Georgia § 34-9-162 Maintenance of surplus and expendable surplus; waiver of surplus requirements; return of surplus to members of fund

Georgia Statutes

§ 34-9-162 — Maintenance of surplus and expendable surplus; waiver of surplus requirements; return of surplus to members of fund

Georgia § 34-9-162

Title34

This text of Georgia § 34-9-162 (Maintenance of surplus and expendable surplus; waiver of surplus requirements; return of surplus to members of fund) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 34-9-162 (2026).

Text

(a)A fund formed pursuant to this article shall possess and thereafter maintain a minimum surplus of not less than $200,000.00.

(b)Any fund established prior to July 1, 1995, which has satisfied the surplus requirement of this Code section by utilization of a surety bond shall replace such bond with cash or cash equivalent within 60 months of the date such bond was submitted to the Commissioner.

(c)Any fund established prior to July 1, 1995, which had received from the Commissioner a waiver of surplus pursuant to subsection (b) of this Code section as it existed prior to July 1, 1995, shall have until July 1, 1998, to replace such waiver with actual surplus and provide evidence of such surplus to the Commissioner.

(d)At the discretion of the board of the fund, any surplus exceeding the

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(a) A fund formed pursuant to this article shall possess and thereafter maintain a minimum surplus of not less than $200,000.00. (b) Any fund established prior to July 1, 1995, which has satisfied the surplus requirement of this Code section by utilization of a surety bond shall replace such bond with cash or cash equivalent within 60 months of the date such bond was submitted to the Commissioner. (c) Any fund established prior to July 1, 1995, which had received from the Commissioner a waiver of surplus pursuant to subsection (b) of this Code section as it existed prior to July 1, 1995, shall have until July 1, 1998, to replace such waiver with actual surplus and provide evidence of such surplus to the Commissioner. (d) At the discretion of the board of the fund, any surplus exceeding the requirements of this Code section and the total of all other liabilities of the fund may be returned to the members of the fund. The board of the fund shall notify the Commissioner by letter within ten days following the return of any surplus.