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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.02 - Scope and Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) This regulation applies to any limited
				purpose subsidiary as defined in O.C.G.A. §
									33-14-100.
(2) The purposes of this regulation include:
(a) Providing requirements for the
				organization of limited purpose subsidiaries;
(b) Providing for the requirements for the
				plan of operation for limited purpose subsidiaries;
(c) Providing capital, surplus and risk-based
				capital requirements for limited purpose subsidiaries;
(d) Providing reporting and notification
				requirements for limited purpose subsidiaries;
(e) Providing requirements for reserves of
				limited purpose subsidiaries;
(f)
				Providing requirements for authorized investments of limited purpose
				subsidiaries;
(g) Providing
				requirements with respect to reinsurance ceded or assumed by limited purpose
				subsidiaries;
(h) Providing
				requirements and restrictions for Material Transactions of limited purpose
				subsidiaries;
(i) Providing
				requirements for dividends and distributions;
(j) Providing requirements for operations of
				limited purpose subsidiaries;
(k)
				Providing conditions of, forms for, and approval of the financing of limited
				purpose subsidiaries;
(l) Providing
				for other regulation of limited purpose subsidiaries.
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-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "NAIC" means
				the National Association of Insurance Commissioners.
(2) "Material Transaction" means a
				transaction or series of transactions involving amounts equal to or exceeding 5
				percent of a limited purpose subsidiary's admitted assets less any letters of
				credit, guaranties of a parent, intangible assets and any other assets approved
				by the Commissioner pursuant to Section
				120-2-100-.12(2).
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.04 - Organization of Limited Purpose Subsidiary

Current through Rules and Regulations filed through June 27, 2024
(1) A limited purpose subsidiary's
				organizational documents shall limit the limited purpose subsidiary's authority
				to transact the business of reinsurance to reinsure only the risks of the
				organizing domestic reinsurer and shall state that the limited purpose
				subsidiary shall not otherwise engage in the business of insurance or
				reinsurance.
(2) A limited purpose
				subsidiary's organizational documents shall provide that the limited purpose
				subsidiary shall always be owned by the organizing domestic reinsurer and that
				the limited purpose subsidiary's stock shall be issued only to the organizing
				domestic reinsurer.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.05 - Officers and Directors

Current through Rules and Regulations filed through June 27, 2024
(1) Each limited purpose subsidiary shall
				have not less than three directors.
(2) At least one-fourth of the directors of a
				limited purpose subsidiary must be residents of this state. A majority of the
				directors must be citizens of the United States.
(3) The officers and directors of a limited
				purpose subsidiary may serve as officers and directors of the organizing
				domestic reinsurer.
(4) A limited
				purpose subsidiary shall have the following officers: president; chief
				financial officer, secretary; and employed appointed actuary. The same
				individual may simultaneously hold more than one office in a limited purpose
				subsidiary.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.06 - Certificate of Authority

Current through Rules and Regulations filed through June 27, 2024
(1) No limited purpose subsidiary shall do
				any reinsurance business in this state unless it first obtains from the
				Commissioner a certificate of authority.
(2) Before receiving a certificate of
				authority, a limited purpose subsidiary shall do all of the following:
(a) File with the Commissioner a copy of its
				plan of operation.
(b) File with
				the Commissioner an affidavit of its president- or chief financial officer that
				includes all of the following statements, to the best of such person's
				knowledge and belief, after reasonable inquiry:
1. The proposed organization and operation of
				the limited purpose subsidiary shall comply with all provisions of O.C.G.A.
				§§
											33-14-100
et seq.
and this Regulation Chapter.
2. The
				limited purpose subsidiary's investment policy specifies guidelines as to the
				quality, maturity, and diversification of investments and other specifications,
				including investment strategies intended to assure that the investments and
				investment practices are appropriate for the business conducted by the limited
				purpose subsidiary, its liquidity needs, and its capital and surplus.
3. Any reinsurance contract and any
				arrangement for securing the limited purpose subsidiary's obligations under
				such reinsurance contract including, but not limited to, any agreements or
				other documentation to implement such arrangement, comply with the provisions
				of O.C.G.A. §§
											33-14-100
et seq.
and this Regulation Chapter.
(c) File with the Commissioner an opinion of
				legal counsel, in a form acceptable to the Commissioner, that the offer and
				sale of any limited purpose subsidiary securities comply with all applicable
				registration requirements or applicable exemptions from or exceptions to such
				requirements of the federal securities laws and that the offer and sale of
				securities by the limited purpose subsidiary itself comply with all
				registration requirements or applicable exemptions from or exceptions to such
				requirements of the securities laws of this state. Such opinions shall not be
				required as part of the application if the limited purpose subsidiary includes
				a specific statement in its plan of operation that such opinions will be
				provided to the Commissioner in advance of the offer or sale of any limited
				purpose subsidiary securities.
(d)
				Agree to pay the reasonable expenses and costs incurred incident to an
				examination of the limited purpose subsidiary's application by a qualified
				third party selected by the Commissioner.
(e) Submit any other statements or documents
				required by the Commissioner to evaluate the limited purpose subsidiary's
				application for a certificate of authority.
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-.07 - Capital and Surplus

