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. — 2019 edition (Public.Resource.Org Release 73)
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.