Rule 120-2-45-.17 - Redomestication of a Foreign or Alien Captive Insurance Company(1) Authorized Redomestication Procedures. A foreign or alien captive insurance company, upon approval of the Commissioner, may become a captive insurance company authorized to transact business in this state by complying with all of the requirements of the Georgia law relative to the organization and licensing of a captive insurance company in this state of the same or equivalent type in this state. The redomestication of a foreign or alien captive insurance company may be accomplished utilizing one of the following procedures:
(a) Filing of the foreign or alien captive insurance company's articles of association, articles of incorporation, charter, or other organizational document, together with appropriate amendments to them adopted in accordance with the laws of this state with the Commissioner;(b) Filing of articles of merger or similar documents with the Commissioner merging the foreign or alien captive insurance company with a domestic corporation;(c) Filing articles of incorporation for a domestic captive insurance company along with a plan of reorganization, plan of liquidation or similar reorganizational documents (including novation or transfer and assumption agreements) for any type of foreign or alien captive insurance company with the Commissioner; or(d) Filing a plan of redomestication not otherwise addressed in this Rule with the Commissioner, which has received the approval of the current regulator of the foreign or alien captive insurance company if such approval is require. Notice of the redomestication should be filed with the Commissioner utilizing forms prescribed by the Commissioner, which are available on the Commissioner's website.
(2) Redomestication Review Process. The Commissioner shall approve or disapprove all applications filed in accordance with Regulation 120-2-45-.17(1) within forty-five (45) days of the date the application is received. The Commissioner shall examine the application to determine whether the company is compliant with the applicable insurance laws of this state. If the application is approved, then the Commissioner shall issue under his or her hand and official seal a certificate approving the granting of the charter for such captive insurance company and shall transmit a copy of the certificate of approval to the Secretary of State.
Ga. Comp. R. & Regs. R. 120-2-45-.17
O.C.G.A. § 33-41-23.
Original Rule entitled "Severability" 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 entitled "Redomestication of a Foreign or Alien Captive Insurance Company" adopted. F. Sep. 21, 2015; eff. Oct. 11, 2015.