Current through Rules and Regulations filed through June 27, 2024
(1) The amount of minimum capital and surplus
				required for each limited purpose subsidiary shall be determined on an
				individual basis; however, no limited purpose subsidiary shall be issued a
				certificate of authority unless it shall possess unimpaired capital and surplus
				of not less than $10 million. The Commissioner may require additional capital
				and surplus of any limited purpose subsidiary in an amount he deems appropriate
				under the circumstances based on the limited purpose subsidiary's plan of
				operation.
(2) Each limited purpose
				subsidiary shall maintain a minimum risk-based capital equal to the product of
				2.5 and the number determined under the risk-based capital formula in
				accordance with risk-based capital instructions prescribed by the National
				Association of Insurance Commissioners.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.08 - Plan of Operation

Current through Rules and Regulations filed through June 27, 2024
(1) A limited purpose subsidiary shall have a
				plan of operation approved by its board of directors. The plan of operation
				shall include all of the following:
(a) A
				complete description of all reinsurance transactions, reinsurance security
				arrangements, securitizations, and any other Material Transactions or
				arrangements.
(b) The source and
				form of the limited purpose subsidiary's capital and surplus.
(c) The investment policy of the limited
				purpose subsidiary.
(d) Pro forma
				financial statements and risk-based capital projections illustrating one or
				more adverse case scenarios, as determined under criteria required by the
				Commissioner, for the performance of the limited purpose subsidiary under all
				reinsurance contracts. Pro forma financial statements and risk-based capital
				projections shall be in the format prescribed by the NAIC's Uniform Certificate
				of Authority Application.
(e)
				Copies of all contracts between the limited purpose subsidiary and affiliated
				companies.
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-.09 - Dividends and Distributions

Current through Rules and Regulations filed through June 27, 2024
No limited purpose subsidiary shall pay any dividend or make
				  any other distribution to the organizing domestic reinsurer until 30 days after
				  the Commissioner has received notice of the declaration thereof and has not
				  within such period disapproved such payment or other distribution, or the
				  Commissioner shall have approved such payment within such 30 day period. The
				  notice required by this section shall include the amount of the dividend or
				  distribution and a certification signed by an officer of the limited purpose
				  subsidiary stating that the dividend or distribution would not jeopardize the
				  ability of the limited purpose subsidiary to fulfil the limited purpose
				  subsidiary's obligations.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.11 - Material Transactions

Current through Rules and Regulations filed through June 27, 2024
(1) In addition to the reporting requirements
				prescribed by O.C.G.A. §§
									33-55-1
et seq.,
a
				limited purpose subsidiary shall not take any of the following actions unless
				the limited purpose subsidiary provides the Commissioner at least 30 days'
				prior written notice and the Commissioner expressly approves the action:
(a) Any assignment, pledge or other transfer
				or granting of a security interest in over 30 percent of the assets of the
				limited purpose subsidiary.
(b) Any
				incurrence of material indebtedness by the limited purpose
				subsidiary.
(c) The termination of
				all or any part of a limited purpose subsidiary's business.
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-.12 - Investments

