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-.11 - Material Transactions
Universal Citation: GA Rules and Regs r 120-2-100-.11
Current through Rules and Regulations filed through September 23, 2024
(1) In addition to the reporting requirements prescribed by O.C.G.A. §§ 33-55-1et seq., a limited purpose subsidiary shall not take any of the following actions unless the limited purpose subsidiary provides the Commissioner at least 30 days' prior written notice and the Commissioner expressly approves the action:
(a) Any assignment, pledge or other transfer or granting of a security interest in over 30 percent of the assets of the limited purpose subsidiary.
(b) Any incurrence of material indebtedness by the limited purpose subsidiary.
(c) The termination of all or any part of a limited purpose subsidiary's business.
(2) This Rule shall not apply when a limited purpose subsidiary takes any action in accordance with the limited purpose subsidiary's plan of operation.
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
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