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 120-2-46 - AUTOMOBILE SELF-INSURANCE REGULATION
Rule 120-2-46-.04 - Financial Conditions
Current through Rules and Regulations filed through September 23, 2024
(1) Upon approval of the application by the Commissioner of Insurance, a certificate of self-insurance may be issued. Approval shall be conditioned upon a showing of sufficient net worth, sufficient claims handling procedures, and a guarantee of compliance with the "Georgia Motor Vehicle Reparations Act" and the "Motor Vehicle Safety Responsibility Act" in the form of a surety bond executed by an authorized surety insurer in the favor of and approved by the Commissioner of Insurance or approved securities deposited in trust with the Commissioner of Insurance.
(2) For the purpose of issuance of a certificate of self-insurance, sufficient net worth and the minimum surety bond or security deposit amounts shall be based as follows on the number of vehicles registered in the applicant's name:
(3) For purposes of reporting net worth, the amount of a security deposit posted with the Commissioner of Insurance may be recorded as an asset.
O.C.G.A. Secs. 33-2-9, 40-9-101.
