2020 Georgia Code
Title 33 - Insurance
Chapter 10 - Assets and Liabilities
§ 33-10-4. Reporting of Unallowed Assets and Assets of Doubtful Value or Character as Deduction From Gross Assets
All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Commissioner or in any examiner's report to said Commissioner shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer.
(Code 1933, § 56-904, enacted by Ga. L. 1960, p. 289, § 1.)
OPINIONS OF THE ATTORNEY GENERAL
Treasury stock cannot be considered in determining condition.
- A Georgia insurance company may acquire by purchase shares of its own capital stock out of its earned surplus over and above its liabilities and hold the shares as treasury stock, provided such purchases do not reduce the amount of outstanding stock below the statutory minimum and the minimum set forth in its charter and bylaws; such shares cannot be voted and cannot participate in dividends or distribution, and such shares cannot be considered as an admitted asset in any determination of the financial condition of the company, nor shall such shares be counted as outstanding shares of capital stock for the purpose of any stockholder's quorum or vote. 1962 Op. Att'y Gen. p. 292.
