner of more than ten
				  percent (10%) of the outstanding shares of stock of a company with management
				  rights and duties, including, but not limited to the right to vote upon and
				  appoint members to the board of directors of the company (the "voting stock"),
				  either directly or indirectly through ownership of other persons, shall submit
				  the appropriate biographical form prescribed by the Commissioner and found on
				  the Commissioner's website.
(2) Trusts, Partnership, and Other Limited
				Control Arrangements - Non-Owner Control.
Where the power to direct or cause the direction of the
				  management and policies of the company on behalf of the owners of the company
				  is held by one or more individuals then the following individual(s), by entity
				  type, will provide the biographical form required in this Regulation
				  120-2-45-.06(1) as
				  the controlling owner:
(a) Trust - The
				trustee(s) of the trust or trusts that own, directly or indirectly, more than
				ten percent (10%) of the outstanding shares of stock of the captive insurance
				company; or
(b) Partnership/Limited
				Liability Company/Other like entities ("conduit entity(ies)") - The general
				partner(s), manager(s), or managing-member(s) of conduit entity(ies) that own,
				directly or indirectly, more than ten percent (10%) of the outstanding shares
				of voting stock of the company.
If this Regulation
				  120-2-45-.06(2) is
				  applicable to a company and the controlling owner files the biographical form
				  required by Regulation
				  120-2-45-.06(1),
				  then all other owners are exempt from the requirements of Regulation
				  120-2-45-.06(1).
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.07 - Financial Reporting; Annual Statement; Quarterly Statements

Current through Rules and Regulations filed through June 27, 2024
(1) Annual Reports
				Requirement for Pure Captives. On or before March 1, all companies doing
				business in this state shall annually submit to the Commissioner a report of
				its financial condition as of December 31 of the calendar year preceding then
				verified by oath by an executive officer. The company shall utilize the
				appropriate form prescribed by the Commissioner for the annual report. The form
				is available on the Commissioner's website.
(2) Financial Statements Generally.
Financial Statements shall include:
(a) Balance sheet reporting assets,
				liabilities, capital and surplus/retained earnings;
(b) Statement of gain or loss from
				operations;
(c) Statement of
				changes in capital and surplus/retained earnings;
(d) Statement of changes in capital paid up,
				gross paid in and contributed surplus/capital and unassigned funds
				(surplus/retained earnings); and
(e) The notes to financial statements shall
				be those required by the applicable accounting principles.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.08 - Examinations and the Organizational Examination

Current through Rules and Regulations filed through June 27, 2024
(1) Examinations Generally.
The Commissioner or his or her representative may examine a
				  company at any time the Commissioner deems appropriate, but no less frequently
				  than once every five (5) years unless the Commissioner makes a written finding
				  that a longer period is warranted for a company.
(2) Organizational Examination.
In addition to processing the application, an organizational
				  examination may be performed before company is licensed. Such examination shall
				  consist of a general survey of the company's corporate records, including
				  charter, bylaws and minute books; verification of capital and surplus;
				  verification of principal place of business; determination of assets and
				  liabilities; and a review of such other factors as the Commissioner deems
				  necessary.
(3)
				Organizational Examination Fees.
If an organizational examination is required by the
				  Commissioner, the company shall pay $3,000 to the Commissioner's appointed
				  examiner to cover the expenses of the organizational examination. The
				  Commissioner may require, in writing, the captive insurance company to pay a
				  higher amount based upon his or her finding that the complexity of the proposed
				  plan of operation or the risk to the insured(s) or reinsured(s) requires
				  additional initial review by the Commissioner's appointed examiner.
(4) Confidentiality.
Any examination undertaken under this Regulation
				  120-2-45-.08 shall be confidential
				  in accordance with O.C.G.A. §
										33-41-16.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.10 - Letters of credit - Capital and Surplus

Current through Rules and Regulations filed through June 27, 2024
(1) Compliance Generally.
Letters of credit must comply with this Regulation.
(2) Defined Terms.
As used in this Rule, the terms below shall have the
				  following meaning:
(a) "Applicant"
				means the party who applies for and causes the bank to issue the letter of
				credit.
(b) "Beneficiary" means the
				Commissioner.
(c) "Clean and
				unconditional letter of credit" or "clean and unconditional confirmation" means
				a letter of credit or confirmation which makes no reference to any other
				agreement, document, or entity, and provides that a beneficiary need only draw
				a sight draft under the letter of credit or confirmation and present it to
				promptly obtain funds and that no other document need be presented.
(d) "Evergreen clause" means a provision in a
				letter of credit or its confirmation which prevents the expiration of the
				letter of credit or its confirmation without due written notice to the
				beneficiary and the Commissioner from the issuing or confirming bank.
(e) "Qualified United States financial
				institution" or "qualified bank" has the same meaning as set forth in O.C.G.A.
				§
										33-7-14(c)(1).
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.11 - Plan of Operation; Notice of Change

