Georgia § 33-41-23 - Certificate of dormancy.

§ 33-41-23. Certificate of dormancy.

A captive insurance company that meets the definition of a dormant captive insurance company set forth in this chapter may apply to the Commissioner for a certificate of dormancy on a form or forms as may be prescribed by the Commissioner. A dormant captive insurance company that has been issued a certificate of dormancy pursuant to this Code section shall: Possess and thereafter maintain unimpaired, paid-in-capital and surplus of at least $25,000.00; Submit to the Commissioner a report of its financial condition on or before March 1 of each year on a form or in a manner as prescribed by the Commissioner; Renew such certificate every five years by submitting documentation as prescribed by the Commissioner and paying a renewal fee of $500.00; and Be subject to an examination pursuant to Code Section 33-41-16 in the discretion of the Commissioner. A dormant captive insurance company that has been issued a certificate of dormancy pursuant to this Code section shall not: Be subject to or liable for the payment of any tax pursuant to Code Section 33-41-22; or Be required to submit any annual forms, fees, or documents that are otherwise required by this chapter, other than those required pursuant to this Code section. The Commissioner may, upon written request, declare a captive insurance company to be dormant for purposes of this Code section even if such captive insurance company retains liabilities associated with policies written or assumed, provided that such captive insurance company has otherwise ceased the transaction of insurance business. However, in this case, the Commissioner may, in his or her discretion, require such captive insurance company to possess and maintain unimpaired, paid-in-capital and surplus and reserves greater than that required by this Code section. A certificate of dormancy shall be revoked if a captive insurance company no longer meets the definition of a dormant captive insurance company or fails to meet the requirements as set forth in this Code section. A dormant captive insurance company shall apply to the Commissioner for approval and shall be granted such approval to surrender its certificate of dormancy and resume conducting the business of insurance prior to issuing any insurance policies and shall pay an application fee as prescribed by the Commissioner. Any provisions of this title which are inconsistent with the provisions of this Code section shall not apply to dormant captive insurance companies. (Code 1981, § 33-41-23 , enacted by Ga. L. 2019, p. 533, § 2-11/HB 99.) Effective date. - This Code section became effective July 1, 2019. Editor's notes. - Ga. L. 2019, p. 533, § 2-11/HB 99, effective July 1, 2019, repealed the former Code section and enacted the current Code section. The former Code section, relating to rules and regulations, was based on Code 1981, § 33-41-23 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.