Ga. Comp. R. & Regs. R. 120-2-30-.06 - Conditions Authorizing Issuing Insurer to Make Repayment
(1) All payments of
any 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, or in excess of the insurer's surplus at the
time the loan was made, whichever is greater.
(2) All payments are payable only after
providing for all reserves and other liabilities of the issuing
insurer.
(3) All proposed payments
of any interest and principal shall be submitted to the Commissioner for his
approval prior to payment being made.
(4) 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.
(5) The issuing insurer may reserve the right
to repay the principal and any accrued interest or unpaid interest of a surplus
note or certificate at any time.
Notes
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