§ 33-16-14 - Limitations on amounts of risks - Georgia Statutes

O.C.G.A. 33-16-14 (2010)
33-16-14. Limitations on amounts of risks

(a) The maximum amount of insurance that a farmers' mutual fire insurance company may retain on any subject or subjects of insurance reasonably exposed to loss from the same fire shall not exceed the amount prescribed in the following schedule:

Amount of Insurance in Force Maximum Risk
---------------------------- ------------
$ 100,000 but less than $ 250,000................................ $ 5,000
250,000 but less than 400,000.................................. 5,000
400,000 but less than 600,000.................................. 5,000
600,000 but less than 900,000.................................. 5,000
900,000 but less than 1,200,000................................. 6,000
1,200,000 but less than 1,500,000................................ 7,500
1,500,000 but less than 2,000,000............................... 10,000
2,000,000 but less than 2,500,000................................ 12,500
2,500,000 but less than 3,000,000................................ 15,000
3,000,000 but less than 3,500,000................................ 17,500
3,500,000 but less than 7,000,000............................... 35,000
7,000,000 and over................................................ 50,000

(b) The classification of all risks in the above schedule and the percentage given in each shall be uniformly fixed and governed by the bylaws of the insurer.

(c) In determining the amount at risk and retained by the insurer, any valid and applicable reinsurance authorized shall be deducted from the gross amount of risk directly assumed by the insurer.