§ 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.

Legislative History

Added by 2011 Ga. Laws 111,§ 1, eff. 7/1/2011.