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-.04 - Organization of Limited Purpose Subsidiary
Current through Rules and Regulations filed through September 23, 2024
(1) A limited purpose subsidiary's organizational documents shall limit the limited purpose subsidiary's authority to transact the business of reinsurance to reinsure only the risks of the organizing domestic reinsurer and shall state that the limited purpose subsidiary shall not otherwise engage in the business of insurance or reinsurance.
(2) A limited purpose subsidiary's organizational documents shall provide that the limited purpose subsidiary shall always be owned by the organizing domestic reinsurer and that the limited purpose subsidiary's stock shall be issued only to the organizing domestic reinsurer.
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
