§ 33-38-4 - Definitions - Georgia Statutes

O.C.G.A. 33-38-4 (2010)
33-38-4. Definitions

As used in this chapter, the term:

(1) "Account" means any of the two accounts created under Code Section 33-38-5.

(2) "Affiliate" means any person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the person specified.

(3) "Association" means the Georgia Life and Health Insurance Guaranty Association created under Code Section 33-38-5.

(4) "Contractual obligation" means any obligation under covered policies or contracts. Notwithstanding any other provision of this chapter, "contractual obligation" shall not include a claim filed after the final date set by the court for the filing of claims against the liquidator or other such court appointed authority.

(5) "Control" or "controlled" means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise.

(6) "Covered policy" means any policy or contract within the scope of this chapter under Code Section 33-38-2.

(7) "Health insurance" means accident and sickness insurance, as that class of insurance is defined in Code Section 33-7-2.

(8) "Impaired insurer" means a member insurer deemed by the Commissioner on or after July 1, 1981, to be potentially unable to fulfill its contractual obligations but not an insolvent insurer.

(9) "Insolvent insurer" means a member insurer against which a final order of liquidation containing a finding of insolvency has been entered by a court of competent jurisdiction on or after July 1, 1981.

(10) "Member insurer" means any insurer which is licensed or which holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under Code Section 33-38-2 and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily withdrawn, but does not include:

(A) A nonprofit hospital or medical service corporation;

(B) A health care corporation;

(C) A health maintenance organization;

(D) A fraternal benefit society;

(E) A mandatory state pooling plan;

(F) A mutual assessment company or any entity that operates on an assessment basis;

(G) An insurance exchange; or

(H) Any entity similar to those described in subparagraphs (A) through (G) of this paragraph.

(11) "Person" means any individual, corporation, partnership, association, or voluntary organization.

(12) "Premiums" means direct gross insurance premiums and annuity considerations received on covered policies, less return premiums and considerations thereon and dividends paid or credited to policyholders on such direct business. The term "premiums" does not include premiums and considerations on contracts between insurers and reinsurers. The term "premiums" does not include any premiums in excess of $5 million on any unallocated annuity contract.

(13) "Resident" means any person who is domiciled in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom contractual obligations are owed. A person may be a resident of only one state, which, in the case of a person other than a natural person, shall be its principal place of business.