Georgia § 33-56-9 Chapter supplemental to other laws; exemption for certain domestic property and casualty insurance

Georgia Statutes

§ 33-56-9 — Chapter supplemental to other laws; exemption for certain domestic property and casualty insurance

(a)The provisions of this chapter are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including, but not limited to, Chapters 2, 3, 13, 14, 20, 21, and 37 of this title.

(b)The Commissioner may exempt from the application of this chapter any domestic property and casualty insurer which:

(1)Meets all three of the following criteria:

(A)Writes direct business only in this state;

(B)Writes direct annual premiums of $2 million or less; and (C) Assumes no reinsurance in excess of 5 percent of direct premium written; or (2) Demonstrates to the satisfaction of the Commissioner by other means that preparation and submission of an RBC report would create an unusual and unnecessary har

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(a) The provisions of this chapter are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the Commissioner under such laws, including, but not limited to, Chapters 2, 3, 13, 14, 20, 21, and 37 of this title. (b) The Commissioner may exempt from the application of this chapter any domestic property and casualty insurer which: (1) Meets all three of the following criteria: (A) Writes direct business only in this state; (B) Writes direct annual premiums of $2 million or less; and (C) Assumes no reinsurance in excess of 5 percent of direct premium written; or (2) Demonstrates to the satisfaction of the Commissioner by other means that preparation and submission of an RBC report would create an unusual and unnecessary hardship or would result in a report which is ambiguous or misleading based upon the unique nature of the company's product offerings or financial structure. (c) The Commissioner may exempt from the application of this chapter any health organization which: (1) Has less than 1,000 covered lives; and (2) Has less than $1 million in direct written premiums.

Georgia § 33-56-9 (Chapter supplemental to other laws; exemption for certain domestic property and casualty insurance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.