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 120-2-45 - CAPTIVE INSURANCE COMPANIES
Rule 120-2-45-.05 - Captive Insurance Company Managers

Universal Citation: GA Rules and Regs r 120-2-45-.05

Current through Rules and Regulations filed through September 23, 2024

(1) Authorization Required.

No person shall, in or from within this state, act as a service provider without the authorization of the Commissioner. Application for such authorization must be made by completing the appropriate application form, which can be found on the Commissioner's website. The application shall be accompanied by all required documents. The application and related documents shall be filed with the application for certificate of authority and are subject to review and approval by the Commissioner.

(2) Service Provider Agreements.

(a) The agreement between any service provider and a company must be in writing. The written agreement with a service provider, and any amendment thereto, shall be filed with the Commissioner at least thirty (30) days prior to the effective date of the agreement unless such initial agreement(s) is filed with the company's Application for Certificate of Authority for a Captive Insurance Company, or any amendment to an agreement.

(b) If the captive manager performs the duties of an insurance managing general agent, reinsurance intermediary, third party administrator, broker or agent, the captive manager must also be specifically authorized by the Commissioner to perform any or all of these functions.

(c) Any agreement filed pursuant to this Rule 120-2-45-.05(2) shall be held as confidential as required by O.C.G.A. § 33-41-16(c).

(3) Designation of a Captive Manager.

Unless a company's plan of operation, as approved by the Commissioner, provides for an employee captive manager, company shall report to the Commissioner in writing, the name and address of the person designated as captive manager and retained to manage the company. The captive manager shall apply, on a form adopted by the Commissioner, for approval by the Commissioner. The form is available on the Commissioner's website.

(4) Designation of Third Party Administrator.

Each company shall report to the Commissioner in writing, the name and address of the person designated as the third party administrator performing the claims administration and loss reserve functions for the company. The third party administrator shall register on a form adopted by the Commissioner, for approval by the Commissioner or the Georgia Department of Insurance. If the person acting as the third party administrator is the captive manager, then this form is not required. The form is available on the Commissioner's website.

(5) Affirmative Duty of Captive Manager.

The designated captive manager shall have an affirmative fiduciary duty to report and disclose to the Commissioner any violation of the laws of this state or these regulations by the company or any conduct by the officers and directors of the company that threatens the solvency of the company. Failure to report or disclose any violation to the Commissioner may result in the termination of the approval of such captive manager as an authorized service provider to companies in this state. Any report or disclosure by a captive manger submitted to the Commissioner shall be held as confidential pursuant to O.C.G.A. Section 33-41-16(c).

O.C.G.A. § 33-41-23.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.