New Georgia Captive Insurance Regulations Proposed After HB 552 Enacted
Jul 2, 2015
The State of Georgia has proposed a complete repeal of its current regulations relating to captive insurance companies, with the goal of adopting a new Rule Chapter on the same subject pursuant to the enactment of HB 552 this year, the Georgia Office of Insurance and Fire Safety announced today, July 2, 2015.
Among other changes, the new rules would revise the required amounts of capital or surplus for captive insurance companies, add confidentiality protections to certain information and documents provided to the Georgia Insurance Commissioner, provide for federal home loan bank rights regarding collateral pledged by an insurer-member subject to a delinquency proceeding, and provide for certain limitations for a receiver to void transfer of certain property in connection with any federal home loan bank security agreement.
To view the full text of the proposed new Regulation Chapter 12-2-45, entitled “Captive Insurance Companies,” click here.
The agency is also proposing a fixed assessment of $100 to each Georgia captive insurer to be deposited in a fraud fund.
Written comments on the proposed Rule Chapter must be received by July 24, 2015. A hearing at which oral comments will also be received is scheduled for July 29, 2015 at the Georgia Office of Insurance and Fire Safety.
To view the complete notice, click here.
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