Subject 120-2-18 BUSINESS REQUIREMENTS
This Chapter is promulgated by the Commissioner of Insurance pursuant to the authority set forth in O.C.G.A. Chapter 33-2.
The purpose of this Chapter is to provide for the reporting of certain data by insurers to the Commissioner of Insurance and to require insurers to provide certain contact information to the Commissioner of Insurance.
Each applicant for an initial certificate of authority shall make application on the Uniform Certificate of Authority for the state of Georgia. Such form, as amended, may be accessed through www.naic.org/ucaa.
Each insurer authorized to transact business in the State of Georgia shall cause its president and secretary to execute an application for the renewal of certificate of authority on such form as prescribed by the Commissioner. Such application shall be submitted to the Office of Commissioner of Insurance on or before March 1 of each year in accordance with instructions provided by the Commissioner.
No deposit required under Code Section 33-3-9 shall exceed $200,000.00.
|(1)||Each insurer licensed to transact insurance in this State shall file on or before March 1 of each year a financial report of its business and affairs as of December 31 of the calendar year then next preceding. Such report shall be filed on the appropriate Blanks as follows: Fire and Casualty Blank; Fraternal Orders Blank; Life and Accident and Health Blank; Health Blank; Hospital, Medical and Dental Service or Indemnity Corporations Blank; Title Insurance Blank; Separate Accounts Blank; and Variable Life Separate Accounts Blank. The financial reports required by this Rule shall be prepared in accordance with the National Association of Insurance Commissioners (NAIC) Annual Statement Instructions and the NAIC Accounting Practices and Procedures Manual which are incorporated herein by reference. Additionally, all materials required to be filed with the Department must also be submitted to the NAIC pursuant to O.C.G.A. § 33-3-21.3 in such format as prescribed by the NAIC. Such insurer shall compile and report all information or data necessary to truthfully and fully complete the appropriate Blank listed above, including all interrogatories, which are applicable to that particular insurer, which best reflect the types or kinds of insurance that insurer transacts unless it is unequivocally clear that such data or information does not apply to such insurer. Additionally, each insurer shall supply, insert or attach to its annual report all data, information and answers required or suggested by any note, footnote or lack of space in the Blank. After supplying all answers, information or data necessary or proper to complete such Blank in every detail, such insurer shall cause its officers specified in such Blank to subscribe to the oath appearing on page one of such Blank.|
|(2)||Each insurer licensed to transact insurance in this State shall file quarterly financial reports on the applicable NAIC Blank. Such reports of its business and affairs shall be as of March 31, June 30 and September 30 and shall be due May 15, August 15 and November 15 respectively.|
|(3)||Privately printed or commercially printed Blanks may be submitted to the Office of Commissioner of Insurance to satisfy the requirements of this Rule as long as the Blank submitted complies in all respects with the appropriate Blank or Blanks that insurer must file.|
|(4)||The Commissioner may by Order obtain monthly financial reports from an insurer. Such financial information shall be truthfully and completely reported in such form as may be requested by the Commissioner for the proper supervision and monitoring of the financial condition of an insurer.|
|(5)||In addition to the reports otherwise required by this Regulation Chapter, each insurer licensed to transact business in this State must electronically file its annual report and such other reports as prescribed by the Commissioner with the NAIC. Such electronic filings must conform to the format and instructions promulgated by the NAIC.|
Each insurer authorized to transact business in the state of Georgia shall provide the Commissioner e-mail contact information (hereinafter "Contact Information") so that the Commissioner may contact the insurer and send information to the insurer via e-mail. It shall be the insurer's responsibility to maintain correct Contact Information and to respond timely to information from the Commissioner transmitted to such address. Delivery of any such information, including but not limited to Directives, Bulletins and data requests, to said address shall be considered valid so long as transmission and receipt can be confirmed by the Commissioner.
In addition to the Contact Information, each insurer authorized to transact business in the state of Georgia shall notify the Commissioner of changes to "Insurer Information." Insurer Information refers to general company information such as mailing address and telephone number. Such information shall be specifically defined by Directive.
|(1)||Each insurer licensed in this State to write property and casualty insurance business within or without this State shall file on or before March 1 of each year a report of its business and affairs as of December 31 of the calendar year then next preceding in accordance with instructions provided by the Commissioner. Such report shall reflect the necessary information about the premiums written on motor vehicle bodily injury liability, including medical pay insurance, product liability premiums, medical malpractice premiums, architects and engineers malpractice premiums, attorneys malpractice premiums, motor vehicle personal injury protection premiums, motor vehicle property liability insurance, underinsured and uninsured motorist premiums and other liability premiums. Such insurer shall supply and insert all information and data necessary to truthfully complete each blank space on such report unless it is unequivocally clear that such space has no application to such insurer. Such insurer shall supply the above-referenced information on Form GID-42, a copy of which can be obtained from Commissioner. Form GID-42 shall be subscribed to and attested by the respective officers listed on said Form.|
|(2)|| In completing Form GID-42, the following
definitions shall apply:
|(3)||Investment income shall be allocated by the direct premiums earned for the appropriate line of business divided by the net premiums earned for the appropriate line of business times the net investment gain or loss and other income for appropriate line of business.|
|(1)||Each insurer licensed to write casualty insurance in Georgia shall report on Form GID-44 and Form GID-45 all information requested on such forms in accordance with instructions provided by the Commissioner. Forms GID-44 and GID-45 may be reformatted to meet processing requirements provided that all information is presented in the same order.|
|(2)||Two or more insurers having a common ownership or operating in this State under common management may submit reports as required in paragraph (1) above on a consolidated basis.|
|(3)||Insurers may submit reports required in paragraph (1) above through authorized rating or statistical organizations which may report on a consolidated basis.|
|(4)||Reports required in paragraph (1) above shall be filed with the Commissioner no later than April 30 of each year.|
|(5)||Whenever the Commissioner shall deem necessary, additional reports or additional information may be required, provided that insurers will be given a reasonable time to submit such additional reports or additional information.|
Any insurer, representative, officer, or employee of such insurer failing to comply with the requirements of this Chapter shall be subject to such penalties as may be appropriate under the insurance laws of this State.
If any provision of this Chapter, or the application thereof to any person or circumstance, is held invalid by a court of competent jurisdiction, the remainder of the Chapter or the applicability of such provision to the persons or circumstances shall not be affected.