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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.10 - Reports and Notifications

Current through Rules and Regulations filed through June 27, 2024
(1) A limited purpose subsidiary shall file
				on or before March 1 of each year a financial report of its business and
				affairs as of December 31 of the calendar year immediately preceding. Such
				report shall be filed on the life and accident and health blank adopted by the
				NAIC. The financial reports required by this rule shall be prepared in
				accordance with the NAIC's Annual Statement Instructions and the NAIC
				Accounting Practices and Procedures Manual unless otherwise prescribed by the
				Commissioner.
(2) A limited purpose
				subsidiary shall file quarterly financial reports on the life and accident and
				health blank adopted by the NAIC. Such reports shall be as of March 31, June 30
				and September 30 and shall be due May 15, August 15 and November 15
				respectively.
(3) All limited
				purpose subsidiaries shall have an annual audit by an independent certified
				public accountant and shall file an audited financial report with the
				Commissioner on or before June 1 for the year ended December 31 immediately
				preceding. Extensions of the June 1 filing date may be granted by the
				Commissioner for thirty (30) day periods upon a showing by the insurer and its
				independent certified public accountant the reasons for requesting such
				extension and determination by the Commissioner of good cause for an extension.
				The request for extension must be submitted in writing not less than ten (10)
				days prior to the due date in sufficient detail to permit the Commissioner to
				make an informed decision with respect to the extension.
(4) A limited purpose subsidiary shall
				provide the Commissioner with a copy of a complete set of executed
				documentation of an insurance securitization no later than 45 days after the
				closing of the transactions for such securitization.
(5) In the event of any material change in
				the financial condition or any change in the officers or directors of a limited
				purpose subsidiary, the limited purpose subsidiary shall notify the
				Commissioner in writing within two business days of any such change.
(6) A limited purpose subsidiary shall file
				annually with the Commissioner an actuarial opinion, in compliance with
				O.C.G.A. §
									33-10-13 and Regulation 120-2-74,
				on reserves for all risks retained by the limited purpose subsidiary. The
				actuarial opinion shall be provided by an appointed actuary that meets the
				qualification standards prescribed by Regulation
				120-2-74-.05.(2).
(7) A limited purpose subsidiary shall file
				annually with the Commissioner a report of the limited purpose subsidiary's
				risk-based capital level as of the end of the calendar year immediately
				preceding containing the information required by the risk-based capital
				instructions adopted by the NAIC.
(8) A limited purpose subsidiary shall notify
				the Commissioner immediately of any action by an organizing domestic reinsurer
				or any other person to foreclose on or otherwise take possession of collateral
				provided by the limited purpose subsidiary to secure any obligation of the
				limited purpose subsidiary.
O.C.G.A. §§
										33-2-9,
				  33-14-100
et
				  seq.