Current through Rules and Regulations filed through June 27, 2024
(1) The limited
				purpose subsidiary's investment policy and its investments shall comply with
				Article 2 of Chapter 11 of Title 33 of the Official Code of Georgia Annotated
				unless otherwise specified in this Rule or approved by the Commissioner in the
				limited purpose subsidiary's plan of operation or an amendment to the limited
				purpose subsidiary's plan of operation.
(2) In addition to assets permitted by
				O.C.G.A. §
									33-10-1, admitted assets of the
				limited purpose subsidiary shall include letters of credit, guaranties of a
				parent, and any other assets approved by the Commissioner, which shall be
				deemed to be, and reported as, admitted assets of the limited purpose
				subsidiary. The Commissioner shall have the authority to reduce the value of
				admitted assets, other than assets already covered by the Accounting Practices
				and Procedures Manual of the NAIC, if the Commissioner determines that the
				value of those assets has decreased. At least 30 days prior to reducing the
				value of such admitted assets, the Commissioner shall notify the limited
				purpose subsidiary and provide the limited purpose subsidiary an opportunity to
				remedy the issues identified by the Commissioner.
(3) A limited purpose subsidiary shall not
				make a loan to or an investment in any person, other than as permitted in the
				limited purpose subsidiary's plan of operation, without prior written approval
				of the Commissioner, and any such loan or investment must be evidenced by
				documentation approved by the Commissioner.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.13 - Securities

Current through Rules and Regulations filed through June 27, 2024
(1) A limited
				purpose subsidiary securitization, the security-offering memorandum or other
				document issued to prospective investors regarding the offer and sale of a
				surplus note or other security shall include a disclosure that all or part of
				the proceeds of such insurance securitization or surplus note transaction will
				be used to fund the limited purpose subsidiary's obligations to the organizing
				domestic reinsurer.
(2) A security
				issued by a limited purpose subsidiary shall not be subject to regulation as an
				insurance or reinsurance contract. An investor in such a security or a holder
				of such a security shall not be considered to be transacting the business of
				insurance or reinsurance in this state solely by reason of having an interest
				in the security. The underwriter's placement or selling agents and their
				partners, commissioners, officers, members, managers, employees, agents,
				representatives, and advisors involved in an insurance securitization by a
				limited purpose subsidiary shall not be considered to be insurance producers or
				brokers or to be conducting business as an insurance or reinsurance company or
				as an insurance agency, brokerage, intermediary, advisory, or consulting
				business solely by virtue of their underwriting activities in connection with
				such securitization.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.14 - Permitted Reinsurance and Credit for Reinsurance

Current through Rules and Regulations filed through June 27, 2024
(1) A limited purpose subsidiary may reinsure
				only the risks of the organizing domestic reinsurer.
(2) Unless otherwise approved in advance by
				the Commissioner, a reinsurance contract shall not contain any provision for
				payment by the limited purpose subsidiary in discharge of its obligations as a
				reinsurer under the reinsurance contract to any person other than the
				organizing domestic reinsurer or any receiver of the organizing domestic
				reinsurer.
(3) A limited purpose
				subsidiary may cede risks to one or more reinsurers approved by the
				Commissioner.
(4) Credit for
				reinsurance shall be allowed limited purpose subsidiary as either an asset or a
				reduction from liability on account of reinsurance ceded only when the
				reinsurance transaction has been approved by the Commissioner.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.15 - Contracts and Other Commercial Activities

Current through Rules and Regulations filed through June 27, 2024
A limited purpose subsidiary may enter into contracts and
				  conduct other commercial activities related or incidental to and necessary to
				  fulfil the purposes of a reinsurance contract, an insurance securitization, and
				  this Regulation Chapter, provided such contracts and activities are included in
				  the limited purpose subsidiary's plan of operation or are otherwise approved in
				  advance by the Commissioner. Such contracts and activities may include but are
				  not limited to: entering into reinsurance contracts; issuing limited purpose
				  subsidiary securities; complying with the terms of these contracts or
				  securities; entering into trust, guaranteed investment contract, swap,
				  derivative, tax, administration, services reimbursement, or fiscal agent
				  transactions; complying with trust indentures, or reinsurance or retrocession
				  contracts; or entering into other agreements necessary or incidental to effect
				  a reinsurance contract or an insurance securitization in compliance with this
				  chapter and the limited purpose subsidiary's plan of
				  operation.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-100 - Limited Purpose Subsidiaries › Rule 120-2-100-.16 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this chapter or the application thereof
				  to any person or circumstance, is held invalid by a court of competent
				  jurisdiction, the remainder of the chapter or the applicability of such
				  provision to other person or circumstances shall not be
				  affected.
O.C.G.A. §§
										33-2-9,
				  33-14-100
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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is promulgated under authority of O.C.G.A.
				  §33-29B-8(a) and O.C.G.A. §
									33-2-9.
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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
Definitions used in this regulation shall have the same
				  meaning as set forth in O.C.G.A. §33-29B-2.
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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.03 - Child Only Policy Forms

