§ 33-13-4 - Registration of insurers belonging to holding company systems - Georgia Statutes

O.C.G.A. 33-13-4 (2010)
33-13-4. Registration of insurers belonging to holding company systems

(a) Requirement of registration generally. Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system shall register with the Commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this Code section. Any insurer which is subject to registration under this Code section shall register within 15 days after it becomes subject to registration unless the Commissioner for good cause shown extends the time for registration, and then within the extended time. The Commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this Code section to furnish a copy of the registration statement or other information filed by the insurance company with the insurance regulatory authority of its domiciliary jurisdiction.

(b) Contents of registration statement. Every insurer subject to registration shall file a registration statement on a form provided by the Commissioner, which statement shall contain current information about:

(1) The capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer;

(2) The identity of every member of the insurance holding company system;

(3) The following agreements in force, relationships subsisting, and transactions currently outstanding between such insurer and its affiliates:

(A) Loans, other investments, or purchases, sales, or exchanges of the affiliates by the insurer or of the insurer by its affiliates;

(B) Purchases, sales, or exchanges of assets;

(C) Transactions not in the ordinary course of business;

(D) Guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability other than insurance contracts entered into in the ordinary course of the insurer's business;

(E) All management and service contracts and all cost-sharing arrangements other than cost allocation arrangements based upon generally accepted accounting principles; and

(F) Reinsurance agreements covering all or substantially all of one or more lines of insurance of the ceding company; and

(4) Other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms adopted or approved by the Commissioner.

(c) Disclosure of nonmaterial information. No information need be disclosed on the registration statement filed pursuant to subsection (b) of this Code section if the information is not material for the purposes of this Code section. Unless the Commissioner by rule, regulation, or order provides otherwise, sales, purchases, exchanges, loans, extensions of credit, or investments involving one-half of 1 percent or less of an insurer's admitted assets as of December 31 of the preceding year shall not be deemed material for purposes of this Code section.

(d) Amendment of registration statements. Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the Commissioner, within 15 days after the end of the month in which it learns of each change or addition; provided, however, subject to subsection (c) of Code Section 33-13-5, each registered insurer shall so report all dividends and other distributions to shareholders within five business days following the declaration of the dividends and other distributions and at least ten days prior to the payment thereof.

(e) Termination of registration. The Commissioner shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.

(f) Filing of consolidated registration. The Commissioner may require or allow two or more affiliated insurers subject to registration under this Code section to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.

(g) Filing of registration for affiliated insurer. The Commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) of this Code section and to file all information and material required to be filed under this Code section.

(h) Exemptions. This Code section shall not apply to any insurer, information, or transaction if and to the extent that the Commissioner by rule, regulation, or order shall exempt the same from this Code section.

(i) Filing of disclaimer. Any person may file with the Commissioner a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between the persons and the insurer as well as the basis for disclaiming the affiliation. After a disclaimer has been filed, the insurer shall be relieved of any duty to register or report under this Code section which may arise out of the insurer's relationship with the person, unless and until the Commissioner disallows the disclaimer. The Commissioner shall disallow the disclaimer only after furnishing all parties in interest with notice and opportunity to be heard after making specific findings of fact to support the disallowance.

(j) Violations. The failure to file a registration statement or any amendment to the registration statement required by this Code section within the time specified for the filing shall be a violation of this Code section.