O.C.G.A. § 33-10-17 (2019)
Valuation of mortgage reserves
Mortgages on real property referred to in subsection (a) of Code Section 33-10-16 shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or 90 percent of the fair value of the real property, whichever is less.
History
Code 1933, § 56-916, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-61/SB 132. The 2019 amendment, effective July
1, 2019, substituted ‘‘Mortgages on real property’’ for ‘‘Purchase money mortgages on real property’’ at the beginning of this Code section.
CHAPTER 11 INVESTMENTS Article 1
Sec.
Investments of Certain Insurers Sec.
Scope of article. Eligible investments; investment limitations. Acquisition of securities or investments by insurers generally. Authorization of loan or investment of insurer. Required investments; limitations. Authorized investments generally; cash or deposits. Securities of open-end management investment company or investment trust. Foreign securities. Obligations of government of United States generally.
Annotations
The 2019 amendment, effective July 1, 2019, substituted "Mortgages on real property" for "Purchase money mortgages on real property" at the beginning of this Code section.
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CHAPTER 11 INVESTMENTS
Article 1
Investments of Certain Insurers.
33-11-1. Scope of article.
33-11-2. Eligible investments; investment limitations.
33-11-3. Acquisition of securities or investments by insurers generally.
33-11-4. Authorization of loan or investment of insurer.
33-11-5. Required investments; limitations.
33-11-6. Authorized investments generally - Cash or deposits.
33-11-7. Authorized investments generally - Securities of open-end management investment company or investment trust.
33-11-8. Authorized investments generally - Foreign securities.
33-11-9. Authorized investments generally - Obligations of government of United States generally.
33-11-10. Authorized investments generally - Securities which are not evidenced by certificates.
33-11-11. Authorized investments generally - Loans guaranteed by government of United States.
33-11-12. Authorized investments generally - Securities of states of United States, District of Columbia, or government of Canada.
33-11-12.1. Investment in direct obligations of foreign governments.
33-11-13. Authorized investments generally - Obligations of political subdivisions or public authorities of states of United States, District of Columbia, or government of Canada.
33-11-14. Authorized investments generally - Industrial development obligations.
33-11-14.1. Authorized investments generally - Securities of federal agencies.
33-11-15. Authorized investments generally - Securities of public housing authorities or agencies.
33-11-16. Authorized investments generally - Obligations issued, assumed, or guaranteed by International Bank for Reconstruction and Development or International Finance Corporation.
33-11-17. Authorized investments generally - Obligations issued, assumed, or guaranteed by Asian Development Bank.
33-11-18. Authorized investments generally - Obligations issued, assumed, or guaranteed by Inter-American Development Bank.
33-11-19. Authorized investments generally - Loans guaranteed by Georgia Higher Education Assistance Corporation.
33-11-19.1. Authorized investments generally - Obligations issued, assumed, or guaranteed by African Development Bank.
33-11-19.2. Authorized investments generally - Loans guaranteed by United Student Aid Funds, Inc.
33-11-20. Authorized investments generally - Obligations of corporations generally.
33-11-21. Authorized investments generally - Corporate stocks.
33-11-22. Authorized investments generally - Equipment trust obligations or certificates.
33-11-23. Authorized investments generally - Loans secured by pledge of securities or by pledge or assignment of life insurance policies.
33-11-24. Authorized investments generally - Loans to policyholders secured by policy [Repealed].
33-11-25. Authorized investments generally - Obligations secured by first mortgage or deed of trust upon improved or income-producing real property in United States or Canada.
33-11-25.1. Authorized investments generally - Security representing interest in pool of loans secured by mortgage or deed of trust upon property in United States or Canada.
33-11-26. Authorized investments generally - Chattel mortgage loans.
33-11-27. Authorized investments generally - Abstract plant and equipment and stocks of abstract companies.
33-11-28. Authorized investments generally - Investments incidental to preservation or enhancement of earnings of real property securing evidence of indebtedness held by insurer.
33-11-29. Acquisition or holding of real property - Generally.
33-11-30. Acquisition or holding of real property - Investment of assets in real estate acquired for purposes of leasing.
