Current through Rules and Regulations filed through September 23, 2024
(1) Annual Reports Requirement for Pure Captives. On or before March 1, all companies doing business in this state shall annually submit to the Commissioner a report of its financial condition as of December 31 of the calendar year preceding then verified by oath by an executive officer. The company shall utilize the appropriate form prescribed by the Commissioner for the annual report. The form is available on the Commissioner's website.
(2) Financial Statements Generally.
Financial Statements shall include:
(a) Balance sheet reporting assets, liabilities, capital and surplus/retained earnings;
(b) Statement of gain or loss from operations;
(c) Statement of changes in capital and surplus/retained earnings;
(d) Statement of changes in capital paid up, gross paid in and contributed surplus/capital and unassigned funds (surplus/retained earnings); and
(e) The notes to financial statements shall be those required by the applicable accounting principles.
(3) Annual Reports for Industrial Insured and Association Captive Insurance Companies and Risk Retention Groups.
(a) Each industrial insured or association captive insurance company and all risk retention groups shall file on or before March 1 of each year a financial report of its business and affairs as of December 31 of the calendar year then preceding. Such report shall be filed on the Property and Casualty "Blank" as adopted for use by the National Association of Insurance Commissioners ("NAIC"). Such companies shall compile and report all information or data necessary to truthfully and fully complete the "Blank" listed above.
(4) Additional Reports.
(a) The Commissioner may by order obtain monthly financial reports from a company. Such financial information shall be truthfully and completely reported in such form as adopted for use by the NAIC or such other form as may be approved by the Commissioner and shall comply with such guidelines and conditions as the Commissioner may require for the proper supervision and monitoring of the financial condition of the company.
(b) Each industrial insured or association captive insurance company directly writing workers' compensation risks and all risk retention groups shall file quarterly report utilizing the NAIC prescribed blank. Such reports of its business and affairs shall be as of March 31, June 30 and September 30 and shall be due May 15, August 15 and November 15 respectively.
(5) Accounting Principles.
(a) Pure Captives must elect either generally accepted accounting principles ("GAAP") or statutory accounting principles which are set forth in the NAIC accounting practices and procedures manual ("SAP") in the preparation of financial statements.
(b) Industrial and association captives must utilize SAP.
(c) Any change to the accounting principles must be filed and approved by the Commissioner in accordance with Regulation 120-2-45-.11(2).
(6) Compliance Required for Renewal.
Compliance with this Regulation shall be a condition of the renewal of a certificate of authority under O.C.G.A. §
33-41-10.
O.C.G.A. §
33-41-23.
