The Commissioner may adopt rules establishing standards to ensure that a pure captive insurance company’s parent or any of its affiliated companies is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company; provided, however, that, until such time as rules under this Code section are adopted, the Commissioner may approve or deny the coverage of such risks by a pure captive insurance company on a case by case basis.
History. Code 1981, § 33-41-24 , enacted by Ga. L. 2019, p. 533, § 2-12/HB 99.
Effective date. —
This Code section became effective July 1, 2019.
Editor’s notes.
Ga. L. 2019, p. 533, § 2-11/HB 99, effective July 1, 2019, repealed the former Code section and enacted the current Code section. The former Code section, relating to inapplicability of inconsistent provisions, was based on Code 1981, § 33-41-24 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.
Structure Georgia Code
Chapter 41 - Captive Insurance Companies
Article 1 - General Provisions
§ 33-41-3. Permissible Business; Limitations
§ 33-41-4. Prerequisites to Transacting Insurance
§ 33-41-7. Directors or Managers
§ 33-41-8. Amount of Capital or Surplus
§ 33-41-10. Application for and Issuance of Certificate of Authority
§ 33-41-11. Refusal, Suspension, or Nonrenewal of Certificate; Expiration, Renewal, Amendment
§ 33-41-16. Examination by Commissioner or Agent; Confidentiality
§ 33-41-19. Rates, Underwriting Rules, and Policy Forms
§ 33-41-20.1. Membership of Captive Insurance Companies in Georgia Insurers Insolvency Pool
§ 33-41-21. Rehabilitation, Reorganization, Conservation, and Liquidation
§ 33-41-23. Certificate of Dormancy
§ 33-41-24. Rule Making Authority
§ 33-41-25. Regulatory Authority
§ 33-41-26. Inconsistent Provisions Not Applicable to Captive Insurance Companies