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GA SB347
Bill
Status
Passed
5/3/2016
Primary Sponsor
Charlie Bethel
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AI Summary
- Creates a new "agency captive insurance company" category, defined as an insurer owned or controlled by an insurance agency, brokerage, managing general agent, or reinsurance intermediary that only reinsures risks placed by that entity, or an insurer owned by a service contract/warranty provider that reinsures related contractual liability
- Sets minimum surplus requirements by captive type: $250,000 for pure and agency captives; $500,000 for association, industrial insured, and risk retention group captives, with the Commissioner authorized to require additional capital based on the company's business plan
- Expands allowable organizational forms by replacing references to "corporation" with "entity" for parent and industrial insured captive definitions, and allows pure captive insurance companies to write accident and sickness insurance and insure controlled unaffiliated business
- Extends confidentiality protections for license applications, examination reports, and related documents to agency captive insurance companies (previously limited to pure captives), and exempts both pure and agency captives from Chapter 13 requirements and investment restrictions
- Removes the requirement that organizations providing principal administrative or management services to a captive maintain their principal place of business in Georgia, requiring only Commissioner approval, and eliminates the requirement that captive company names indicate corporate status
Legislative Description
'Georgia Captive Insurance Company Act'; provide extensive changes; provisions
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available