Rule 120-2-30-.03. Definitions
- (1) "Commissioner" shall mean the Georgia Insurance Commissioner.
- (2) "Domestic mutual insurer" shall mean an insurance company incorporated under the laws of Georgia without capital stock or shares, and is owned and governed by its policyholders.
- (3) "Earned surplus" shall mean those funds remaining after deducting required liabilities and contingent liabilities, special surplus, gross paid in and contributed surplus from net admitted assets of a domestic mutual insurer.
- (4) "Surplus loan" shall mean money borrowed to defray the expenses of an insurer's organization, to provide it with surplus funds, or for any purpose required by its business, upon a written agreement that such money is required to be repaid only out of the insurer's surplus in excess of that stipulated in such agreement.
- (5) "Surplus note" or "surplus certificate" shall mean the written agreement referred to in subsection .03(4) of this Chapter.
Submitted for Publishing: Mar. 15, 2007.
Authority: Ga. L. 1960, pp. 289, 305, 549, 1969, pp. 490, 491.
History. Original Rule entitled "Definitions" adopted as ER. 120-2-30-0.3-.03. 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.