Rule 120-2-34-.20. Reserve Requirement

1. (1) The Fund shall maintain loss reserves computed in the same manner and upon the same basis as required by O.C.G.A. § 34-9-163(1) and (2) and shall report these reserves in all financial reports filed with the Commissioner.

2. (2) The Annual Report shall include an actuarial opinion specifically stating that carried reserves:

   1. (a) meet the requirements of O.C.G.A. § 34-9-163(1) and (2);
   2. (b) are computed in accordance with accepted loss reserving standards and principles; and
   3. (c) make a reasonable provision for all unpaid loss and loss expense obligations of the Fund under the terms of its agreement.

Authority: O.C.G.A. §§ 33-2-9, 34-9-163, 34-9-174, 50-13-21.

History. Original Rule entitled "Penalties" was filed on March 16, 1982; effective April 15, 1982, by Order of the Insurance Commissioner.

Repealed: New Rule of same title adopted. F. May 9, 1990; eff. June 15, 1990, as specified by the Agency.

Repealed: New Rule entitled "Reserve Requirement" adopted. F. Nov. 4, 1997; eff. Nov. 24, 1997.

Amended: F. Mar. 5, 2025; eff. Mar. 25, 2025.