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of
the Georgia Code
2006 Georgia Code - 33-41-9
33-41-9. (a) Any letter of credit used to meet the
requirements set forth in Code Sections 33-41-8, 33-41-12, and
33-41-14: (1) Must be clean,
irrevocable, and unconditional; (2) Must be issued by a bank approved by the
Commissioner, which is either a bank chartered by the State of
Georgia or a national bank which is a member of the Federal Reserve
System; (3) Must provide that
it is presentable and payable within the State of Georgia;
and (4) Must be provided in
conformity with any other requirements established by the
Commissioner. (b) The
Commissioner may require any captive insurance company to draw upon
its letters of credit at any time, in amounts determined by the
Commissioner, if the Commissioner determines that such action is
necessary for the protection of the interests of the captive
insurance company´s policyholders.
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