O.C.G.A.

O.C.G.A. § 33-10-10 (2019)

Title insurance, required reserves

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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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 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.

History

Code 1933, § 56-911, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-58/SB 132.

The 2019 amendment, effective July 1, 2019, deleted ‘‘hereafter’’ following ‘‘risk premiums’’ in paragraph (1).

Annotations

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