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-.04 - Issuance of Notes or Certificates
Universal Citation: GA Rules and Regs r 120-2-30-.04
Current through Rules and Regulations filed through March 20, 2024
(1) Prior to the making of any surplus loan, the borrowing insurer must file with the Georgia Insurance Department a sample copy of each series and type of surplus note or certificate to be issued and a statement which relates the purposes of the loan and reasons why such loan should be approved.
(2) The loan and the note or certificate shall be subject to the Commissioner's approval. Without the approval of both the loan and the note or certificate, the loan cannot be made and no note or certificate may be issued.
(a) The Commissioner shall disapprove any
proposed loan if he finds the loan is unnecessary or excessive for the purpose
intended, or that the information filed by the insurer which relates the
purposes and reasons why such loan should be approved is inadequate.
(b) The Commissioner shall disapprove a note
or certificate if its terms are not fair to the policyholders of the issuing
insurer.
Ga. L. 1960, pp. 289, 305, 549, 1969, pp. 490, 491.
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