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O.C.G.A. § 33-3-21.2 — Analysis of adequacy of loss and loss adjustment expense reserves when reserves outside standard range | Georgia Code
O.C.G.A. § 33-3-21.2 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 3. Authorization and General Requirements for Transaction of Insurance, 33-3-1 through 33-3-30.

33-3-21.2. Analysis of adequacy of loss and loss adjustment expense reserves when reserves outside standard range.

  1. As used in this Code section, the term "qualified independent loss reserve specialist" means a person who is not an employee, principal, director, or indirect owner of the insurer and either is a member of the casualty actuarial society or possesses such other experience acceptable to the Commissioner to assure a professional opinion on the adequacy of the loss and loss adjustment expense reserves of the insurer.
  2. Every property and casualty insurer required to file an annual report with the Commissioner which has not filed a statement of opinion relating to loss and loss adjustment expense reserves in connection with its last annual statement on file with the department shall engage, whenever the insurer's loss and loss adjustment expense reserves are outside the standard or average range as designated by the Commissioner and based upon reliable and credible current information, a qualified independent loss reserve specialist to analyze the adequacy of such reserves and file a report with the Commissioner on a date to be specified by the Commissioner.

(Code 1981, §33-3-21.2, enacted by Ga. L. 1989, p. 674, § 1.)

Law reviews.

- For note on 1989 enactment of this Code section, see 6 Ga. St. U.L. Rev. 261 (1989).

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This Georgia Code resource is curated by Georgia Bar member Graham W. Syfert, 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.