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 March 20, 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.

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