Rule 120-2-100-.02. Scope and Purpose

1. (1) This regulation applies to any limited purpose subsidiary as defined in O.C.G.A. § 33-14-100.

2. (2) The purposes of this regulation include:

   1. (a) Providing requirements for the organization of limited purpose subsidiaries;
   2. (b) Providing for the requirements for the plan of operation for limited purpose subsidiaries;
   3. (c) Providing capital, surplus and risk-based capital requirements for limited purpose subsidiaries;
   4. (d) Providing reporting and notification requirements for limited purpose subsidiaries;
   5. (e) Providing requirements for reserves of limited purpose subsidiaries;
   6. (f) Providing requirements for authorized investments of limited purpose subsidiaries;
   7. (g) Providing requirements with respect to reinsurance ceded or assumed by limited purpose subsidiaries;
   8. (h) Providing requirements and restrictions for Material Transactions of limited purpose subsidiaries;
   9. (i) Providing requirements for dividends and distributions;
   10. (j) Providing requirements for operations of limited purpose subsidiaries;
   11. (k) Providing conditions of, forms for, and approval of the financing of limited purpose subsidiaries;
   12. (l) Providing for other regulation of limited purpose subsidiaries.

Authority: O.C.G.A. §§ 33-2-9, 33-14-100et seq.

History. Original Rule entitled "Scope and Purpose" adopted. F. Nov. 8, 2011; eff. Nov. 28, 2011.