Rule 120-2-45-.06 - Biographical questionnaire(1) General Requirement - Direct or Indirect Control. Each officer, director, and each owner of more than ten percent (10%) of the outstanding shares of stock of a company with management rights and duties, including, but not limited to the right to vote upon and appoint members to the board of directors of the company (the "voting stock"), either directly or indirectly through ownership of other persons, shall submit the appropriate biographical form prescribed by the Commissioner and found on the Commissioner's website.
(2) Trusts, Partnership, and Other Limited Control Arrangements - Non-Owner Control. Where the power to direct or cause the direction of the management and policies of the company on behalf of the owners of the company is held by one or more individuals then the following individual(s), by entity type, will provide the biographical form required in this Regulation 120-2-45-.06(1) as the controlling owner:
(a) Trust - The trustee(s) of the trust or trusts that own, directly or indirectly, more than ten percent (10%) of the outstanding shares of stock of the captive insurance company; or(b) Partnership/Limited Liability Company/Other like entities ("conduit entity(ies)") - The general partner(s), manager(s), or managing-member(s) of conduit entity(ies) that own, directly or indirectly, more than ten percent (10%) of the outstanding shares of voting stock of the company. If this Regulation 120-2-45-.06(2) is applicable to a company and the controlling owner files the biographical form required by Regulation 120-2-45-.06(1), then all other owners are exempt from the requirements of Regulation 120-2-45-.06(1).
Ga. Comp. R. & Regs. R. 120-2-45-.06
O.C.G.A. § 33-41-23.
Original Rule entitled "Biographical Questionnaire" f. Feb. 9, 1989; eff. Mar. 1, 1989, as specified by the Agency.Editor's Note: In accordance with O.C.G.A. Section 50-13-21, the contents of this Rule is not filed with or published by the Secretary of State; only names and designations are filed, printed and distributed. This Regulation is on file in the Office of Commissioner of Insurance and is open for public examination and copying. (See Editor's Note, p. 88.03.)Note: "Editor's Note" rescinded. Eff. October 11, 2015.Repealed: New Rule of same title adopted. F. Sep. 21, 2015; eff. Oct. 11, 2015.