TITLE 33 INSURANCE

Section 41. Captive Insurance Companies, 33-41-1 through 33-41-24.

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-41-12. Assets.

For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13, the reporting of business affairs pursuant to Code Section 33-41-15, and the examinations and investigations pursuant to Code Section 33-41-16, there shall be allowed as assets of a captive insurance company:

1. Those assets described in Code Section 33-10-1;
2. Those assets otherwise authorized by Code Sections 33-41-8 and 33-41-14;
3. Obligations for premium payments, provided that such obligations are secured by letters of credit, as described in Code Section 33-41-9; and
4. Assets that are approved by the Commissioner as admitted assets under rules adopted pursuant to this chapter.

(Code 1981, §33-41-12, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.)

The 2016 amendment, effective July 1, 2016, deleted "and" at the end of paragraph (2); in paragraph (3), inserted "that" near the middle, and substituted "; and" for a period at the end; and added paragraph (4).