Rule 120-2-46-.04. Financial Conditions

1. (1) Upon approval of the application by the Commissioner of Insurance, a certificate of self-insurance may be issued. Approval shall be conditioned upon a showing of sufficient net worth, sufficient claims handling procedures, and a guarantee of compliance with the "Georgia Motor Vehicle Reparations Act" and the "Motor Vehicle Safety Responsibility Act" in the form of a surety bond executed by an authorized surety insurer in the favor of and approved by the Commissioner of Insurance or approved securities deposited in trust with the Commissioner of Insurance.
2. (2) For the purpose of issuance of a certificate of self-insurance, sufficient net worth and the minimum surety bond or security deposit amounts shall be based as follows on the number of vehicles registered in the applicant's name:
3. (3) For purposes of reporting net worth, the amount of a security deposit posted with the Commissioner of Insurance may be recorded as an asset.

Submitted for Publishing: Mar. 15, 2007.

Authority: O.C.G.A. Secs. 33-2-9, 40-9-101.

History. Original Rule entitled "Financial Conditions" adopted. F. May 26, 1989; eff. June 30, 1989, as specified by the Agency.