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-.16 - Acquisition of Control of or Merger with Domestic Captive Insurance Company

No tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or otherwise, any voting security of a captive insurance company shall be effective without the prior written approval of the Commissioner. The repurchase of securities from shareholders shall be treated as a distribution and is governed by Regulation 120-2-45-.15. In considering any application for acquisition of control or merger with a domestic captive insurance company, the Commissioner shall consider all of the facts and circumstances surrounding the application as well as the criteria for establishment of a captive insurance company set out in this Chapter.

O.C.G.A. § 33-41-23.