Current through Rules and Regulations filed through June 27, 2024
(1) To satisfy the requirements set forth in
				O.C.G.A. §33-29B-3(a), an indemnity insurer should submit at least one
				policy of child-only individual health coverage that follows Regulation
				120-2-81-.04. That coverage form
				should be updated by the insurer to comply with current federal Patient
				Protection and Affordable Care Act ("ACA") requirements, including, but not
				limited to the removal of lifetime limits.
(2) To satisfy the requirements set forth in
				O.C.G.A. §33-29B-3(a), a Health Maintenance Organization insurer should
				submit at least one policy of child-only individual health coverage that
				follows Rule
				120-2-81-.05. That coverage form
				should be updated by the Health Maintenance Organization insurer to comply with
				current federal ACA requirements, including, but not limited to the removal of
				lifetime limits.
(3)
				Notwithstanding the requirements set forth in subparagraphs (1) and (2) of this
				section, an insurer may, at its option submit one or more other, previously
				approved and presently available individual comprehensive or major medical
				health insurance coverages as alternative products to comply with 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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.04 - Child Only Premium Rates

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §33-29B-3(g),
				insurers shall submit proposed health insurance rates that include current 2012
				actuarial supporting assumptions on relevant plan design, benefits and
				limitations and that are reasonably related to contemporary plan designs and
				rates on file with and approved by this Office for the subject insurer.
				Insurers may, but are not required to obtain rate approval, if such rates are
				currently filed and approved by the Commissioner.
(2) An insurer may impose a surcharge on any
				individual who enrolls in a child-only policy and has not had prior creditable
				coverage in the 63 day period preceding the date of the application. The amount
				of the surcharge may be up to, but shall not exceed, 50 percent of the premium
				rate that would be charged to an individual who did have prior credible
				coverage in the 63 day period preceding the date of the application.
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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.05 - Policy Form and Rate Submissions in SERFF

Current through Rules and Regulations filed through June 27, 2024
(1) Insurers are required to submit all
				proposed form and rate filings in the SERFF filing system for advance
				approval.
(2) Insurers shall pay
				all appropriate policy form and rate filing fees, as normally
				required.
(3) Insurers shall mark
				such SERFF policy form and rate filings in cover letter materials as child-only
				coverage and prominently reference "child-only" in appropriate descriptions to
				ensure the recognition and timely attention necessary for compliance with these
				product offering requirements.
(4)
				Insurers should include specialized child-only application and enrollment forms
				with policy form and rate filings. Such applications should make appropriate
				provisions for parent or guardian authorization and completion of applicant
				identifying and other relevant information by parent or guardian on behalf of
				any minor applicant.
(a) Applications shall
				include a prominent disclosure about the 2013 duration of this child-only
				Georgia coverage program. Such application disclosures should reference
				evidence of coverage material provisions as to term and termination of the
				program as provided in O.C.G.A. §33-29B-8.
(b) The Commissioner may approve a
				modification of previously approved forms, provided the changes are clearly
				marked on the documents submitted to the Commissioner and are consistent with
				the provisions of 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 120-2-101 - CHILD ONLY INDIVIDUAL HEALTH COVERAGE › Rule 120-2-101-.06 - Child-Only Program Reporting due in 2014

