Rules and Regulations of the State of Georgia
 

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If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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tips" name="searchtip" href="../help.aspx#searching" target="_blank"><em class="mnemonic">S</em>earch tips</a></div><ul class="breadcrumb"> <li><a href="/GAC" name="GAC" title="GAC">GA R&amp;R</a></li> <li>&raquo; <a href="/GAC/120" title="120">Department 120</a></li> <li>&raquo; <a href="/GAC/120-2" title="120-2">Chapter 120-2</a></li> <li>&raquo; Subject 120-2-30</li> </ul> </div> </div><div id="doc" class="container"> <div id="doc-content" class="content"> <h1><nllsubject>Subject 120-2-30 ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS</nllsubject></h1> <h2><a href="/GAC/120-2-30-.01" name="120-2-30-.01" title="120-2-30-.01">Rule 120-2-30-.01 Statutory Authority</a></h2> <P>This Regulation is made and promulgated by the Insurance Commissioner pursuant to the authority set forth in Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-2-9&amp;title=33#" target="_newtab">33-2-9</a> and Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-14-45&amp;title=33#" target="_newtab">33-14-45</a> of the Georgia Insurance Code.</P> <h2><a href="/GAC/120-2-30-.02" name="120-2-30-.02" title="120-2-30-.02">Rule 120-2-30-.02 Purpose</a></h2> <P>The purpose of this Regulation is to establish guidelines and procedures for the issuance and repayment of surplus loans of mutual insurers issued pursuant to Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-14-15&amp;title=33#" target="_newtab">33-14-15</a> of the Georgia Insurance Code.</P> <h2><a href="/GAC/120-2-30-.03" name="120-2-30-.03" title="120-2-30-.03">Rule 120-2-30-.03 Definitions</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.03(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Commissioner" shall mean the Georgia Insurance Commissioner.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.03(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Domestic mutual insurer" shall mean an insurance company incorporated under the laws of Georgia without capital stock or shares, and is owned and governed by its policyholders.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.03(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Earned surplus" shall mean those funds remaining after deducting required liabilities and contingent liabilities, special surplus, gross paid in and contributed surplus from net admitted assets of a domestic mutual insurer.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.03(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Surplus loan" shall mean money borrowed to defray the expenses of an insurer's organization, to provide it with surplus funds, or for any purpose required by its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.03(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Surplus note" or "surplus certificate" shall mean the written agreement referred to in subsection .03(4) of this Chapter.</td> </tr> </table> <h2><a href="/GAC/120-2-30-.04" name="120-2-30-.04" title="120-2-30-.04">Rule 120-2-30-.04 Issuance of Notes or Certificates</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.04(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Prior to the making of any surplus loan, the borrowing insurer must file with the Georgia Insurance Department a sample copy of each series and type of surplus note or certificate to be issued and a statement which relates the purposes of the loan and reasons why such loan should be approved.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.04(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The loan and the note or certificate shall be subject to the Commissioner's approval. Without the approval of both the loan and the note or certificate, the loan cannot be made and no note or certificate may be issued. <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.04(2)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner shall disapprove any proposed loan if he finds the loan is unnecessary or excessive for the purpose intended, or that the information filed by the insurer which relates the purposes and reasons why such loan should be approved is inadequate.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.04(2)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner shall disapprove a note or certificate if its terms are not fair to the policyholders of the issuing insurer.</td> </tr> </table> </td> </tr> </table> <h2><a href="/GAC/120-2-30-.05" name="120-2-30-.05" title="120-2-30-.05">Rule 120-2-30-.05 Required Provisions on all Notes or Certificates</a></h2> <P>The body of the note or certificate shall provide that:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.05(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All payment of interest and principal shall be payable only out of earned surplus in excess of that surplus required by law to transact the kind(s) of insurance for which the company is authorized.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.05(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All proposed payments of any interest and principal shall be submitted to the Commissioner for his approval prior to any payments being made.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.05(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner may disapprove the repayment of any surplus loan if it is found that a reduction of the insurer's surplus would be hazardous to its policyholders or to the public.</td> </tr> </table> <h2><a href="/GAC/120-2-30-.06" name="120-2-30-.06" title="120-2-30-.06">Rule 120-2-30-.06 Conditions Authorizing Issuing Insurer to Make Repayment</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.06(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All payments of any interest and principal shall be payable only out of earned surplus in excess of that surplus required by law to transact the kind(s) of insurance for which the company is authorized, or in excess of the insurer's surplus at the time the loan was made, whichever is greater.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.06(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All payments are payable only after providing for all reserves and other liabilities of the issuing insurer.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.06(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All proposed payments of any interest and principal shall be submitted to the Commissioner for his approval prior to payment being made.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.06(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner may disapprove the repayment of any surplus loan if it is found that a reduction of the insurer's surplus would be hazardous to its policyholders or to the public.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.06(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The issuing insurer may reserve the right to repay the principal and any accrued interest or unpaid interest of a surplus note or certificate at any time.</td> </tr> </table> <h2><a href="/GAC/120-2-30-.07" name="120-2-30-.07" title="120-2-30-.07">Rule 120-2-30-.07 Reporting and Accounting Requirements</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.07(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The principal together with the interest shall not be considered on the financial statement of the insurer as a legal liability or be the basis of any set off.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-30-.07(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The total amount of principal for all surplus loans, then unpaid, shall be entered in the annual statement, in a form approved for current use by the Commissioner, on the <I>Liabilities, Surplus, and Other Funds</I> page under the caption, "Unassigned Funds (Surplus)," with appropriate footnote disclosing the amount of such surplus loans therein contained, together with any interest thereon accrued but unpaid.</td> </tr> </table> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/120-2-30-.01" name="120-2-30-.01" title="120-2-30-.01">Rule 120-2-30-.01 Statutory Authority</a></li><li><a href="/GAC/120-2-30-.02" name="120-2-30-.02" title="120-2-30-.02">Rule 120-2-30-.02 Purpose</a></li><li><a href="/GAC/120-2-30-.03" name="120-2-30-.03" title="120-2-30-.03">Rule 120-2-30-.03 Definitions</a></li><li><a href="/GAC/120-2-30-.04" name="120-2-30-.04" title="120-2-30-.04">Rule 120-2-30-.04 Issuance of Notes or Certificates</a></li><li><a href="/GAC/120-2-30-.05" name="120-2-30-.05" title="120-2-30-.05">Rule 120-2-30-.05 Required Provisions on all Notes or Certificates</a></li><li><a href="/GAC/120-2-30-.06" name="120-2-30-.06" title="120-2-30-.06">Rule 120-2-30-.06 Conditions Authorizing Issuing Insurer to Make Repayment</a></li><li><a href="/GAC/120-2-30-.07" name="120-2-30-.07" title="120-2-30-.07">Rule 120-2-30-.07 Reporting and Accounting Requirements</a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a 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