ARTICLE 1
INVESTMENTS OF CERTAIN INSURERS
33-11-42. Investments of foreign and alien insurers; place of domicile.
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The investments of foreign and alien insurers shall be as permitted by the laws of their domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers.
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For the purposes of this Code section the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Commissioner at time of admission to this state and may be any one of the following states:
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This state if the insurer is entering through this state to transact insurance in the United States through a United States branch;
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That in which the insurer was first authorized to transact insurance;
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That in which is located the insurer's principal place of business in the United States; or
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That in which is held the larger deposits of trusteed assets of the insurer for the protection of its policyholders and creditors in the United States.
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If the insurer makes no such designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States.
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In the case of the insurer formed under the laws of Canada or a province of Canada, its domicile shall be deemed to be that province in which its head office is situated.
(Code 1933, § 56-1036, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 584, § 5; Ga. L. 1999, p. 592, §§ 5, 6.)
OPINIONS OF THE ATTORNEY GENERAL
Section gives Commissioner discretion in evaluating deposits by foreign and alien insurers.
- This section vests in the Insurance Commissioner the discretionary determination whether securities deposited in this state by foreign or alien insurers are "of a quality substantially as high" as those required of domestic insurers under former Code 1933,
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56-309 (see now O.C.G.A.
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33-3-8), as construed in conjunction with former Code 1933,
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56-1002(2) (see now O.C.G.A.
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33-11-2), and this is true even though such securities may not meet the specific qualitative restrictions contained in this title, provided such securities are authorized by the law of the insurer's domicile. 1971 Op. Att'y Gen. No. 71-170.
Foreign insurers not limited to specific real estate investments permitted domestic insurers.
- The "quality" clause of subsection (a) of this section does not limit a foreign insurer's investments to only those investments specifically permitted for domestic insurers under former Code 1933,
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56-1028 through 56-1031 (see now O.C.G.A.
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33-11-29 through33-11-32). 1970 Op. Att'y Gen. No. 70-180.
