Georgia Code, Title 33, Chapter 41 - Captive Insurance Companies

• § 33-41-1 - Short Title
  This chapter shall be known and may be cited as the "Georgia Captive Insurance Company Act."
• § 33-41-2 - Definitions
  Terms not otherwise defined in this chapter shall have the same meaning ascribed to them in this title. As used in this chapter, unless...
• § 33-41-3 - Permissible Business; Limitations
  (a) Subject to the provisions of subsection (c) of this Code section and the other provisions of this chapter, a captive insurance company, where...
• § 33-41-4 - Prerequisites to Transacting Insurance
  No captive insurance company may transact any insurance in this state unless: (1) It first obtains from the Commissioner a certificate of authority authorizing...
• § 33-41-5 - Incorporation
  (a) A pure captive insurance company must be incorporated as a stock insurer with its capital divided into shares.(b) An association captive insurance company,...
• § 33-41-6 - Name
  (a) A captive insurance company shall not use any name which is either similar, misleading, or confusing with respect to any other name already...
• § 33-41-7 - Directors
  (a) The affairs of every captive insurance company shall be managed by not less than three directors.(b) At least one of the directors of...
• § 33-41-8 - Amount of Capital or Surplus
  (a) The amount of minimum capital or surplus required for each captive insurance company shall be determined on an individual basis, however: (1) A...
• § 33-41-9 - Letters of Credit
  (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,...
• § 33-41-10 - Application for and Issuance of Certificate of Authority
  (a) The application for an original certificate of authority for a captive insurance company must be filed with the Commissioner and shall contain the...
• § 33-41-11 - Refusal, Suspension, or Nonrenewal of Certificate; Expiration, Renewal, Amendment
  (a) The certificate of authority of a captive insurance company to transact insurance in this state may be refused, suspended, or not be renewed...
• § 33-41-12 - Assets
  For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant...
• § 33-41-13 - Reserves
  (a) Every captive insurance company shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all unpaid losses...
• § 33-41-14 - Reinsurance
  (a) A captive insurance company may cede any part of its risks to a reinsurer pursuant to a written reinsurance agreement and may take...
• § 33-41-15 - Reports
  Each captive insurance company shall be required to file annual and other reports of its business affairs and operations as prescribed by Code Section
• § 33-41-16 - Examination by Commissioner or Agent; Confidentiality
  (a) The Commissioner or his or her designated agent may visit each captive insurance company at any time and examine its affairs in order...
• § 33-41-17 - Fines
  The Commissioner may impose fines as prescribed by Code Section 33-3-20.
• § 33-41-18 - Investments
  Except as provided in Code Section 33-41-8: (1) An association captive insurance company shall comply with the investment requirements contained in Chapter 11 of...
• § 33-41-19 - Rates, Underwriting Rules, and Policy Forms; Notice on Policies
  (a) No captive insurance company shall be required to join or use the rates, rating systems, underwriting rules, or policy or bond forms of...
• § 33-41-20 - Exclusion From Insolvency Funds; Participation in Fair Plan or Joint Underwriting Association; Assessment for Payments to Subsequent Injury Trust Fund
  (a)(1) No captive insurance company other than an association or industrial insured captive insurance company issuing workers' compensation insurance contracts shall be permitted to...
• § 33-41-20.1 - Membership of Captive Insurance Companies in Georgia Insurers Insolvency Pool
  (a) On and after January 1, 2008, every association and industrial insured captive insurance company issuing workers' compensation insurance contracts shall become a member...
• § 33-41-21 - Rehabilitation, Reorganization, Conservation, and Liquidation
  The provisions of Chapter 37 of this title shall apply to and govern the rehabilitation, reorganization, conservation, and liquidation of captive insurance companies.
• § 33-41-22 - Taxation
  In lieu of any other taxes imposed by this title, all captive insurance companies licensed under this chapter shall pay the following taxes: (1)...
• § 33-41-23 - Rules and Regulations
  The Commissioner may establish such rules and regulations and issue such interpretive rulings as may be necessary to carry out the provisions of this
• § 33-41-24 - Inapplicability of Inconsistent Provisions
  Any provisions of this title which are inconsistent with the provisions of this chapter shall not apply to captive insurance companies.

Last modified: October 14, 2016