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-.05 - Officers and Directors
Current through Rules and Regulations filed through September 23, 2024
(1) Each limited purpose subsidiary shall have not less than three directors.
(2) At least one-fourth of the directors of a limited purpose subsidiary must be residents of this state. A majority of the directors must be citizens of the United States.
(3) The officers and directors of a limited purpose subsidiary may serve as officers and directors of the organizing domestic reinsurer.
(4) A limited purpose subsidiary shall have the following officers: president; chief financial officer, secretary; and employed appointed actuary. The same individual may simultaneously hold more than one office in a limited purpose subsidiary.
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