Current through Rules and Regulations filed through June 27, 2024
(1) Original Plan of Operation.
The plan of operation shall be submitted in accordance with
				  the Commissioner's instructions which are available on the Commissioner's
				  website.
(2) Changes to
				Plan of Operation.
Any material change to the company's management or
				  operations, including without limitation any material change to the plan of
				  operation required by O.C.G.A. §
										33-41-10 and Regulation
				  120-2-45-.11(1)
				  must be filed with the Commissioner at least thirty (30) days prior to the
				  proposed effective date of the proposed amendment.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.12 - License and Renewal Fees

Current through Rules and Regulations filed through June 27, 2024
(1) License Fee.
A license fee of $600 shall be paid at the time of the filing
				  of an Application for Certificate of Authority, for a Captive Insurance
				  Company.
(2) Renewal Fee.
A renewal fee of $500 shall be due for each year after
				  initial licensure of a company.
O.C.G.A. §§
										33-8-1,
				  33-41-16,
				  33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.13 - Premium Taxes

Current through Rules and Regulations filed through June 27, 2024
(1) Premiums Collected Prior to July 1, 2015.
Companies shall file a premium tax return and pay premium
				  taxes in accordance with Chapter 8 of Title 33 for all direct premiums
				  collected prior to July 1, 2015.
(2) Premium Collected On or After July 1,
				2015.
Companies shall file a premium tax return and pay premium
				  taxes in accordance with O.C.G.A. §
										33-41-22 utilizing the forms
				  available on the Commissioner's website, for direct and assumed premium
				  received July 1, 2015 to December 31, 2015. The annual premium tax return and
				  tax shall be due on or before March 1, 2016.
On or after January 1, 2016, the annual premium tax return
				  shall be filed in accordance with O.C.G.A. Section
				  33-41-22 utilizing the forms
				  available on the Commissioner's website, for direct and assumed premium
				  received from January 1 to December 31. The annual premium taxes required under
				  this chapter shall be paid with the filing of the annual premium tax return due
				  March 1 following the close of the preceding year.
Any insurance company that fails to report and pay the
				  required tax with the annual premium tax return when due shall be subject to a
				  monetary penalty of $5,000.00.
The Commissioner for good cause shown may extend for no more
				  than 30 days the time for filing a tax return or paying any amount required to
				  be paid with any return. The extension may be granted at any time, provided
				  that a request therefor is filed with the Commissioner within or prior to the
				  period for which the extension may be granted. Any taxpayer to whom an
				  extension is granted shall pay, in addition to the tax, interest at the rate of
				  1 percent per month or fraction thereof until the date of payment.
(3) Risk Retention Group Premium
				Tax.
Companies that operate as a risk retention group shall file
				  and pay premium taxes in accordance with O.C.G.A. §
										33-40-5.
O.C.G.A. §§
										33-2-24,
				  33-2-31,
				  33-40-5,
				  33-41-22,
				  33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.14 - Conflict of Interest Statement

Current through Rules and Regulations filed through June 27, 2024
(1) General Requirements.
Each company is required to adopt a conflict of interest
				  policy statement for its officers, directors, and key employees. There shall be
				  filed one informational copy filed with the Commissioner with the company's
				  Application for Certificate of Authority for a Captive Insurance Company. Such
				  policy statement shall require such officers, directors and key employees to
				  disclose all positions, whether financial, personal or professional, direct or
				  indirect, that may cause or be perceived to cause a conflict of interest for
				  such person to act in such capacity or that the individual has no outside
				  commitments, personal or otherwise, that would divert him or her from their
				  duty to further the interests of the company he or she represents but this
				  shall not preclude such person from being a director or officer in more than
				  one (1) company. Each officer, director, and key employee shall file such
				  disclosure with the board of directors yearly.
(2) Prohibited Remuneration.
No director, officer, or employee of a company shall, except
				  on behalf of the company, accept, or be the beneficiary of, any fee, brokerage,
				  gift, or other emolument because of any investment, loan, deposit, purchase,
				  sale, payment, or exchange made by or for the company but such person may
				  receive reasonable compensation for necessary services rendered to the captive
				  insurance company in his or her usual private, professional, or business
				  capacity.
(3) Recoverable
				Profits.
Any profit or gain received by or on behalf of any person in
				  violation of this Regulation shall inure to and be recoverable by the
				  company.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.15 - Dividends to Stockholders

