Georgia § 33-11-61 - Using investment assets to satisfy minimum assets requirements; qualification of admitted assets; determining financially hazardous insurer.

§ 33-11-61. Using investment assets to satisfy minimum assets requirements; qualification of admitted assets; determining financially hazardous insurer.

Invested assets may be counted toward satisfaction of the minimum asset requirement only so far as they are invested in compliance with this article and applicable regulations promulgated and orders issued by the Commissioner pursuant to this article. Assets other than invested assets may be counted toward satisfaction of the minimum asset requirement at admitted annual statement value. An investment held as an admitted asset by an insurer on January 1, 2000, which qualified under Article 1 of this chapter shall remain qualified as an admitted asset under this article. If an insurer does not own, or is unable to apply toward compliance with this article, an amount of assets equal to its minimum asset requirement, the Commissioner may deem it to be financially hazardous under Chapter 37 of this title. (Code 1981, § 33-11-61 , enacted by Ga. L. 1999, p. 592, § 12.) Code Commission notes. - Pursuant to Code Section 28-9-5, in 1999, "January 1, 2000," was substituted for "the effective date of this article" in subsection (b).