Rule 120-2-100-.13 - Securities(1) A limited purpose subsidiary securitization, the security-offering memorandum or other document issued to prospective investors regarding the offer and sale of a surplus note or other security shall include a disclosure that all or part of the proceeds of such insurance securitization or surplus note transaction will be used to fund the limited purpose subsidiary's obligations to the organizing domestic reinsurer.(2) A security issued by a limited purpose subsidiary shall not be subject to regulation as an insurance or reinsurance contract. An investor in such a security or a holder of such a security shall not be considered to be transacting the business of insurance or reinsurance in this state solely by reason of having an interest in the security. The underwriter's placement or selling agents and their partners, commissioners, officers, members, managers, employees, agents, representatives, and advisors involved in an insurance securitization by a limited purpose subsidiary shall not be considered to be insurance producers or brokers or to be conducting business as an insurance or reinsurance company or as an insurance agency, brokerage, intermediary, advisory, or consulting business solely by virtue of their underwriting activities in connection with such securitization.Ga. Comp. R. & Regs. R. 120-2-100-.13
O.C.G.A. §§ 33-2-9, 33-14-100et seq.
Original Rule entitled "Securities" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.