§ 33-13-1 - Definitions - Georgia Statutes

O.C.G.A. 33-13-1 (2010)
33-13-1. Definitions

As used in this chapter, the term:

(1) "Affiliate," including the term "affiliate of" or "person affiliated with" a specific person, means a person who directly or indirectly through one or more intermediaries controls, is controlled by, or is under common control with any person specified in paragraph (6) of this Code section.

(2) "Commissioner" means the Commissioner of Insurance, his deputies, or the Insurance Department, as appropriate.

(3) "Control," including the terms "controlling," "controlled by," and "under common control with," means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a person whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with an entity listed in paragraph (6) of this Code section or corporate office held by the person. Control shall be presumed to exist if any person directly or indirectly owns, controls, holds with the power to vote, or holds proxies representing 10 percent or more of the voting securities of any other person. This presumption may be rebutted by a showing made in the manner provided by subsection (i) of Code Section 33-13-4 that control does not exist in fact. The Commissioner may determine after furnishing all persons in interest notice and opportunity to be heard and after making specific findings of fact to support such determination that control exists in fact, notwithstanding the absence of a presumption to that effect.

(4) "Insurance holding company system" means two or more affiliated persons, one or more of which is an insurer.

(5) "Insurer" shall have the same meaning as set forth in Code Section 33-1-2, except that it shall not include: (A) agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state; (B) fraternal benefit societies; or (C) nonprofit medical and hospital service associations.

(6) "Person" means an individual, a corporation, a partnership, an association, a joint-stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function.

(7) "Securityholder" means one who owns any security of a specified person including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing.

(8) "Subsidiary" means an affiliate controlled by a specified person directly or indirectly through one or more intermediaries.

(9) "Voting security" means any instrument which in law or by contract gives the holder the right to vote, consent, or authorize any corporate action of an insurer. Voting security shall also include any security convertible into or evidencing a right to acquire a voting security.