Rule 120-2-45-.16. Acquisition of Control of or Merger with Domestic Captive Insurance Company

No tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire in the open market or otherwise, any voting security of a captive insurance company shall be effective without the prior written approval of the Commissioner. The repurchase of securities from shareholders shall be treated as a distribution and is governed by Regulation 120-2-45-.15. In considering any application for acquisition of control or merger with a domestic captive insurance company, the Commissioner shall consider all of the facts and circumstances surrounding the application as well as the criteria for establishment of a captive insurance company set out in this Chapter.

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 (See Editor's Note, p. 88.03.)Note: "Editor's Note" rescinded.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.

Authority: O.C.G.A. § 33-41-23.

History. Original Rule entitled "Penalties" f. Feb. 9, 1989; eff. Mar. 1, 1989, as specified by the Agency.

Repealed: New Rule entitled "Acquisition of Control of or Merger with Domestic Captive Insurance Company" adopted. F. Sep. 21, 2015; eff. Oct. 11, 2015.