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the Georgia Code
2006 Georgia Code - 33-3-3
33-3-3. (a) To qualify for and hold authority to
transact insurance in Georgia an insurer must be otherwise in
compliance with the provisions of this title and with its charter
powers and must be an incorporated stock insurer, an incorporated
mutual insurer, a fraternal benefit society, a hospital service
nonprofit corporation, a nonprofit medical service corporation, a
farmers´ mutual fire insurance company, a Lloyd´s
association, or a reciprocal insurer of the same general type as
may be formed as a domestic insurer under this title, except that
no foreign or alien insurer shall be authorized to transact
insurance in Georgia which does not maintain reserves as required
by Chapter 10 of this title applicable to the kind or kinds of
insurance transacted in the United States by such insurer.
(b) No certificate of authority or
license to transact any kind of insurance business in this state
shall be issued, renewed, or continued in effect to any domestic,
foreign, or alien insurance company or other insurance entity which
is owned or financially controlled in whole or in substantial part
by any state of the United States, by a foreign government, or by
any political subdivision, instrumentality, or agency of either or
which is an agency of such state or foreign government or any
political subdivision, instrumentality, or agency of either unless
such company or entity was so owned, controlled, or constituted
prior to January 1, 1957, and was authorized to do business in this
state on or prior to said date. (c) Membership in a mutual insurer,
subscribership in a reciprocal insurer, or supervision of an
insurer by a public insurance supervisory authority shall not be
deemed to be an ownership, control, or operation of the insurer for
the purposes of subsection (b) of this Code section.
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