Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-1 - ORGANIZATION
Rule 120-2-1-.04 - Regulatory Services Section
Universal Citation: GA Rules and Regs r 120-2-1-.04
Current through Rules and Regulations filed through September 23, 2024
(1) The Regulatory Services Section provides insurance company regulatory oversight and related functions. It shall:
(a) Grant or deny applications for certificates of authority. Form GID-1 entitled 'Instructions for Filing an Application for Original Certificate of Authority.' sets forth in detail the filing requirements, information, and instructions for the filing of applications for original certificates of authority to transact insurance business in Georgia.
(b) Approve of disapprove all petitions filed with the Secretary of State for organizing domestic insurers. All such petitions are reviewed for the purpose of determining if petitioner's charter will enable petitioner to comply fully with the insurance laws. Such petition must be passed upon within forty-five (45) days of its submission to this section.
(c) Renew certificates of authority. Form GID-9 contains the instructions for reviewing certificates of authority. Certificates of authority expire annually on June 30.
(d) Determine when an insurer should be cited to show cause why its certificate of authority should not be suspended or revoked. The section may determine when a citation shall issue if the solvency of an insurer is in doubt, policyholder treatment is consistently less than fair and equitable, any false statement or misrepresentation is knowingly or willfully filed with the section that the insurer has engaged in any unfair trade practice, or for other violations of law.
(e) Recommend to the Commissioner when court action should be taken.
1. The section may recommend court proceedings when a citation has been ignored or defied.
2. Whenever under the laws of this State a receiver is to be appointed in delinquency proceedings for a domestic insurer the Commissioner should be appointed receiver; the Commissioner should be appointed ancillary receiver for foreign or alien insurers.
(f) Pass upon eligibility, soundness, and the amount of securities to be deposited by an insurer to qualify for a certificate of authority.
1. Eligibility and soundness shall be determined by the investment laws of this State.
2. The amount is determined by the security having both par and market value of not less than the amount required by statute plus a reasonable margin for market fluctuation.
(g) Determine when an insurer may be permitted to withdraw its securities.
1. Any deposit made in this state under the provisions of the Georgia Insurance Code shall be released:
(I) to the insurer upon extinguishment of all liability of the insurer for the security of which the deposit it held;
(II) to the insurer to the extent such deposit is in excess of the amount required; or
(III) upon proper order of a court of competent jurisdiction, to the receiver, conservator, rehabilitator, or liquidator of the insurer, or to any other properly designated official or officials who succeed to the management and control of the insurer's assets.
2. No such release of deposited funds shall be made except upon application to and the written order of the Commissioner. The Commissioner shall have no liability for any such release of any such deposit or part thereof so made by him in good faith.
(h) Review and recommend action to be taken upon all proposals for merger where a domestic insurer is a party. All proposals for merger are reviewed by this section for the purpose of determining if the resulting entity will be financially solvent and able to meet is obligations; that its capital structure and surplus are such as to comply with the Georgia Insurance Code; and that its management is familiar with the insurance industry and the management has no history of any involvement in any unfair trade practices.
(2) The Regulatory Services Section is under the supervision and direction of an assistant director and such section has been delegated responsibility for administering paragraph (1) of this Rule. All inquiries, requests, and submissions respecting the matters therein set forth should be directed to:
Regulatory Services Section
Office of Commissioner of Insurance
604 West Tower, Floyd Building
Two Martin Luther King, Jr., Drive
Atlanta, Georgia 30334
Ga. Laws 1960, pp. 289 and 306, as amended. Acts 1964, pp. 338, 341, 342; O.C.G.A. Sec. 33-2-9.
Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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