33-11-31. Acquisition or holding of real property - Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees.
33-11-32. Acquisition or holding of real property - Limitation on investments pursuant to Code Sections 33-11-30 and 33-11-31.
33-11-33. Prohibited investments; underwriting of offering of securities or property by other persons.
33-11-34. Separate accounts for funds received in connection with pension, retirement, and profit-sharing plans; investment of funds; issuance of contracts [Repealed].
33-11-35. Separate accounts for variable annuity contracts; investment of funds; issuance and sale of contracts [Repealed].
33-11-36. Separate accounts for variable life insurance policies; investment of funds; issuance and sale of policies [Repealed].
33-11-37. Investment of funds in excess of reserve and capital, or surplus, in authorized and approved investments.
33-11-38. Authority of insurers to convey property or securities in which moneys or assets invested or upon which loans made.
33-11-39. Time limit for disposal by insurer of real estate.
33-11-40. Time limit for disposal by insurer of personal property or securities deemed unauthorized investments.
33-11-41. Effect of failure of insurer to dispose of real estate, personal property, or securities.
33-11-42. Investments of foreign and alien insurers; place of domicile.
33-11-43. Compliance with Secondary Mortgage Market Enhancement Act.
Article 2
Investments of Life, Accident and Sickness, Property, and Casualty Insurers.
33-11-50. Legislative purpose; application of article; separate accounts.
33-11-51. Definitions.
33-11-52. Determining minimum financial security benchmark.
33-11-53. Factors to be considered in determining prudence.
33-11-54. Written plan and policy; duty of board of directors.
33-11-55. Investments eligible for support of outstanding liabilities.
33-11-56. Conditions for engaging in derivative transactions.
33-11-57. Requirements regarding admitted assets at time of acquisition; nonadmitted assets; relation of investment limitation; qualification of investments; documentation; authority of Commissioner; insurance futures.
33-11-58. Percentage of securities from single issuer; assignment of excesses; compliance; investment in government obligations.
33-11-59. Obligations in different currencies.
33-11-60. Prohibited investments and activities.
33-11-61. Using investment assets to satisfy minimum assets requirements; qualification of admitted assets; determining financially hazardous insurer.
33-11-62. Retention of personnel to assist Commissioner; confidentiality.
33-11-63. Determination by Commissioner of noncompliance; reasonable additional restrictions; consideration of other assets by Commissioner.
33-11-64. Conditions under which insurer shall not acquire an investment; special rated credit instruments.
33-11-65. Establishment of separate accounts by domestic life insurance companies.
33-11-66. Cumulative nature of Code section; variable annuity contract; separate accounts; conduct of business; licensed or organized to do business in state; Commissioner's role.
33-11-67. Variable contract insurance policies; separate accounts; power of company; statement of essential features in determining benefits; certificate of authority; Commissioner's role; insurance license required.
Article 3
Investment Pools.
33-11-80. Short title.
33-11-81. Applicability.
33-11-82. Definitions.
33-11-83. Authorization and requirements for insurers acquiring investments in investment pools.
33-11-84. Qualification in investment pool.
33-11-85. Limitations to insurer's investment.
33-11-86. Management of investment pool.
33-11-87. Notification to Commissioner; ownership; inspection.
33-11-88. Business entity requirement.
33-11-89. Standards not applicable; reporting.
OPINIONS OF THE ATTORNEY GENERAL
A repurchase agreement transaction can be an authorized investment of the Teachers Retirement System, Employees' Retirement System, and Georgia State Financing and Investment Commission, so long as the transaction is intended by the parties to be a sale and repurchase of securities on terms under which such securities might normally be sold, the documents supporting the transaction adequately record that intention of the parties, and the securities involved are those in which the state entity is otherwise authorized to invest. 1979 Op. Att'y Gen. No. 79-62.
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ARTICLE 1 INVESTMENTS OF CERTAIN INSURERS
Editor's notes. - Ga. L. 1999, p. 592, § 6, effective January 1, 2000, designated the existing provisions of this chapter as Article 1 thereof.