Georgia § 33-41-12 Assets

Georgia Statutes

§ 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 to Code Section 33-41-13 , the reporting of business affairs pursuant to Code Section 33-41-15 , and the examinations and investigations pursuant to Code Section 33-41-16 , there shall be allowed as assets of a captive insurance company:

(1)Those assets described in Code Section 33-10-1 ;

(2)Those assets otherwise authorized by Code Sections 33-41-8 and 33-41-14 ;

(3)Obligations for premium payments, provided that such obligations are secured by letters of credit, as described in Code Section 33-41-9 ; and (4) Assets that are approved by the Commissioner as admitted assets under rules adopted pursuant to this chapter.

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For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13 , the reporting of business affairs pursuant to Code Section 33-41-15 , and the examinations and investigations pursuant to Code Section 33-41-16 , there shall be allowed as assets of a captive insurance company: (1) Those assets described in Code Section 33-10-1 ; (2) Those assets otherwise authorized by Code Sections 33-41-8 and 33-41-14 ; (3) Obligations for premium payments, provided that such obligations are secured by letters of credit, as described in Code Section 33-41-9 ; and (4) Assets that are approved by the Commissioner as admitted assets under rules adopted pursuant to this chapter.

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