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2018 Georgia Code 33-41-3 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 33-41-3 Case Law from Google Scholar Amendments to OCGA 33-41-3

TITLE 33 INSURANCE

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

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-41-3. Permissible business; limitations.

  1. Subject to the provisions of subsection (c) of this Code section and the other provisions of this chapter, a captive insurance company, where permitted by its formation documents, may engage in the business of any of the following kinds of insurance or reinsurance:
    1. Casualty, as described in Code Section 33-7-3 but excluding accident and sickness insurance as defined in Code Section 33-7-2, except for a pure captive insurance company, which may engage in the business of accident and sickness insurance as defined in Code Section 33-7-2;
    2. Marine and transportation, as described in Code Section 33-7-5;
    3. Property, as described in Code Section 33-7-6; and
    4. Surety, as described in Code Section 33-7-7.
  2. Insurance policies and bonds issued by a captive insurance company for workers' compensation insurance and motor vehicle accident insurance shall be in conformity with all minimum requirements for coverages and coverage amounts established by this state for such types of insurance. Such insurance policies and bonds issued by a captive insurance company shall constitute satisfactory proof that the motor vehicle owners or employers, as applicable, insured under such policies or bonds have satisfied the requirements for motor vehicle accident insurance prescribed by Code Section 33-34-4 and for workers' compensation insurance prescribed by Code Section 34-9-121.
  3. Except as otherwise provided in this Code section:
    1. A captive insurance company shall not insure or reinsure any risks resulting from:
      1. Any personal, familial, or household responsibilities; or
      2. Activities other than risks resulting from responsibilities arising out of any business, whether profit or nonprofit; trade; product; services, including professional or fiduciary services; or commercial premises or commercial operations;
    2. A captive insurance company may only cede reinsurance as provided in Code Section 33-41-14;
    3. A pure captive insurance company may only insure or reinsure the risks of its parent, affiliates of its parent, and controlled unaffiliated business;
    4. An association captive insurance company may only insure or reinsure the risks of the members of its association and their affiliates;
    5. An industrial insured captive insurance company may only insure or reinsure the risks of the industrial insureds, and their affiliates, that are its shareholders or shareholders of its sole shareholder;
    6. A risk retention group captive insurance company may only insure or reinsure the risks of its group members; and
    7. An agency captive insurance company may only reinsure:
      1. The risk of insurance or annuity contracts placed by or through the agency, brokerage, managing general agent, or reinsurance intermediary by which it is owned or controlled; or
      2. The contractual liability arising out of service contracts or warranties sold through a marketer, producer, administrator, issuer, or provider of service contracts or warranties by which it is owned or controlled.
  4. A captive insurance company may, with prior written approval from the Commissioner, reinsure the risks insured or reinsured either directly or indirectly by:
    1. Any other captive insurance company; or
    2. Any foreign or alien insurance company which satisfies the ownership or membership requirements of a captive insurance company under this chapter; provided, however, that the risks insured or reinsured from the foreign or alien insurance company are solely those of its owners or members or their affiliates.

(Code 1981, §33-41-3, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 1989, p. 14, § 33; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 2/SB 173.)

The 2016 amendment, effective July 1, 2016, in subsection (a), substituted "articles of incorporation" for "charter" in the introductory paragraph; added ", except for a pure captive insurance company, which may engage in the business of accident and sickness insurance as defined in Code Section 33-7-2" at the end of paragraph (a)(1); substituted "shall not" for "may not" in paragraph (c)(1); and substituted "parent, affiliates of its parent, and its control unaffiliated business" for "parent and affiliates of its parent" in paragraph (c)(3).

The 2017 amendment, effective July 1, 2017, substituted "formation documents" for "articles of incorporation" in the middle of subsection (a); substituted "this state" for "the state" near the end of the first sentence of subsection (b); deleted "subsection (d) of" following "provided in" in subsection (c); deleted "its" preceding "controlled unaffiliated business" near the end of paragraph (c)(3); deleted "and" from the end of paragraph (c)(5); substituted "; and" for the period at the end of paragraph (c)(6); added paragraph (c)(7); and inserted ", with prior written approval from the Commissioner," in the middle of subsection (d).

JUDICIAL DECISIONS

Captive Insurance Company Act.

- To the extent uninsured motorist provisions are inconsistent with the Georgia Captive Insurance Company Act, O.C.G.A. § 33-4-1 et seq., those provisions would not apply to captive insurance companies as set forth in the Act, O.C.G.A. § 33-41-24, because other controlling statutory mandates and strictures may result in the insurer providing some uninsured motorist coverage without being subject to other provisions of the uninsured motorist statute; the captive insurer is not required to insure a risk that the insurer is prohibited from insuring under the Act. VFH Captive Ins. Co. v. Pleitez, 307 Ga. App. 240, 704 S.E.2d 476 (2010).

Insurer entitled to uninsured motorist coverage.

- Trial court did not err by finding that an insured was entitled to uninsured motorist coverage under the insured's policy with a captive insurer because the policy the insurer issued to the insured did not expressly include uninsured motorist coverage, and the insurer did not obtain a written rejection of that coverage from the insured; the accident involved the named insured, and the insured was engaged in responsibilities arising out of the insured's job as a taxi cab driver, not personal or family responsibilities, at the time the insured was injured. VFH Captive Ins. Co. v. Pleitez, 307 Ga. App. 240, 704 S.E.2d 476 (2010).

Captive Insurance Company Act does not prohibit uninsured motorist coverage.

- There is nothing in the Georgia Captive Insurance Company Act, O.C.G.A. § 33-41-1 et seq., that explicitly prohibits a captive insurer from offering uninsured motorist coverage, and thus the Act does not directly conflict with the requirement contained in O.C.G.A. § 33-7-11 that motor vehicle liability policies must include uninsured motorist coverage unless the insured has rejected that coverage in writing, but the mandate contained in the Act, O.C.G.A. § 33-41-3(b), is explicit; uninsured motorist coverage, unless rejected in writing, is such a minimum requirement under Georgia law, and the General Assembly is presumed to have acted with full knowledge of that requirement in enacting the provisions of the Act VFH Captive Ins. Co. v. Pleitez, 307 Ga. App. 240, 704 S.E.2d 476 (2010).

Cases Citing Georgia Code 33-41-3 From Courtlistener.com

Total Results: 1

Alexander v. State

Court: Supreme Court of Georgia | Date Filed: 2022-03-15

Snippet: final charge to jury); Walker v. State, 308 Ga. 33, 41 (3) (c) (838 SE2d 792) (2020) (closure of courtroom