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 120-2-49 - ADMINISTRATOR REGULATION
Rule 120-2-49-.11 - Annual Renewal
Current through Rules and Regulations filed through September 23, 2024
(1) Each authorized administrator shall file with the Commissioner an annual renewal of its license on a form prescribed by the Commissioner which sets forth the administrator's transactions, and affairs. The statement shall be filed annually on or before March 1. The annual renewal shall be in such form and contain such matters as the Commissioner prescribes and shall be verified by at least one officer of the administrator. For good cause shown the Commissioner may extend the time for filing of the annual renewal of the license conditioned upon payment of a fee prescribed therefore.
(2) At the time of filing its annual renewal, the administrator shall pay a filing fee as provided in O.C.G.A. § 33-8-1.
(3) The annual renewal shall include the complete names, addresses, N.A.I.C. company and N.A.I.C. group number of all insurers with which the administrator had an agreement during the preceding fiscal year, and the complete names and addresses of all self-insurers where such agreement existed during the preceding fiscal year.
(4) The administrator shall at all times maintain a net worth of $200,000. If the administrator fails to maintain a net worth of $200,000 the Commissioner, in his/her discretion, may enter any disciplinary order as he/she deems appropriate pursuant to Title 33 of the Georgia Insurance Code.
O.C.G.A. Secs. 33-2-9, 33-23-100et seq., 33-23-101, 33-23-105.
