Rule 120-2-100-.05 - Officers and Directors(1) Each limited purpose subsidiary shall have not less than three directors.(2) At least one-fourth of the directors of a limited purpose subsidiary must be residents of this state. A majority of the directors must be citizens of the United States.(3) The officers and directors of a limited purpose subsidiary may serve as officers and directors of the organizing domestic reinsurer.(4) A limited purpose subsidiary shall have the following officers: president; chief financial officer, secretary; and employed appointed actuary. The same individual may simultaneously hold more than one office in a limited purpose subsidiary.Ga. Comp. R. & Regs. R. 120-2-100-.05
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
Original Rule entitled "Officers and Directors" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.