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 120-2-34 - GROUP SELF-INSURANCE FUNDS
Rule 120-2-34-.20 - Reserve Requirement
Universal Citation: GA Rules and Regs r 120-2-34-.20
Current through Rules and Regulations filed through September 23, 2024
(1) The Fund shall maintain loss reserves computed in the same manner and upon the same basis as required by O.C.G.A. § 34-9-163(1) and (2), and shall report these reserves in all financial reports filed with the Commissioner.
(2) The Annual Report shall include an actuarial opinon specifically stating that carried reserves:
(a) meet the requirements of O.C.G.A. §
34-9-163(1) and (2);
(b) are computed in accordance with accepted loss reserving standards and principles; and
(c) make a reasonable provision for all unpaid loss and loss expense obligations of the Fund under the terms of its agreement.
Ga. L. 1960, pp. 289, 305; Ga. L. 1981, pp. 1759, 1778; O.C.G.A. Secs. 33-2-9, 34-9-163, 34-9-174.
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