The requirements of this subparagraph may be satisfied by an insurer that possesses less than the minimum capital and surplus upon an affirmative finding of acceptability by the Commissioner. The finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability, and company record and reputation within the industry. In no event shall the Commissioner make an affirmative finding of acceptability when the unauthorized insurer’s capital and surplus is less than $4.5 million;
History. Code 1933, § 56-620, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1969, p. 609, § 1; Ga. L. 1985, p. 1239, § 2; Ga. L. 1989, p. 672, § 1; Ga. L. 1992, p. 6, § 33; Ga. L. 1995, p. 1165, § 2; Ga. L. 2002, p. 8, § 1; Ga. L. 2011, p. 449, § 3/HB 413; Ga. L. 2012, p. 775, § 33/HB 942.
Editor’s notes.
Ga. L. 1985, p. 1239, § 3, provided that that Act would apply to insurance policies issued, delivered, issued for delivery, or renewed on and after July 1, 1985.
Structure Georgia Code
Chapter 5 - Regulation of Unauthorized Insurers
Article 2 - Surplus Line Insurance
§ 33-5-21.1. Application of Chapter 9 or Code Section 33-24-9
§ 33-5-22. Licensing of Surplus Line Brokers Generally
§ 33-5-23. Revocation or Suspension of Broker’s License
§ 33-5-24. Acceptance and Placement of Business by Surplus Line Brokers Generally
§ 33-5-26. Endorsement of Insurance Contract by Broker
§ 33-5-28. Maintenance by Broker of Records of Policies Written or Renewed
§ 33-5-30. Validity and Enforceability of Contracts Procured as Surplus Line Insurance