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 March 20, 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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