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 120-2-72 - SPECIAL INSURANCE FRAUD FUND
Rule 120-2-72-.05 - Participation in Fund

Universal Citation: GA Rules and Regs r 120-2-72-.05

Current through Rules and Regulations filed through September 23, 2024

(1) On or before July 1 of the year of the approval of the appropriation specified in O.C.G.A. § 33-1-17, the Commissioner shall assess each foreign, alien and domestic insurance company doing business in Georgia on the following basis:

(a) Each insurer whose Georgia written premium is less than $1,000,000.00, including those insurers whose Georgia written premium is zero or less than zero, will each be assessed a fixed amount not more than the minimum amount assessed an insurer with Georgia written premium of $1,000,000.00 or greater;

(b) Each insurer whose Georgia written premium is $40,000,000.00 or greater but less than $100,000,000.00, an assessment equal to .0035 times the appropriated amount;

(c) Each insurer whose Georgia written premium is $100,000,000.00 or greater but less than $500,000,000.00, an assessment equal to .0045 times the appropriated amount;

(d) Each captive insurer - other than the following domestic captive insurance companies: an agency captive insurance company, dormant captive insurance company, industrial insured captive insurance company, sponsored captive insurance company (including a protected cell thereof), or pure captive insurance company - shall be assessed a fixed amount of $100.00, without regard to the amount of premium written;

(e) Each insurer whose Georgia written premium is $500,000,000.00 or greater but less than $1,000,000,000.00, an assessment equal to .0055 times the appropriated amount;

(f) Each insurer whose Georgia written premium is $1,000,000,000.00 or greater, an assessment equal to .0065 times the appropriated amount;

(g) Regarding each insurer not included in (a) through (f) herein, an assessment shall be computed on a pro-rata basis of the remainder of the appropriation for each insurer whose Georgia written premium is $1,000,000.00 or greater but less than $40,000,000.00.

(2) Written premium is premiums written in GEORGIA ONLY, including annuity considerations and is determined prior to reinsurance transactions. Written premium is determined from the most recent annual statement on file with the Commissioner at the time the assessment calculations are made.

(3) Assessments based on the annual appropriation shall be due on September 1 of the year of the assessment.

(4) In the event of a supplemental appropriation, the assessment will be made as soon as practicable after approval of the appropriation, and will be due thirty (30) days after assessment.

(5) Any assessment levied pursuant to this Regulation Chapter which is not remitted to the Georgia Insurance Department on or before the due date shall be deemed delinquent and subject to a penalty of 10% of the amount owed, together with interest on the principal at the rate of 1% per month, or any part of a month, from the date due until the date paid. Such penalty and interest, if any, shall be transmitted by the Commissioner to the State Treasury and shall not act to increase the funds available for the purposes described in O.C.G.A. § 33-1-17.

(6) When the dates prescribed by this regulation fall on a Saturday, Sunday, or legal holiday the date shall be postponed until the first day following which is not a Saturday, Sunday or legal holiday.

O.C.G.A. §§ 33-1-17, 33-2-9.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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