Georgia Code
Chapter 7 - Kinds of Insurance; Limits of Risks; Reinsurance
§ 33-7-14. Reinsurance of Risks

Subparagraph (A) of this paragraph shall not apply to reinsurance ceded and assumed pursuant to pooling arrangements among insurers in the same holding company system;
Nothing in this paragraph precludes an assuming insurer from providing the Commissioner with information on a voluntary basis.
This paragraph is not intended to conflict with or override the obligation of the parties to a reinsurance agreement to arbitrate their disputes, if this obligation is created in the agreement;
History. Code 1933, § 56-413, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1980, p. 1108, § 1; Ga. L. 1990, p. 1275, § 4; Ga. L. 1991, p. 1424, § 3; Ga. L. 1995, p. 1165, § 7; Ga. L. 1996, p. 705, § 2; Ga. L. 2012, p. 1117, § 5/SB 385; Ga. L. 2020, p. 141, § 1/SB 188; Ga. L. 2021, p. 922, § 33/HB 497.
The 2020 amendment, effective July 1, 2020, in subsection (a), substituted “(6), or (7) of this subsection, and the Commissioner may adopt by regulation pursuant to subsection (d) of this Code section specific additional requirements relating to or setting forth the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in subsection (d) of this Code section, and the circumstances in which credit will be reduced or eliminated.” for “or (6).” in the first sentence and substituted “paragraph (8)” for “paragraph (7)” near the end of the last sentence; added paragraph (a)(6); redesignated former paragraphs (a)(6) through (a)(10) as present paragraphs (a)(7) through (a)(11), respectively; substituted “(4), (5), or (6)” for “(4) or (5)” in paragraph (a)(7); in paragraph (a)(9), substituted “(3), or (6)” for “or (3)” and substituted “or (5)” for “or (6)” ; substituted “paragraph” for “provision” at the end of subdivision (a)(9)(D); in subsection (b), added “, and the Commissioner may adopt by regulation pursuant to subsection (d) of this Code section specific additional requirements relating to or setting forth the valuation of assets or reserve credits, the amount and forms of security supporting reinsurance arrangements described in subsection (d) of this Code section, and the circumstances in which credit will be reduced or eliminated” at the end of the first sentence and substituted “Such” for “and such” at the beginning of the second sentence; inserted “financial” in the first sentence of paragraph (b)(3); inserted “the term” in paragraph (c)(1); substituted “The term” for “A” at the beginning of paragraph (c)(2); and added subsection (d). See Editor’s notes for applicability.
The 2021 amendment, effective May 10, 2021, part of an Act to revise, modernize, and correct the Code, substituted “Sections 313 and 314” for “§§ 313 and 314” in the second sentence of subdivision (a)(6)(A)(i)(I).
Cross references.
Paid-in capital required of a domestic stock insurer, § 33-3-6 .
Investments qualifying as admitted assets for a domestic insurer, T. 33, C. 11.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1991, a colon was substituted for the period at the end of the introductory language of subsection (a).
Pursuant to Code Section 28-9-5, in 2020, “July 1, 2020” was substituted for “the effective date of this Act” in division (a)(6)(G).
Editor’s notes.
Ga. L. 1991, p. 1424, § 9/SB 347, not codified by the General Assembly, contained inconsistencies in references to the sections of the bill due to differences in the section numbers contained in the Senate version of the bill and the final version of the bill. Subsection (c) of Section 9 refers to Code Sections 33-13-3.1 and 33-13-5 in the Senate version of SB 347. Subsection (b) of Section 9, which refers to this Code section in the Senate version of SB 347, provides as follows: “Section 2 of this Act shall apply to all reinsurance cessions after July 1, 1991, which have had an inception, anniversary, or renewal date not less than six months after July 1, 1991.”
Ga. L. 1991, p. 1424, § 9(c)/SB 347, not codified by the General Assembly, provides that this Code section shall apply to transactions between affiliates or subsidiaries taking place on or after July 1, 1991.
Ga. L. 2020, p. 141, § 2/SB 188, not codified by the General Assembly, provides that this Act shall apply to all cessions after July 1, 2020, under reinsurance agreements that have an inception, anniversary, or renewal date not less than one year after July 1, 2020.
Law reviews.
For note on 1991 amendment of this Code section, see 8 Ga. St. U.L. Rev. 89 (1992).