Rule 120-2-100-.02 - Scope and Purpose(1) This regulation applies to any limited purpose subsidiary as defined in O.C.G.A. § 33-14-100.(2) The purposes of this regulation include: (a) Providing requirements for the organization of limited purpose subsidiaries;(b) Providing for the requirements for the plan of operation for limited purpose subsidiaries;(c) Providing capital, surplus and risk-based capital requirements for limited purpose subsidiaries;(d) Providing reporting and notification requirements for limited purpose subsidiaries;(e) Providing requirements for reserves of limited purpose subsidiaries;(f) Providing requirements for authorized investments of limited purpose subsidiaries;(g) Providing requirements with respect to reinsurance ceded or assumed by limited purpose subsidiaries;(h) Providing requirements and restrictions for Material Transactions of limited purpose subsidiaries;(i) Providing requirements for dividends and distributions;(j) Providing requirements for operations of limited purpose subsidiaries;(k) Providing conditions of, forms for, and approval of the financing of limited purpose subsidiaries;(l) Providing for other regulation of limited purpose subsidiaries.Ga. Comp. R. & Regs. R. 120-2-100-.02
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
Original Rule entitled "Scope and Purpose" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.