Section 3. Authorization and General Requirements for Transaction of Insurance, 33-3-1 through 33-3-30.
33-3-3. Qualifications for transaction of insurance generally; transaction of insurance by insurers owned by states, foreign governments.
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To qualify for and hold authority to transact insurance in Georgia an insurer must be otherwise in compliance with the provisions of this title and with its charter powers and must be an incorporated stock insurer, an incorporated mutual insurer, a fraternal benefit society, a farmers' mutual fire insurance company, a Lloyd's association, or a reciprocal insurer of the same general type as may be formed as a domestic insurer under this title, except that no foreign or alien insurer shall be authorized to transact insurance in Georgia which does not maintain reserves as required by Chapter 10 of this title applicable to the kind or kinds of insurance transacted in the United States by such insurer.
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No certificate of authority or license to transact any kind of insurance business in this state shall be issued, renewed, or continued in effect to any domestic, foreign, or alien insurance company or other insurance entity which is owned or financially controlled in whole or in substantial part by any state of the United States, by a foreign government, or by any political subdivision, instrumentality, or agency of either or which is an agency of such state or foreign government or any political subdivision, instrumentality, or agency of either unless such company or entity was so owned, controlled, or constituted prior to January 1, 1957, and was authorized to do business in this state on or prior to said date.
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Membership in a mutual insurer, subscribership in a reciprocal insurer, or supervision of an insurer by a public insurance supervisory authority shall not be deemed to be an ownership, control, or operation of the insurer for the purposes of subsection (b) of this Code section.
(Code 1933, § 56-303, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1982, p. 3, § 33; Ga. L. 2017, p. 164, § 5/HB 127.)
The 2017 amendment,
effective July 1, 2017, deleted "a hospital service nonprofit corporation, a nonprofit medical service corporation," following "fraternal benefit society," in the middle of subsection (a).
Law reviews.
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For article discussing restrictions on the establishment and transaction of business by a foreign insurer in Georgia with emphasis on threshold requirements for establishment by alien insurers, see 27 Mercer L. Rev. 629 (1976).
OPINIONS OF THE ATTORNEY GENERAL
Annual report required of all domestic and foreign corporations.
- Each corporation, domestic and foreign, authorized to transact business in this state is required to file an annual report with the Secretary of State's office, regardless of where its authority to transact business may have originated. 1977 Op. Att'y Gen. No. 77-62 (rendered prior to 1989 revision of Chapter 2 of Title 14).
RESEARCH REFERENCES
ALR.
- Power of mutual benefit society to waive restrictions upon eligibility to membership, 28 A.L.R. 93.
