An insurer doing business that requires it to make payment in different currencies shall have investments in securities in each of these currencies in an amount that independently of all other investments meets the requirements of this article as applied separately to the insurer’s obligations in each currency. The Commissioner may by order exempt an insurer, or by regulation a class of insurers, from this requirement if the obligations in other currencies are small enough that no significant problem for financial solidity would be created by substantial fluctuations in relative currency values.
History. Code 1981, § 33-11-59 , enacted by Ga. L. 1999, p. 592, § 12.
Structure Georgia Code
Article 2 - Investments of Life, Accident and Sickness, Property, and Casualty Insurers
§ 33-11-50. Legislative Purpose; Application of Article; Separate Accounts
§ 33-11-52. Determining Minimum Financial Security Benchmark
§ 33-11-53. Factors to Be Considered in Determining Prudence
§ 33-11-54. Written Plan and Policy; Duty of Board of Directors
§ 33-11-55. Investments Eligible for Support of Outstanding Liabilities
§ 33-11-56. Conditions for Engaging in Derivative Transactions
§ 33-11-59. Obligations in Different Currencies
§ 33-11-60. Prohibited Investments and Activities
§ 33-11-62. Retention of Personnel to Assist Commissioner; Confidentiality
§ 33-11-65. Establishment of Separate Accounts by Domestic Life Insurance Companies