Ga. Comp. R. & Regs. R. 120-2-60-.18 - Exemptions and Effective Dates
(1) Upon written application of any insurer,
the Commissioner may grant an exemption from compliance with this rule if the
Commissioner finds, upon review of the application, that compliance with this
rule would constitute a financial or organizational hardship upon the insurer.
An exemption may be granted at any time and from time to time for a specified
period or periods. Within ten (10) days from a denial of an insurer's written
request for an exemption from this rule, such insurer may request in writing a
hearing on its application for an exemption. Such hearing shall be conducted in
accordance with Chapter 2 of Title 33 of the Official Code of Georgia Annotated
and the applicable Rules and Regulations of the Georgia Insurance
Department.
(2) Domestic insurers
retaining a certified public accountant on the effective date of this
regulation who qualify as independent shall comply with this regulation for the
year ending December 31, 2010, and each year thereafter unless the Commissioner
permits otherwise.
(3) Domestic
insurers not retaining a certified public accountant on the effective date of
this rule who qualify as independent may meet the following schedule for
compliance unless the Commissioner permits otherwise.
(a) As of December 31, 2010, file with the
Commissioner:
1.Report of independent
certified public accountant;
2.Audited balance sheet;
3.Notes to audited balance sheet.
(b) For the year ending December
31, 2010, and each year thereafter, such insurers shall file with the
Commissioner all reports required by this regulation.
(4) Foreign insurers shall comply with this
Regulation for the year ending December 31, 2010, and each year thereafter,
unless the Commissioner permits otherwise.
(5) The requirements of
120-2-60-.07(4)
shall be in effect for audits of the year beginning January 1, 2010 and
thereafter.
(6) The requirements of
120-2-60-.14 are to be in effect
January 1, 2010. An insurer or Group of insurers that is not required to have
independent Audit committee members or only a majority of independent Audit
committee members (as opposed to a supermajority) because the total written and
assumed premium is below the threshold and subsequently becomes subject to one
of the independence requirements due to changes in premium shall have one (1)
year following the year the threshold is exceeded (but not earlier than January
1, 2010) to comply with the independence requirements. Likewise, an insurer
that becomes subject to one of the independence requirements as a result of a
business combination shall have one (1) calendar year following the date of
acquisition or combination to comply with the independence
requirements.
(7) The requirements
of 120-2-60-.17
and other modified sections [i.e.,
120-2-60-.03, .04, .05, .06, .07,
.09, .10, .11, .12, .13, .15, .17, .18, and .19], except for
120-2-60-.14 covered above, are
effective beginning with the reporting period ending December 31, 2010 and each
year thereafter. An insurer or Group of insurers that is not required to file a
report because the total written premium is below the threshold and
subsequently becomes subject to the reporting requirements shall have two (2)
years following the year the threshold is exceeded (but not earlier than
December 31, 2010) to file a report. Likewise, an insurer acquired in a
business combination shall have two (2) calendar years following the date of
acquisition or combination to comply with the reporting requirements.
(8) The requirements of
120-2-60-.15 are to be in effect
January 1, 2016. If an insurer or group of insurers that is exempt from the
120-2-60-.15 requirements no longer
qualifies for that exemption, it shall have one year after the year the
threshold is exceeded to comply with the requirements of this
article.
Notes
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