TITLE 33 INSURANCE

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

ARTICLE 4 LIQUIDATION PROCEEDINGS

33-41-7. Directors or managers.

1. The affairs of every captive insurance company shall be managed by not less than three directors or managers.
2. At least one of the directors or managers of every captive insurance company shall be a resident of this state.
3. Every captive insurance company shall report to the Commissioner within 30 days after any change in its directors or managers including in its report a statement of the business and professional background and affiliations of any new director or manager.

(Code 1981, §33-41-7, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-3/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 6/SB 173.)

The 2015 amendment, effective July 1, 2015, rewrote subsection (b), which formerly read: "At least one-third of the directors of every captive insurance company must be a resident of this state, except that no more than three directors shall be required to be residents of this state. A majority of the directors must be citizens of the United States."; and substituted "shall report" for "must report" in subsection (c).

The 2016 amendment, effective July 1, 2016, added a comma following "this state" in subsection (b).

The 2017 amendment, effective July 1, 2017, added "or managers" at the end of subsection (a); in subsection (b), inserted "or managers" near the beginning and deleted ", and a majority of the directors shall be citizens of the United States" following "this state" at the end; and, in subsection (c), inserted "or managers" in the middle and added "or manager" at the end.