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 120-2-69 - REQUIREMENTS FOR INSURANCE COMPANY CUSTODIAL ACCOUNTS
Rule 120-2-69-.06 - Severability

Current through Rules and Regulations filed through September 23, 2024

If any provision of this Regulation Chapter or the application thereof to any particular person or any particular circumstances is held invalid by a court of competent jurisdiction, the remainder of the Regulation Chapter or the applicability of such provision to other persons or other circumstances shall not be affected.

EXHIBIT A

CUSTODIAN AFFIDAVIT

[For use by a custodian bank where securities entrusted to its care have not been redeposited elsewhere.]

STATE OF _______________)

) SS:

COUNTY OF ______________)

_______________________________________________, being duly sworn deposes and says that he or she is __________________ of _________________________________, a banking corporation organized under and pursuant to the laws of the ___________ with the principal place of business at ___________________ (hereinafter called the "bank"):

That his or her duties involve supervision of activities of the bank as custodian and records relating thereto;

That the bank is custodian for certain securities of ______ having a place of business ________________ at (hereinafter called the "insurance company") pursuant to an agreement between the bank and the insurance company;

That the schedule attached hereto is a true and complete statement of securities (other than those caused to be deposited with The Depository Trust Company or like entity or a Federal Reserve Bank under the Federal Reserve book-entry procedure) which were in the custody of the bank for the account of the insurance company as of the close of business on ________________________________; that, unless otherwise indicated on the schedule, the next maturing and all subsequent coupons were then either attached to coupon bonds or in the process of collection; and that, unless otherwise shown on the schedule, all such securities were in bearer form or in registered form in the name of the insurance company or its nominee or of the bank or its nominee, or were in the process of being registered in such form;

That the bank as custodian has the responsibility for the safekeeping of such securities as that responsibility is specifically set forth in the agreement between the bank as custodian and the insurance company; and that, to the best of his or her knowledge and belief, unless otherwise shown on the schedule, the securities were the property of the insurance company and were free of all liens, claims or encumbrances whatsoever.

Subscribed and sworn to before me this ______ day _____________________________________ (L.S.) of _________, 19 ___. Vice President [or other authorized officer]

EXHIBIT B

CUSTODIAN AFFIDAVIT

[For use in instances where a custodian bank maintains securities on deposit with The Depository Trust Company or like entity.]

STATE OF _______________)

) SS:

COUNTY OF ______________)

_______________________________________________, being duly sworn deposes and says that he or she is __________________ of _________________________________, a banking corporation organized under and pursuant to the laws of the ___________ with the principal place of business at ___________________ ___________________________(hereinafter called the "bank"):

That his or her duties involve supervision of activities of the bank as custodian and records relating thereto;

That the bank is custodian for certain securities of ______ having a place of business at _____________________________ (hereinafter called the "insurance company") pursuant to an agreement between the bank and the insurance company;

That the bank has caused certain of such securities to be deposited with ________________________________________ and that the schedule attached hereto is a true and complete statement of the securities of the insurance company of which the bank was custodian as of the close of business on _____________________________________, and which were so deposited on such date;

That the bank as custodian has the responsibility for the safekeeping of the securities both in the possession of the bank or deposited with ____________________________________ as is specifically set forth in the agreement between the bank as custodian and the insurance company; and

That, to the best of his or her knowledge and belief, unless otherwise shown on the schedule, the securities were the property of the insurance company and were free of all liens, claims or encumbrances whatsoever.

Subscribed and sworn to before me this ______ day _____________________________________ (L.S.) of _________, 19 ___ . Vice President [or other authorized officer]

EXHIBIT C

CUSTODIAN AFFIDAVIT

[For use where ownership is evidenced by book-entry at a

Federal Reserve Bank.]

STATE OF _______________)

) SS:

COUNTY OF ______________)

______________________________________________, being duly sworn deposes and says that he or she is __________________ of ________________________________, a banking corporation organized under and pursuant to the laws of the ___________________________________________________________ with the principal place of business at ___________________ (hereinafter called the "bank"):

That his or her duties involve supervision of activities of the bank as custodian and records relating thereto;

That the bank is custodian for certain securities of ______ having a place of business at _____________________________ (hereinafter called the "insurance company") pursuant to an agreement between the bank and the insurance company;

That the bank has caused certain securities to be credited to its book-entry account with the Federal Reserve Bank of ___________________ under the Federal Reserve book-entry procedure and that the schedule attached hereto is a true and complete statement of the securities of the insurance company of which the bank was custodian as of the close of business on _____________________________________________, which were in a "general" book-entry account maintained in the name of the bank on the books and records of the Federal Reserve Bank _____________________________ of at such date;

That the bank has the responsibility for the safekeeping of such securities both in the possession of the bank or in the "general" book-entry account as is specifically set forth in the agreement between the bank as custodian and the insurance company; and

That, to the best of his or her knowledge and belief, unless otherwise shown on the schedule, the securities were the property of the insurance company and were free of all liens, claims or encumbrances whatsoever.

Subscribed and sworn to before me this ______ day _____________________________________ (L.S.) of _________, 19 ___ . Vice President [or other authorized officer]

EXHIBIT D

MODEL CUSTODIAN AGREEMENT

[For use by a custodian bank who holds all or a majority of the assets of a domestic insurer.]

GEORIGA ____________ COUNTY

THIS AGREEMENT, made and entered into between ________ ___________________________________________________________ ______________, incorporated under the laws of the State of Georgia (hereinafter referred to as "Principal"), and _____ _________________________, _______________________ County, Georgia (hereinafter called "Custodian").

WITNESSETH:

WHEREAS, Principal is the owner of certain property, including book-entry securities, identified in Exhibit "1" attached hereto and made a part hereof which property Principal wishes to place in custody of Custodian in order that such properties may be preserved and serviced in the manner hereinafter specified, and Custodian is willing to undertake to preserve and service the same as hereinafter provided;

NOW THEREFORE, it is agreed between the parties hereto as follows: