O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-16-14 (2019)

Limitations on amounts of risks

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
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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(a) The maximum amount of insurance that a farmers’ mutual fire insurance company may retain on any subject or subjects of insurance reasonably exposed to loss from the same fire shall not exceed 10 percent of its surplus.

(b) In determining the amount at risk and retained by the insurer, any valid and applicable reinsurance authorized shall be deducted from the gross amount of risk directly assumed by the insurer.

History

Code 1933, § 56-2012, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1981, p. 809, § 2; Ga. L. 1986, p. 510, § 1;

Ga. L. 1989, p. 688, § 2; Ga. L. 1996, p. 705, § 7; Ga. L. 2000, p. 847, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.

Annotations

The 2012 amendment, effective July 1, 2012, rewrote subsection (a); deleted former subsection (b), which read: "The classification of all risks in the above schedule and the percentage given in each shall be uniformly fixed and governed by the bylaws of the insurer."; and redesignated former subsection (c) as present subsection (b).