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O.C.G.A. § 33-10-10 — Required reserves - Title insurance | Georgia Code
O.C.G.A. § 33-10-10 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 10. Assets and Liabilities, 33-10-1 through 33-10-17.

ARTICLE 2 UNFAIR CLAIMS SETTLEMENT PRACTICES

33-10-10. Required reserves - Title insurance.

In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:

  1. Ten percent of the total amount of the risk premiums hereafter written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
  2. During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.

(Code 1933, § 56-911, enacted by Ga. L. 1960, p. 289, § 1.)

Cross references.

- Definition of title insurance, § 33-7-8.

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This Georgia Code resource is curated by the attorney maintaining this site, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.