GA HB348

Amends Georgia Code to allow limited purpose subsidiaries to be owned by one or more sponsors (in addition to the organizing domestic reinsurer) and removes the restriction that they may only reinsure risks of the organizing domestic reinsurer

Expands the definition of "controlled unaffiliated business" for captive insurance companies to include direct or indirect investors in a pure captive insurance company, and allows risks to be directly or indirectly ceded to captive insurers

Replaces the specific list of permitted insurance lines for captive insurance companies (casualty, marine/transportation, property, surety) with broader authority for the Commissioner to approve any insurance or reinsurance lines deemed reasonable

Defines "sponsor" as any entity that sponsors, co-sponsors, invests in, or assists with raising equity or debt for a limited purpose subsidiary

Takes effect on the first day of the month following gubernatorial approval