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 March 20, 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.
(c) The investment policy of the limited
purpose subsidiary.
(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.
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