Current through Rules and Regulations filed through June 27, 2024
Insurers that are active in the individual health insurance
				  market in Georgia in 2013 and comply with requirements to make child-only
				  health products available shall report as required in O.C.G.A. §33-29B-7
				  by March 1, 2014.
The report submitted on March 1, 2014 for the child-only 2013
				  coverage program shall include this information and follow this reporting
				  format:
2013 Georgia Child-Only Individual Health Insurance Program
				  Report
Name of Insurer: ________________________ NAIC#
				  ___________
Total Number of Applicants that
								applied during Open Enrollment Period
Number of Applicants that enrolled
								during Open Enrollment Period
Number of Applicants that were
								declined during Open Enrollment Period
Reason(s) for Denial of
								Applicants
(Include limited identifying details for each
								applicant case so denied, respecting potential privacy concerns)
Contact Person preparing this Report:
				  _______________________Ph: _______________
Email: ___________________________
Certification by Responsible Officer of the Insurer:
I hereby affirm that the information included in this report
				  of 2013 activities of the company is correct and complete.
Signed: _________________________________
Printed Name: ___________________________ Title: :
				  ________________________
Date: __________________________________
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is adopted and promulgated by the
				  Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.02 - Purpose and Applicability

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of O.C.G.A. Chapter 33-63 relating to guaranteed asset protection
				  waivers.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Administrator"
				means a person, other than an insurer or creditor that performs administrative
				or operational functions pursuant to guaranteed asset protection waiver
				programs.
(2) "Borrower" means a
				debtor, retail buyer, or lessee under a finance agreement.
(3) "Creditor" means:
(a) The lender in a loan or credit
				transaction;
(b) The lessor in a
				lease transaction;
(c) Any retail
				installment seller that provides credit to any retail buyer of motor vehicles,
				provided that such entity complies with the provisions of this
				chapter;
(d) The seller in
				commercial retail installment transactions; or
(e) The assignees of any of the creditors
				listed in (a) through (d) of this section to whom the credit obligation is
				payable.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.04 - Guaranteed Asset Protection Insurance Requirements

Current through Rules and Regulations filed through June 27, 2024
A retail installment seller must insure its guaranteed asset
				  protection waiver obligations under a contractual liability or other insurance
				  policy issued by an insurer. However, retail installment sellers that are
				  lessors on motor vehicles are not required to insure obligations related to
				  guaranteed asset protection waivers on such leased vehicles.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.06 - Required Disclosures

Current through Rules and Regulations filed through June 27, 2024
Guaranteed asset protection waivers must disclose, as
				  applicable, in writing and in clear, understandable language that is easy to
				  read the following:
(1) The name and
				address of the initial creditor and the borrower at the time of sale and the
				identity of any administrator if different from the creditor;
(2) The purchase price and the terms of the
				guaranteed asset protection waiver including without limitation the
				requirements for protection, conditions, or exclusions associated with the
				guaranteed asset protection waiver;
(3) That the borrower may cancel the
				guaranteed asset protection waiver within a free look period, as specified in
				the waiver, and will be entitled to a full refund of the purchase price,
				provided no benefits have been made; or in the event benefits have been made,
				the borrower may receive a full or partial refund if the waiver so
				provides;
(4) The procedure the
				borrower must follow, if any to obtain guaranteed asset protection waiver
				benefits under the terms and conditions of the waiver, including a telephone
				number and address where the borrower may apply for waiver benefits;
(5) Whether or not the guaranteed asset
				protection waiver is cancelable after the free look period and the conditions
				under which it may be canceled or terminated, including the procedures for
				requesting any refund due;
(6) That
				in order to receive any refund due in the event of a borrower's cancellation of
				the guaranteed asset protection waiver agreement or early termination of the
				finance agreement after the free look period of the guaranteed asset protection
				waiver, the borrower, in accordance with terms of the waiver, must provide a
				written request to cancel to the creditor, administrator, or such other party
				within 90 days after the borrower's decision to cancel the waiver or the
				occurrence of the event terminating the finance agreement;
(7) The methodology for calculating any
				refund of the unearned purchase price of the guaranteed asset protection waiver
				due in the event of cancellation of the guaranteed asset protection waiver or
				early termination of the finance agreement;
(8) That neither the extension of credit, the
				terms of the credit, nor the terms of the related motor vehicle sale or lease
				may be conditioned upon the purchase of the guaranteed asset protection
				waiver.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.07 - Cancellation Conditions

