Ga. Comp. R. & Regs. R. 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.
Notes
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