Georgia Laws, Rules, and Regulation (Life and Accident and Sickness Insurance)

What is the amount of bond, The Chief of Deputy must have?

A $15,000 bond approved by the Commissioner (conditioned upon the performance of the Chief Deputy Commissioner's duties).

Domestic insurer

is an insurance company that is incorporated "in this state".

After notice, hearing and order of the Commissioner, anyone that violates a cease and desist order) may be subject to the following

$10,000 fine for each violation suspension or revocation of such a person's license

There are 6 classes of insurance in the state of Georgia

Life, accident and sickness; Property, marine, and transportation; Casualty; Surety; Title; and Health Maintenance Organization

Examination of Records - Foreign or Alien insurers

May be examined once a year for 5 years, if commissioner finds these records inadequate, the person will be given 60 days to correct.

Certificate of Authority

Must be applied for, from the state department of insurance and meet any financial (capital and surplus) requirements set down by the state. Insurers who meet the state's financial requirements and are approved to transact business in the state are considered authorized or admitted into the state as legal insurer.

The Commissioner performs what duties

Set up any necessary divisions or sections of the Department Appoint assistants, examiners, actuaries, clerks, and other employees; Maintain official records Adopt and promulgate rules and regulations (however, before any rule or regulation becomes effective, it must be approved by the Attorney General and be on file as a public record for 10 days); Examine each insurer, rating organization, or any other organization authorized to transact insurance in this state. Examine the accounts, records, and transactions of any insurance licensed person; As early in the year as possible, complete an annual report; On July 1st each year, compile a supplementary report regarding property and casualty insurance; and During the 1st week of each quarter, file a report to the chairperson of the House Committee on Insurance and the chairperson of the Senate Committee on Insurance and Labor.

If the Commissioner cannot serve due to death, disability or resignation. Who would serve?

The Chief of Deputy Commissioner serves until the next election.

Alien insurer

is an insurance company that is incorporated "outside" the US.

Foreign insurer

is an insurance company that is incorporated in "another" state.

Commissioner is elected to office for a term of

4 years

Examination of Records - All Domestic Insurers

At least once every 5 years, if commissioner finds these records inadequate, the person will be given 60 days to correct.

The Commissioner must also pay any

Collected taxes, fees, dues, charges, and penalties to the Office of Treasury and Fiscal Services. However, funds that have been illegally or erroneously paid may be refunded. No refunds will be allowed unless a written request is filed with the Commissioner within 7 years of the payment.

The Commissioner investigative/Notice of Hearing

Hearing held within 30 days after receipt of the request. A notice of the time and place of the hearing must be given at least 10 days in advance. Within 30 day of the hearing, the Commissioner must issue an order related to his or her decision.

Qualified insurers may be authorized to transact insurance of any

one kind or combination thereof with the exception of "reciprocal" and Lloyd's insurers who cannot transact life insurance, title insurers who are not allowed to transact any other insurance. (Reciprocal means an exchange of insurance)

Commissioner of Insurance

Does not make the law, the Legislation does.