Rule 120-2-100-.04 - Organization of Limited Purpose Subsidiary(1) A limited purpose subsidiary's organizational documents shall limit the limited purpose subsidiary's authority to transact the business of reinsurance to reinsure only the risks of the organizing domestic reinsurer and shall state that the limited purpose subsidiary shall not otherwise engage in the business of insurance or reinsurance.(2) A limited purpose subsidiary's organizational documents shall provide that the limited purpose subsidiary shall always be owned by the organizing domestic reinsurer and that the limited purpose subsidiary's stock shall be issued only to the organizing domestic reinsurer.Ga. Comp. R. & Regs. R. 120-2-100-.04
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
Original Rule entitled "Organization of Limited Purpose Subsidiary" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.