(a) The Commissioner shall, before approving a limited purpose subsidiary under this article, adopt rules pursuant to Code Section 33-2-9 to implement this article.(b) The rules adopted under subsection (a) of this Code section shall address, but not be limited to, the following concerning limited purpose subsidiaries: (1) Requirements for organization of a limited purpose subsidiary;(2) Requirements for a plan of operation;(3) Capital, surplus, and risk-based capital requirements;(4) Requirements for reporting and notifications;(5) Requirements for reserves, including actuarial certification;(6) Requirements for authorized investments;(7) Requirements with respect to reinsurance ceded or assumed by the limited purpose subsidiary;(8) Requirements and restrictions for material transactions;(9) Requirements for dividends and distributions;(10) Requirements for operations; and(11) Conditions of, forms for, and approval of the financing of a limited purpose subsidiary.Added by 2011 Ga. Laws 111,§ 1, eff. 7/1/2011.
Georgia Legal Code