(a) Before assuming risk under a reinsurance agreement, a limited purpose subsidiary must: (1) Obtain from the Commissioner approval of the limited purpose subsidiary's plan of operation; and(2) Be granted a certificate of authority to engage in the business of reinsurance in Georgia.(b) A limited purpose subsidiary shall produce or disclose in its plan of operation, amendments, and records, books, documents, reports, and other information that the Commissioner requires the limited purpose subsidiary to produce or disclose under: (1) This article;(2) Rules adopted pursuant to this article; or(3) An order pursuant to an examination performed in accordance with the provisions of Chapter 2 of this title.(c) The Commissioner shall examine domestic limited purpose subsidiaries pursuant to Code Section 33-2-11.Added by 2011 Ga. Laws 111,§ 1, eff. 7/1/2011.
Georgia Legal Code