Rule 120-2-30-.06 - Conditions Authorizing Issuing Insurer to Make Repayment(1) All payments of any interest and principal shall be payable only out of earned surplus in excess of that surplus required by law to transact the kind(s) of insurance for which the company is authorized, or in excess of the insurer's surplus at the time the loan was made, whichever is greater.(2) All payments are payable only after providing for all reserves and other liabilities of the issuing insurer.(3) All proposed payments of any interest and principal shall be submitted to the Commissioner for his approval prior to payment being made.(4) The Commissioner may disapprove the repayment of any surplus loan if it is found that a reduction of the insurer's surplus would be hazardous to its policyholders or to the public.(5) The issuing insurer may reserve the right to repay the principal and any accrued interest or unpaid interest of a surplus note or certificate at any time.Ga. Comp. R. & Regs. R. 120-2-30-.06
Ga. L. 1960, pp. 289, 305, 549, 1969, pp. 490, 491.
Original Rule entitled "Conditions Authorizing Issuing Insurer to Make Repayment" adopted as ER. 120-2-30-0.3-.06. F. and eff. August 5, 1977, the date of adoption.Amended: Permanent Rule of same title adopted. F. Dec. 19, 1977; eff. Jan. 8, 1978.Submitted for Publishing: Mar. 15, 2007.