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 120-2-100 - Limited Purpose Subsidiaries
Rule 120-2-100-.02 - Scope and Purpose

Universal Citation: GA Rules and Regs r 120-2-100-.02

Current through Rules and Regulations filed through September 23, 2024

(1) This regulation applies to any limited purpose subsidiary as defined in O.C.G.A. § 33-14-100.

(2) The purposes of this regulation include:

(a) Providing requirements for the organization of limited purpose subsidiaries;

(b) Providing for the requirements for the plan of operation for limited purpose subsidiaries;

(d) Providing reporting and notification requirements for limited purpose subsidiaries;

(e) Providing requirements for reserves of limited purpose subsidiaries;

(f) Providing requirements for authorized investments of limited purpose subsidiaries;

(g) Providing requirements with respect to reinsurance ceded or assumed by limited purpose subsidiaries;

(h) Providing requirements and restrictions for Material Transactions of limited purpose subsidiaries;

(i) Providing requirements for dividends and distributions;

(j) Providing requirements for operations of limited purpose subsidiaries;

(k) Providing conditions of, forms for, and approval of the financing of limited purpose subsidiaries;

(l) Providing for other regulation of limited purpose subsidiaries.

O.C.G.A. §§ 33-2-9, 33-14-100et seq.

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.