Current through Rules and Regulations filed through June 27, 2024
(1) Dividends Generally.
All shareholder dividends or distributions shall be filed
				  with the Commissioner for approval using the form provided by the Commissioner
				  at least thirty (30) days prior to the proposed payment or distribution date.
				  No dividend payment or distribution can be made unless the Commissioner
				  approved the payment or the Commissioner does not object to the payment or
				  distribution prior to the lapse of the thirty (30) days' notice period.
(2) Extraordinary Dividends.
(a) For purposes of this Rule, an
				"extraordinary dividend" means any dividend or distribution of cash or other
				property, whose fair market value together with that of other dividends or
				distributions made within the preceding twelve (12) months exceeds the lesser
				of ten percent (10%) of such company's surplus or retained earnings with regard
				to policyholders as of December 31 next preceding, or the net income, not
				including realized capital gains, for the twelve (12) month period ending
				December 31 next preceding. Extraordinary dividend shall not include pro rata
				distributions of any class of the company's own securities.
(b) No company shall pay or distribute any
				extraordinary dividend until the Commissioner approves the proposed
				extraordinary dividend in writing.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.16 - Acquisition of Control of or Merger with Domestic Captive Insurance Company

Current through Rules and Regulations filed through June 27, 2024
No tender offer for or a request or invitation for tenders
				  of, or enter into any agreement to exchange securities for, seek to acquire, or
				  acquire in the open market or otherwise, any voting security of a captive
				  insurance company shall be effective without the prior written approval of the
				  Commissioner. The repurchase of securities from shareholders shall be treated
				  as a distribution and is governed by Regulation
				  120-2-45-.15. In considering any
				  application for acquisition of control or merger with a domestic captive
				  insurance company, the Commissioner shall consider all of the facts and
				  circumstances surrounding the application as well as the criteria for
				  establishment of a captive insurance company set out in this
				  Chapter.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.17 - Redomestication of a Foreign or Alien Captive Insurance Company

Current through Rules and Regulations filed through June 27, 2024
(1) Authorized
				Redomestication Procedures.
A foreign or alien captive insurance company, upon approval
				  of the Commissioner, may become a captive insurance company authorized to
				  transact business in this state by complying with all of the requirements of
				  the Georgia law relative to the organization and licensing of a captive
				  insurance company in this state of the same or equivalent type in this state.
				  The redomestication of a foreign or alien captive insurance company may be
				  accomplished utilizing one of the following procedures:
(a) Filing of the foreign or alien captive
				insurance company's articles of association, articles of incorporation,
				charter, or other organizational document, together with appropriate amendments
				to them adopted in accordance with the laws of this state with the
				Commissioner;
(b) Filing of
				articles of merger or similar documents with the Commissioner merging the
				foreign or alien captive insurance company with a domestic
				corporation;
(c) Filing articles of
				incorporation for a domestic captive insurance company along with a plan of
				reorganization, plan of liquidation or similar reorganizational documents
				(including novation or transfer and assumption agreements) for any type of
				foreign or alien captive insurance company with the Commissioner; or
(d) Filing a plan of redomestication not
				otherwise addressed in this Rule with the Commissioner, which has received the
				approval of the current regulator of the foreign or alien captive insurance
				company if such approval is require.
Notice of the redomestication should be filed with the
				  Commissioner utilizing forms prescribed by the Commissioner, which are
				  available on the Commissioner's website.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.18 - Loans

