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-.08 - Plan of Operation

Universal Citation: GA Rules and Regs r 120-2-100-.08

Current through Rules and Regulations filed through September 23, 2024

(1) A limited purpose subsidiary shall have a plan of operation approved by its board of directors. The plan of operation shall include all of the following:

(a) A complete description of all reinsurance transactions, reinsurance security arrangements, securitizations, and any other Material Transactions or arrangements.

(b) The source and form of the limited purpose subsidiary's capital and surplus.

(d) Pro forma financial statements and risk-based capital projections illustrating one or more adverse case scenarios, as determined under criteria required by the Commissioner, for the performance of the limited purpose subsidiary under all reinsurance contracts. Pro forma financial statements and risk-based capital projections shall be in the format prescribed by the NAIC's Uniform Certificate of Authority Application.

(e) Copies of all contracts between the limited purpose subsidiary and affiliated companies.

(2) Any change in the limited purpose subsidiary's plan of operation shall require prior approval of the Commissioner.

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.