Ga. Comp. R. & Regs. R. 120-2-30-.05 - Required Provisions on all Notes or Certificates
The body of the note or certificate shall provide that:
(a) All payment of interest and
principal shall be payable only out of earned surplus in excess of that surplus
required by law to transact the kind(s) of insurance for which the company is
authorized.
(b) All proposed
payments of any interest and principal shall be submitted to the Commissioner
for his approval prior to any payments being made.
(c) The Commissioner may disapprove the
repayment of any surplus loan if it is found that a reduction of the insurer's
surplus would be hazardous to its policyholders or to the public.
Notes
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