TITLE 33 INSURANCE

Section 16. Farmers' Mutual Fire Insurance Companies, 33-16-1 through 33-16-22.

ARTICLE 7 MISCELLANEOUS PROVISIONS

33-16-14. Limitations on amounts of risks.

1. 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.
2. 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.

(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.)

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).