Georgia Code, Title 33, Chapter 14, Article 3 - Domestic Mutual Insurers

• § 33-14-60 - Bylaws
  (a) The initial board of directors of a domestic mutual insurer shall adopt original bylaws subject to the approval of the insurer's members at...
• § 33-14-61 - Types of Insurance in Which Newly Organized Insurers Authorized to Transact Business; Requirements As to Transaction of Particular Kinds of Insurance Generally
  (a) When newly organized, a domestic mutual insurer may be authorized to transact any one of the kinds of insurance listed in the schedule...
• § 33-14-62 - Authorization of Transaction of Additional Kinds of Insurance
  A domestic mutual insurer formed after January 1, 1961, after being authorized to transact one kind of insurance shall be authorized by the Commissioner...
• § 33-14-63 - Filing of Surety Bond or Deposit by Incorporators of Proposed Insurer; Conditions of Bond or Deposit; Release and Discharge
  (a) Prior to the solicitation of any applications for insurance pursuant to the requirements for a certificate of authority of a mutual insurer, the...
• § 33-14-64 - Solicitation of Applications for Policies Upon Approval of Bond or Deposit; Provisions and Execution of Applications; Requirement of Cash Premiums
  (a) Upon receipt of the Commissioner's approval of the bond or deposit required by Code Section 33-14-63, the directors and officers of the proposed...
• § 33-14-65 - Deposit of Premiums and Fees Collected; Issuance and Delivery of Policies by Insurers; Effective Date of Insurance
  (a) All sums collected by a domestic mutual corporation as premiums or fees on qualifying applications for insurance with such corporation shall be deposited...
• § 33-14-66 - Return of Deposits or Premiums Upon Failure of Proposed Insurer to Complete Organization and Secure Original Certificate of Authority
  If the proposed domestic mutual insurer fails to complete its organization and to secure its original certificate of authority within two years from and...
• § 33-14-67 - Policyholders Deemed Members of Insurers; Persons Entitled to Become Members; Liability Upon Insurance Contracts of Representatives of Members; Rights of Members Generally
  (a) Each policyholder of a domestic mutual insurer other than of a reinsurance contract is a member of the insurer with all rights and...
• § 33-14-68 - Contingent Liability of Members
  (a) Each member of a domestic mutual insurer shall, except as provided in Code Section 33-14-71 with respect to nonassessable policies, have a contingent...
• § 33-14-69 - Levy of Assessment by Directors; Computation of Assessment; Allowance of Offsets Against Assessments
  (a) If at any time the assets of a domestic mutual insurer are less than its liabilities and the minimum amount of surplus required...
• § 33-14-70 - Notice of Assessment; Presumption As to Correctness of Assessment; Proceedings Upon Failure of Member to Pay Assessment
  (a) Any assessment made by an insurer under Code Sections 33-14-68 and 33-14-69 is prima facie correct. The amount of the assessment to be...
• § 33-14-71 - Extinguishment of Contingent Liability; Revocation of Authority to Issue Policies Without Contingent Liability; Issuance of Nonassessable Policies by Foreign or Alien Insurers
  (a) While a domestic mutual insurer maintains the deposits and surplus funds necessary for the kinds of insurance it is transacting and is otherwise...
• § 33-14-72 - Reinsurance of Risks
  (a) A domestic mutual company transacting insurance business under the laws of this state with the approval of the Commissioner may reinsure all risks...
• § 33-14-73 - Dividends Payable Only Out of Net Realized Savings and Earnings
  (a) The directors of a domestic mutual insurer may from time to time apportion and pay or credit to its members dividends only out...
• § 33-14-74 - Liability of Directors for Declaration or Payment of Illegal Dividend
  Any director of a domestic mutual insurer who willfully and with knowledge votes for or concurs in a declaration or payment of a dividend...
• § 33-14-75 - Procedure for Merger or Consolidation
  (a) Upon complying with the applicable procedures prescribed by the statutes of this state applying to corporations formed for profit except as provided in...
• § 33-14-76 - Authorization and Procedure for Conversion of Mutual Insurer to Stock Insurer
  (a) A mutual insurer may become a stock insurer under any plan and procedure as may be approved by the Commissioner.(b) The Commissioner shall...
• § 33-14-77 - Distribution of Assets to Members Upon Liquidation of Insurers Generally; Calculation of Distributive Shares of Members
  (a) Upon any liquidation of a domestic mutual insurer, its assets remaining after discharge of its indebtedness, policy obligations, repayment of contributed or borrowed...

Last modified: October 14, 2016