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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS
Rule 120-2-30-.03 - Definitions

(1) "Commissioner" shall mean the Georgia Insurance Commissioner.

(2) "Domestic mutual insurer" shall mean an insurance company incorporated under the laws of Georgia without capital stock or shares, and is owned and governed by its policyholders.

(3) "Earned surplus" shall mean those funds remaining after deducting required liabilities and contingent liabilities, special surplus, gross paid in and contributed surplus from net admitted assets of a domestic mutual insurer.

(4) "Surplus loan" shall mean money borrowed to defray the expenses of an insurer's organization, to provide it with surplus funds, or for any purpose required by its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement.

(5) "Surplus note" or "surplus certificate" shall mean the written agreement referred to in subsection .03(4) of this Chapter.