The Act Expands the power of the Insurance Commissioner to suspend the certificate of authority of an insurance company. The Act requires that insurers authorized to operate in Georgia file certain documents with the National Association of Insurance Commissioners. Requirements controlling the manner in which insurers may reinsure their risks are amended. Insurance holding companies may not enter into major transactions without giving notice to the Commissioner, subject to her disapproval. Power is given to the Commissioner to prevent the acquisition of an insurer in a manner that would lessen competition among insurers in Georgia. The Act amends the procedures for the reorganization and liquidation of insurers. Regulation of nonemployee agents of insurers is established, including required elements of the contracts governing such agency; penalties for violations of those requirements are provided. The Act provides for the regulation of insurers controlled by producer agents and for regulation of reinsurance intermediaries.
Robert S. Anderson,
INSURANCE Authorization and General Requirements for Transaction of Insurance: Establish New Procedures to Ensure the Financial Stability of Insurance Companies,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol8/iss1/31