2018 Georgia Code
Title 33 - Insurance
Chapter 14 - Domestic Stock and Mutual Insurers
Article 5 - Limited Purpose Subsidiary Insurance Companies
§ 33-14-109. Adoption of rules
(a) The Commissioner shall, before approving a limited purpose subsidiary under this article, adopt rules pursuant to Code Section 33-2-9 to implement this article.
(b) The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries:
(1) Requirements for organization of a limited purpose subsidiary;
(2) Requirements for a plan of operation;
(3) Capital, surplus, and risk-based capital requirements;
(4) Requirements for reporting and notifications;
(5) Requirements for reserves, including actuarial certification;
(6) Requirements for authorized investments;
(7) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary;
(8) Requirements and restrictions for material transactions;
(9) Requirements for dividends and distributions;
(10) Requirements for operations; and
(11) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.
