A domestic mutual insurer formed after January 1, 1961, after being authorized to transact one kind of insurance shall be authorized by the Commissioner to transact such additional kinds of insurance as are permitted under Code Section 33-3-5, while otherwise in compliance with this title and while maintaining unimpaired surplus funds in an amount not less than the amount of paid-in capital stock required of a domestic stock insurer transacting like kinds of insurance, subject further to the additional expendable surplus requirements of this title applicable to such a stock insurer.
History. Code 1933, § 56-1517, enacted by Ga. L. 1960, p. 289, § 1.
Structure Georgia Code
Chapter 14 - Domestic Stock and Mutual Insurers
Article 3 - Domestic Mutual Insurers
§ 33-14-62. Authorization of Transaction of Additional Kinds of Insurance
§ 33-14-68. Contingent Liability of Members
§ 33-14-72. Reinsurance of Risks
§ 33-14-73. Dividends Payable Only Out of Net Realized Savings and Earnings
§ 33-14-74. Liability of Directors for Declaration or Payment of Illegal Dividend
§ 33-14-75. Procedure for Merger or Consolidation
§ 33-14-76. Authorization and Procedure for Conversion of Mutual Insurer to Stock Insurer