Rule 120-2-50-.06. Security Deposits

Security Deposit in the amount of $100,000 shall be made with the Commissioner on forms GID-5A through GID-6, as applicable. Referenced forms are attached to Rules and Regulations of the Georgia Insurance Department, Section 120-2-18-.04, Exhibits B and C, and are hereby incorporated herein by reference. The following types of security deposits are acceptable:

1. (a) Securities having a market value of not less than $100,000 registered in the name of the plan, both as to principal and interest, with forms GID-5A and GID-6. Forms GID-5B and 5C are not required with the deposit of U.S. Treasury Bonds or Notes.
2. (b) Certificates of Deposit in Georgia banks in an amount of $100,000, and for a duration of at least one year unless automatically renewable, with form GID-6.

Authority: O.C.G.A. Secs. 33-2-9, 33-50-3, 33-50-10.

History. Original Rule entitled "Security Deposits" adopted. F. Mar. 10, 1993; eff. Apr. 8, 1993.