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-.08 - Examinations and the Organizational Examination

(1) Examinations Generally.

The Commissioner or his or her representative may examine a company at any time the Commissioner deems appropriate, but no less frequently than once every five (5) years unless the Commissioner makes a written finding that a longer period is warranted for a company.

(2) Organizational Examination.

In addition to processing the application, an organizational examination may be performed before company is licensed. Such examination shall consist of a general survey of the company's corporate records, including charter, bylaws and minute books; verification of capital and surplus; verification of principal place of business; determination of assets and liabilities; and a review of such other factors as the Commissioner deems necessary.

(3) Organizational Examination Fees.

If an organizational examination is required by the Commissioner, the company shall pay $3,000 to the Commissioner's appointed examiner to cover the expenses of the organizational examination. The Commissioner may require, in writing, the captive insurance company to pay a higher amount based upon his or her finding that the complexity of the proposed plan of operation or the risk to the insured(s) or reinsured(s) requires additional initial review by the Commissioner's appointed examiner.

(4) Confidentiality.

Any examination undertaken under this Regulation 120-2-45-.08 shall be confidential in accordance with O.C.G.A. § 33-41-16.