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 120-2-21 - INSURANCE PREMIUM FINANCE COMPANIES
Rule 120-2-21-.03 - Licenses and Application Procedures

Universal Citation: GA Rules and Regs r 120-2-21-.03

Current through Rules and Regulations filed through September 23, 2024

(1) Each application for an original license as an Insurance Premium Finance company shall be accompanied by a Form GID-23, entitled "Biographical Questionnaire and Affidavit." A separate form shall be completed and executed:

(a) in the case of a sole proprietor, by the sole proprietor;

(b) in the case of a partnership, by each partner; or

(c) in the case of a corporation, by each officer, director, and owner of more than 10% of the outstanding shares of stock.

(2) Biographical Questionnaires need not be filed with an application for renewal of a license unless changes have taken place in the business organization involving individuals who have not previously filed such questionnaire.

(3) Each individual listed in section (1) above shall submit one copy of an investigative background report. The reports should be submitted directly to this office from the investigative firm.

(4) Each licensee shall deposit with the Commissioner a bond in the amount of $25,000 or securities in the amount of $25,000. The bond must be submitted on form GID-28, "Insurance Premium Finance Company's Bond." Prior to cancellation or termination of a bond, 30 days written notice must be filed with the Commissioner of Insurance.

(5) If such licensee chooses to deposit securities, as opposed to a bond, with the Commissioner under the provisions of subsection (4) above:

(a) A licensee may invest in assets deemed eligible for deposit under O.C.G.A. § 33-12-3 and as described in O.C.G.A. § 33-11-5(3).

(b) Such licensee shall also file necessary documents as required by the custodian bank for state security deposits.

O.C.G.A. Secs. 33-2-9, 33-22-1et seq.

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