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O.C.G.A. § 33-11-31 — Acquisition or holding of real property - Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees | Georgia Code
O.C.G.A. § 33-11-31 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 11. Investments, 33-11-1 through 33-11-89.

ARTICLE 1 INVESTMENTS OF CERTAIN INSURERS

33-11-31. Acquisition or holding of real property - Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees.

Subject to prior approval of the Commissioner, an insurer may acquire and hold real property for recreation, hospitalization, convalescence, and retirement purposes of its employees. All investments under this Code section shall not exceed 5 percent of the insurer's surplus; or, if a mutual or reciprocal insurer, all of those investments shall not exceed 5 percent of the insurer's surplus in excess of the surplus required to be maintained under this title for its authority to transact insurance.

(Code 1933, § 56-1030, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)

OPINIONS OF THE ATTORNEY GENERAL

Foreign insurer's investments not limited.

- The "quality" clause of former Code 1933, § 56-1036 (see now O.C.G.A. § 33-11-42(a)) does not limit a foreign insurer's investments to only those investments specifically permitted for domestic insurers under former Code 1933, §§ 56-1028 through 56-1031 (see now O.C.G.A. §§ 33-11-29 through33-11-32). 1970 Op. Att'y Gen. No. 70-180.

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This Georgia Code resource is curated by a Florida and Georgia attorney, 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.