Current through Rules and Regulations filed through June 27, 2024
(1) Guaranteed asset protection waiver
				agreements may be cancelable or noncancelable after the free look period.
				Guaranteed asset protection waivers must provide that if a borrower cancels a
				waiver within the free look period, the borrower will be entitled to a full
				refund of the purchase price, provided no benefits have been paid; or in the
				event benefits have been paid, the borrower may receive a full or partial
				refund if the waiver so provides.
(2) In the event of a borrower's cancellation
				of the guaranteed asset protection waiver or early termination of the finance
				agreement, after the agreement has been in effect beyond the free look period,
				the borrower may be entitled to a refund of any unearned portion of the
				purchase price of the waiver unless the waiver provides otherwise. In order to
				receive a refund, the borrower, in accordance with any applicable terms of the
				waiver, must provide a written request to the creditor, administrator or other
				party within 90 days after the borrower's decision to cancel the waiver or the
				occurrence of the event terminating the finance agreement.
(3) If the cancellation of a guaranteed asset
				protection waiver occurs as a result of a default under the finance agreement
				or the repossession of the motor vehicle associated with the finance agreement,
				or any other termination of the finance agreement, any refund due may be paid
				directly to the creditor or administrator and applied as set forth in paragraph
				(1) herein.
(4) Any cancellation
				refund under paragraphs (1), (2), or (3) herein may be applied by the creditor
				as a reduction of the amount owed under the finance agreement unless the
				borrower can show that the finance agreement has been paid in full.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.08 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
Subsection (c) of O.C.G.A. Section
				  33-63-4 and O.C.G.A. Code Sections
				  33-63-6 and
				  33-63-9 shall not be applicable to
				  a guaranteed asset protection waiver offered in connection with a lease or
				  retail installment sale associated with a commercial transaction.
A retail installment seller shall not be required to insure a
				  guaranteed asset protection waiver in connection with the sale of a motor
				  vehicle if the retail installment seller does both of the following:
(1) Maintains, or has a parent company that
				maintains, a net worth or stockholders' equity of at least $50 million,
				provided the parent company guarantees the obligations of the retail
				installment seller arising from guaranteed asset protection waivers
				underwritten pursuant to this subsection; and
(2) Files a copy of its Form 10-K or Form
				20-F disclosure statements, or, if it does not file with the United States
				Securities and Exchange Commission, a copy of its audited financial statements
				reported on generally accepted accounting principles. If the retail installment
				seller's financial statements are consolidated with those of its parent
				company, then the retail installment seller may comply with the provisions of
				this paragraph by filing the statements of its parent company. The statement
				shall be filed with the Commissioner at least 30 days prior to the retail
				installment seller's initial offering or delivering a guaranteed asset
				protection waiver, and thereafter the statement shall be filed with the
				Commissioner annually.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.09 - Penalties

Current through Rules and Regulations filed through June 27, 2024
The Commissioner of Insurance may take action which is
				  necessary or appropriate to enforce the provisions of this chapter and to
				  protect guaranteed asset protection waiver holders in this state. After proper
				  notice and opportunity for hearing the Commissioner may:
(1) Order the creditor, administrator, or any
				other person not in compliance with this chapter to cease and desist from
				further guaranteed asses protection waiver related operations which are in
				violation of this chapter; and
(2)
				Issue a penalty of not more than $500.00 per violation and not more than
				$10,000.00 in the aggregate for all violations of a similar nature. For
				purposes of this paragraph, violations are of a similar nature if the
				violations consist of the same or similar courses of conduct, action, or
				practice, irrespective of the number of times the conduct, action, or practice
				occurred.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-102 - GUARANTEED ASSET PROTECTION WAIVERS › Rule 120-2-102-.10 - 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 this regulation or the applicability of such
				  provision to other persons or circumstances shall not be
				  affected.
O.C.G.A. Sec.
				  33-2-9 and O.C.G.A. Chapter
				  33-63.
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.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 Code Sections
				  33-2-9 and
				  33-24-19.1(p).
O.C.G.A. §
										33-2-9 and
				  33-24-19.1(b).
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to establish guidelines,
				  procedures and best business practices for the issuance and delivery of
				  property and casualty certificates of insurance in the State of
				  Georgia.
O.C.G.A. §
										33-2-9 and
				  33-24-19.1(b).
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.03 - Applicability

