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-.07 - Capital and Surplus
Current through Rules and Regulations filed through March 20, 2024
(1) The amount of minimum capital and surplus required for each limited purpose subsidiary shall be determined on an individual basis; however, no limited purpose subsidiary shall be issued a certificate of authority unless it shall possess unimpaired capital and surplus of not less than $10 million. The Commissioner may require additional capital and surplus of any limited purpose subsidiary in an amount he deems appropriate under the circumstances based on the limited purpose subsidiary's plan of operation.
(2) Each limited purpose subsidiary shall maintain a minimum risk-based capital equal to the product of 2.5 and the number determined under the risk-based capital formula in accordance with risk-based capital instructions prescribed by the National Association of Insurance Commissioners.
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
