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O.C.G.A. § 33-10-4 — Reporting of unallowed assets and assets of doubtful value or character as deduction from gross assets | Georgia Code

O.C.G.A. § 33-10-4 (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

33-10-4. Reporting of unallowed assets and assets of doubtful value or character as deduction from gross assets.

All assets not allowed and all other assets of doubtful value or character included as assets in any statement by an insurer to the Commissioner or in any examiner's report to said Commissioner shall also be reported, to the extent of the value disallowed, as deductions from the gross assets of such insurer.

(Code 1933, § 56-904, enacted by Ga. L. 1960, p. 289, § 1.)

OPINIONS OF THE ATTORNEY GENERAL

Treasury stock cannot be considered in determining condition.

- A Georgia insurance company may acquire by purchase shares of its own capital stock out of its earned surplus over and above its liabilities and hold same as treasury stock, provided such purchases do not reduce the amount of outstanding stock below the statutory minimum and the minimum set forth in its charter and bylaws; such shares cannot be voted and cannot participate in dividends or distribution, and such shares cannot be considered as an admitted asset in any determination of the financial condition of the company, nor shall such shares be counted as outstanding shares of capital stock for the purpose of any stockholder's quorum or vote. 1962 Op. Att'y Gen. p. 292.

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This Georgia Code resource is curated by Graham Syfert, 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.