Current through Rules and Regulations filed through June 27, 2024
(1) Required
				Notice.
No company may make a loan to or an investment in its parent
				  company or affiliates unless the company has notified the Commissioner in
				  writing of its intention to enter into such transaction at least thirty (30)
				  days prior thereto, or such shorter period as the Commissioner may permit, and
				  the Commissioner has not disapproved it within such period.
(2) Standards of Review.
The standards set forth in O.C.G.A. §
										33-13-5(a)(1)
				   shall apply to any loan or investment under
				  this Regulation
				  120-2-45-.18
(3) Prohibited Transactions.
Loans of minimum capital and surplus funds required by
				  O.C.G.A. §
										33-41-8 are prohibited. In
				  addition, any loan or investment that would create a hazardous financial
				  condition is prohibited. For the purposes of this Regulation the standards set
				  forth in Regulation
				  120-2-54-.03 to determine the
				  existence of a hazardous condition may be relied upon by the Commissioner to
				  determine if, after giving effect to the propose dividend or distribution, the
				  company would create a hazardous financial condition.
O.C.G.A. §
										33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.19 - Illegal Captive Insurance Company Operations

Current through Rules and Regulations filed through June 27, 2024
A person is prohibited from transacting insurance in this
				  state without first obtaining a certificate of authority to operate as a
				  captive insurance company or registering as a risk retention group. Failure to
				  obtain a certificate of authority or make the required registration is a
				  violation of Georgia law and the procurement of insurance from any person that
				  has not obtained a certificate of authority or has not registered with the
				  Commissioner shall subject such person to procurement taxes imposed by the
				  Georgia law.
O.C.G.A. §§
										33-40-4,
				  33-41-4,
				  33-41-23.
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 120-2-45 - CAPTIVE INSURANCE COMPANIES › Rule 120-2-45-.20 - Severability

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 by a court of competent
				  jurisdiction, the remainder of the Regulation or the applicability of such
				  provision to other persons or circumstances shall not be
				  affected.
O.C.G.A. §
										33-41-23.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Chapter is promulgated by the
				  Commissioner of Insurance pursuant to the authority set forth in O.C.G.A.
				  Sections 33-2-9 and
				  40-9-101.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
To implement O.C.G.A. Section
				  40-9-101 and to provide for the
				  regulation of automobile self-insurers by the Commissioner of
				  Insurance.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.03 - Application for Self-Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) An application for self-insurance shall
				be made on an approved form to the Commissioner of Insurance. The application
				shall contain:
(a) A list of all vehicles
				registered in the name of the applicant including the make, model, year,
				manufacturer's identification number, title certificate number or other proof
				of ownership, and license plate number (if issued). Lists compiled by magnetic
				tape, floppy disk, or by other electronic data systems shall be permitted if
				acceptable to the Commissioner;
(b)
				A complete audited financial statement of assets, liabilities, including the
				projected impact of open and pending claims, and net worth for the latest
				financial year of the applicant in sufficient detail to show that the applicant
				possesses and will continue to possess the ability to pay judgments or valid
				claims. All audited financial statements shall be prepared by and certified as
				to the correctness by an independent certified public accountant; and
(c) A blank copy of the self-insurance
				identification card to be utilized by the applicant as provided in paragraph
				(2) of this Rule.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.04 - Financial Conditions

Current through Rules and Regulations filed through June 27, 2024
(1) Upon approval of the application by the
				Commissioner of Insurance, a certificate of self-insurance may be issued.
				Approval shall be conditioned upon a showing of sufficient net worth,
				sufficient claims handling procedures, and a guarantee of compliance with the
				"Georgia Motor Vehicle Reparations Act" and the "Motor Vehicle Safety
				Responsibility Act" in the form of a surety bond executed by an authorized
				surety insurer in the favor of and approved by the Commissioner of Insurance or
				approved securities deposited in trust with the Commissioner of
				Insurance.
(2) For the purpose of
				issuance of a certificate of self-insurance, sufficient net worth and the
				minimum surety bond or security deposit amounts shall be based as follows on
				the number of vehicles registered in the applicant's name:
Click
				  here to view
(3)
				For purposes of reporting net worth, the amount of a security deposit posted
				with the Commissioner of Insurance may be recorded as an asset.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.05 - Reports

Current through Rules and Regulations filed through June 27, 2024
(1) A self-insurer
				shall be required to submit quarterly reports showing the vehicles covered
				under the certificate of self-insurance. Such reports shall be due on January
				1, April 1, July 1, and October 1 of each year.
(2) Quarterly reports of vehicles shall
				specify additions to and deletions from the report of the preceding quarter.
				The self-insurer shall keep a daily record of additions to and deletions from
				the list of covered vehicles, which record shall be available to the
				Commissioner upon request. Deviations between dates contained on the
				certificate of title of a vehicle and corresponding effective dates of
				coverages shall be explained in the daily record.
(3) A self-insurer shall notify the
				Commissioner of Insurance within thirty (30) days of any accident reported to
				the self-insurer resulting in bodily injury or property damage and all
				accidents involving more than one vehicle.
(4) A self-insurer shall provide any
				information requested by the Commissioner of Insurance concerning open,
				pending, or closed claims.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.06 - Annual Renewals

