TITLE 33 INSURANCE

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

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-41-4. Prerequisites to transacting insurance.

No captive insurance company may transact any insurance in this state unless:

1. It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state;
2. It maintains its principal place of business in this state;
3. Any organization providing the principal administrative or management services to such captive insurance company shall be approved by the Commissioner; and
4. Its board of directors or board of managers holds at least one meeting each year in this state.

(Code 1981, §33-41-4, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-2/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 3/SB 173.)

The 2015 amendment, effective July 1, 2015, deleted "and" at the end of paragraph (2); inserted "; and" at the end of paragraph (3); and added paragraph (4).

The 2016 amendment, effective July 1, 2016, deleted "maintain its principal place of business in this state and shall" following "insurance company shall" in paragraph (3).

The 2017 amendment, effective July 1, 2017, inserted "or board of managers" near the beginning of paragraph (4).