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-.14 - Conflict of Interest Statement

(1) General Requirements.

Each company is required to adopt a conflict of interest policy statement for its officers, directors, and key employees. There shall be filed one informational copy filed with the Commissioner with the company's Application for Certificate of Authority for a Captive Insurance Company. Such policy statement shall require such officers, directors and key employees to disclose all positions, whether financial, personal or professional, direct or indirect, that may cause or be perceived to cause a conflict of interest for such person to act in such capacity or that the individual has no outside commitments, personal or otherwise, that would divert him or her from their duty to further the interests of the company he or she represents but this shall not preclude such person from being a director or officer in more than one (1) company. Each officer, director, and key employee shall file such disclosure with the board of directors yearly.

(2) Prohibited Remuneration.

No director, officer, or employee of a company shall, except on behalf of the company, accept, or be the beneficiary of, any fee, brokerage, gift, or other emolument because of any investment, loan, deposit, purchase, sale, payment, or exchange made by or for the company but such person may receive reasonable compensation for necessary services rendered to the captive insurance company in his or her usual private, professional, or business capacity.

(3) Recoverable Profits.

Any profit or gain received by or on behalf of any person in violation of this Regulation shall inure to and be recoverable by the company.