Current through Rules and Regulations filed through June 27, 2024
All certificates issued or renewed by the Commissioner of
				  Insurance on or after July 1, 1989, shall conform to the rules contained in
				  this Chapter. All certificates of self-insurance shall expire one year from the
				  date of issuance. In order to be issued a new certificate on such anniversary
				  date, each self-insurer shall reapply no later than thirty (30) days prior to
				  expiration of the certificate.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.07 - Revocations

Current through Rules and Regulations filed through June 27, 2024
A certificate of self-insurance may be revoked by the
				  Commissioner of Insurance upon the following grounds:
(a) The self-insurer has failed to satisfy
				any judgment within thirty (30) days after such judgment has become
				final;
(b) The self-insurer has
				failed to pay any claim for which there is no reasonably disputed issue of fact
				or law within (30) days of its submission;
(c) A payment is made by the authorized
				surety insurer or a claim is made against securities held in trust by the
				Commissioner of Insurance as a result of the self-insurer's failure to satisfy
				any judgment or pay any claim for which there is no reasonably disputed issue
				of fact or law;
(d) Failure to
				maintain efficient claim handling procedures substantially equivalent to those
				afforded by a policy of automobile liability insurance in compliance with
				O.C.G.A. Chapter 33-34, the "Georgia Motor Vehicle Reparations Act";
(e) Failure to provide benefits and coverages
				under O.C.G.A. Chapter 33-34, the "Georgia Motor Vehicle Accident Reparations
				Act." Benefits required to be paid without regard to fault shall be payable
				monthly as loss accrues. Such benefits are overdue if not paid within thirty
				(30) days after the self-insurer receives reasonable proof of the fact and the
				amount of loss sustained;
(f)
				Failure to timely file with the Commissioner of Insurance the quarterly reports
				required under this Chapter;
(g)
				Cancellation or expiration of the surety bond by the surety insurer or the
				self-insurer, unless proof is provided that the bond has been replaced or
				securities filed as required under this Chapter; or
(h) Any other violation of this Chapter or
				the orders of the Commissioner of Insurance under this Chapter.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.08 - Duties of Commissioner of Insurance

Current through Rules and Regulations filed through June 27, 2024
The Commissioner of Insurance shall:
(a) Notify the Department of Public Safety of
				any self-insurance certificate which is revoked pursuant to this
				Chapter;
(b) Notify the Department
				of Public Safety of the name of any self-insurer who does not reapply for a
				certificate of self-insurance;
(c)
				Provide a copy of quarterly reports as required to be filed under this Chapter
				to the Department of Public Safety; and
(d) Provide any information concerning
				self-insurers as requested by the Department of Public Safety for enforcement
				of the "Georgia Motor Vehicle Reparations Act" or the "Motor Vehicle Safety
				Responsibility Act."
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION › Rule 120-2-46-.09 - Hearings

Current through Rules and Regulations filed through June 27, 2024
All hearings and administrative proceedings involving
				  self-insurers under this Chapter or under applicable laws pertaining to
				  self-insurers shall be under such procedures as are set forth in O.C.G.A. Title
				  33 and the Rules and Regulations of the Georgia Insurance
				  Department.
O.C.G.A. Secs.
				  33-2-9,
				  40-9-101.
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 120-2-47 - RULES AND REGULATIONS FOR VEHICLE AND AUTOMOBILE CLUB SERVICE CONTRACTS › Rule 120-2-47-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Commissioner
				  of Insurance pursuant to the authority set forth in O.C.G.A. Section
				  33-7-6.
O.C.G.A. Secs.
				  33-2-9,
				  33-7-6.
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 120-2-47 - RULES AND REGULATIONS FOR VEHICLE AND AUTOMOBILE CLUB SERVICE CONTRACTS › Rule 120-2-47-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is to provide for the
				  regulation of vehicle service agreements and extended warranty
				  agreements.
O.C.G.A. Secs.
				  33-2-9,
				  33-7-6.