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 120-2-35 - BOOK-ENTRY SECURITIES
Rule 120-2-35-.08 - Partial Release of Excess Securities on Deposit
Current through Rules and Regulations filed through March 20, 2024
Any company that has previously deposited securities may have its deposit partially released provided that all of the following conditions have been met:
(a) The company makes a written request to the custodian bank asking that its deposit be returned; and
(b) The Commissioner of Insurance and the custodian bank must verify that the amount of excess deposit requested to be released will not cause the company's deposit to fall below the minimum amount of deposit required by law; and
(c) The Commissioner of Insurance determines the remaining security deposits appropriate in relation to the insurer's risks and financial stability; and
(d) The Commissioner of Insurance or his or her designee gives final authorization to the partial release of the security deposit.
O.C.G.A. Secs. 33-2-9, 33-12-4, 33-12-8, 33-12-17.
