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2006 Georgia Code - 33-41-3
33-41-3. (a) Subject to the provisions of subsection (c)
of this Code section and the other provisions of this chapter, a
captive insurance company, where permitted by its charter, may
engage in the business of any of the following kinds of insurance
or reinsurance: (1) Casualty,
as described in Code Section 33-7-3 but excluding accident and
sickness insurance as defined in Code Section 33-7-2;
(2) Marine and transportation, as
described in Code Section 33-7-5; (3) Property, as described in Code Section
33-7-6; and (4) Surety, as
described in Code Section 33-7-7. (b) Insurance policies and bonds issued by a
captive insurance company for workers´ compensation insurance
and motor vehicle accident insurance shall be in conformity with
all minimum requirements for coverages and coverage amounts
established by the state for such types of insurance. Such
insurance policies and bonds issued by a captive insurance company
shall constitute satisfactory proof that the motor vehicle owners
or employers, as applicable, insured under such policies or bonds
have satisfied the requirements for motor vehicle accident
insurance prescribed by Code Section 33-34-4 and for workers´
compensation insurance prescribed by Code Section 34-9-121.
(c) Except as otherwise provided in
subsection (d) of this Code section: (1) A captive insurance company may not insure
or reinsure any risks resulting from: (A) Any personal, familial, or household
responsibilities; or (B)
Activities other than risks resulting from responsibilities arising
out of any business, whether profit or nonprofit; trade; product;
services, including professional or fiduciary services; or
commercial premises or commercial operations; (2) A captive insurance company may only cede
reinsurance as provided in Code Section 33-41-14;
(3) A pure captive insurance company
may only insure or reinsure the risks of its parent and affiliates
of its parent; (4) An
association captive insurance company may only insure or reinsure
the risks of the members of its association and their
affiliates; (5) An industrial
insured captive insurance company may only insure or reinsure the
risks of the industrial insureds, and their affiliates, that are
its shareholders or shareholders of its sole shareholder;
and (6) A risk retention
group captive insurance company may only insure or reinsure the
risks of its group members. (d) A captive insurance company may reinsure the
risks insured or reinsured either directly or indirectly by:
(1) Any other captive insurance
company; or (2) Any foreign
or alien insurance company which satisfies the ownership or
membership requirements of a captive insurance company under this
chapter; provided, however, that the risks insured or reinsured
from the foreign or alien insurance company are solely those of its
owners or members or their affiliates.
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