Rule 120-2-100-.05. Officers and Directors

1. (1) Each limited purpose subsidiary shall have not less than three directors.
2. (2) At least one-fourth of the directors of a limited purpose subsidiary must be residents of this state. A majority of the directors must be citizens of the United States.
3. (3) The officers and directors of a limited purpose subsidiary may serve as officers and directors of the organizing domestic reinsurer.
4. (4) A limited purpose subsidiary shall have the following officers: president; chief financial officer, secretary; and employed appointed actuary. The same individual may simultaneously hold more than one office in a limited purpose subsidiary.

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

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