Current through Rules and Regulations filed through June 27, 2024
This regulation shall apply to all certificate holders,
				  policyholders, insurers, insurance producers, and certificate of insurance
				  forms issued as evidence of insurance coverages on property, operations or
				  risks located in this state, regardless of where the certificate holder,
				  policyholder, insurer or insurance producer is located.
O.C.G.A. §
										33-2-9 and
				  33-24-19.1(b).
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purpose of this regulation:
(1) "Certificate" or "certificate of
				insurance" means any document or instrument, no matter how titled or described,
				which is prepared or issued by an insurer or insurance producer as evidence of
				property or casualty insurance coverage. "Certificate" or "certificate of
				insurance" shall not include a policy of insurance, policy endorsement or
				insurance binder, including any policy of insurance which may be referred to as
				a certificate, or any insurance information card or identification card issued
				in conjunction with a motor vehicle insurance policy.
(2) "Certificate holder" means any person,
				other than a policyholder, who requests, obtains, or possesses a certificate of
				insurance.
(3) "Commissioner" means
				the Commissioner of Insurance for the State of Georgia.
(4) "Insurance Producer" means a person
				required to be licensed under the laws of this state to sell, solicit, or
				negotiate insurance.
(5) "Insurer"
				means any person engaged as indemnitor, surety, or contractor who issues
				insurance as defined by Code Sections
				33-7-3 and
				33-7-6. Insurer shall not mean any
				offering of accident, sickness, or disability insurance by a fraternal benefit
				society, as provided under Code Section
				33-15-60; nonprofit medical
				service corporations, as provided under Chapters 18 and 19 of Title 33; health
				care plans, as provided under Chapter 20 of Title 33; health maintenance
				organization, as provided under Chapter 21 of Title 33; any provisions of
				accident and sickness insurance policies generally, as provided under Code
				Sections 33-24-20 through
				33-24-31; individual accident and
				sickness insurance, as provided under Chapter 29 of Title 33; or group or
				blanket accident and sickness insurance, as provided under Chapter 30 of Title
				33.
(6) "Person" means any
				individual, partnership, corporation, association, or other legal entity,
				including any government or governmental subdivision or agency.
(7) "Policyholder" means a person who has
				contracted with a property and casualty insurer for insurance
				coverages.
O.C.G.A. §
										33-2-9 and
				  33-24-19.1(b).
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.05 - Approval of Certificates

Current through Rules and Regulations filed through June 27, 2024
(1) No person, wherever located, may prepare,
				issue, or request the issuance of a certificate of insurance unless the form
				has been filed with and approved by the Commissioner. Forms shall be submitted
				in the same manner as any other form filing through the SERFF filing system
				with applicable filing fees submitted electronically. Only insurers may file
				certificates for approval.
(2) Only
				current certificate of insurance forms promulgated by the Association of
				Cooperative Operations Research and Development (ACORD) or the Insurance
				Services Office (ISO) are deemed approved by the Commissioner and are not
				required to be filed if the forms otherwise comply with the requirements of
				this regulation and Code Section
				33-24-19.1. Superseded editions of
				ACORD and ISO certificate of insurance forms shall also be deemed approved,
				however, as long as ACORD and ISO permit their use during periods of
				transition.
(3) The Commissioner
				shall disapprove a certificate filed under Rule and Regulation
				120-2-103-.04 or withdraw approval
				of a form, if the form:
(a) is unjust,
				unfair, misleading, or deceptive or violates public policy;
(b) fails to comply with the requirements of
				section (4) of this Section;
(c)
				violates any law, including any regulation adopted by the
				Commissioner.
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 120-2-103 - CERTIFICATES OF INSURANCE › Rule 120-2-103-.06 - Requirements

Current through Rules and Regulations filed through June 27, 2024
Insurers shall provide to their producers written
				  instructions clearly outlining the insurer's procedures and each party's
				  responsibilities for issuing and servicing certificates. These instructions
				  shall include but not be limited to:
(a) The procedure for issuing notice of
				cancellation to certificate holders when such notice is required by the
				insurance contract or statute.
(b)
				The procedure for retaining copies of all certificates issued by or on the
				behalf of the insurer by the producer. Retention or providing of copies may be
				done electronically.
(c) The
				procedure to monitor certificates to ensure they have been issued in compliance
				with the insurer's procedures, applicable statute and this
				regulation.
O.C.G.A. §
										33-2-9 and
				  33-24-19.1(b).