Ga. Comp. R. & Regs. R. 120-2-72-.05 - Participation in Fund
(1) On or before July 1 of the year of the
approval of the appropriation specified in O.C.G.A. §
33-1-17, the Commissioner shall
assess each foreign, alien and domestic insurance company doing business in
Georgia on the following basis:
(a) Each
insurer whose Georgia written premium is less than $1,000,000.00, including
those insurers whose Georgia written premium is zero or less than zero, will
each be assessed a fixed amount not more than the minimum amount assessed an
insurer with Georgia written premium of $1,000,000.00 or greater;
(b) Each insurer whose Georgia written
premium is $40,000,000.00 or greater but less than $100,000,000.00, an
assessment equal to .0035 times the appropriated amount;
(c) Each insurer whose Georgia written
premium is $100,000,000.00 or greater but less than $500,000,000.00, an
assessment equal to .0045 times the appropriated amount;
(d) Each captive insurer - other than the
following domestic captive insurance companies: an agency captive insurance
company, dormant captive insurance company, industrial insured captive
insurance company, sponsored captive insurance company (including a protected
cell thereof), or pure captive insurance company - shall be assessed a fixed
amount of $100.00, without regard to the amount of premium written;
(e) Each insurer whose Georgia written
premium is $500,000,000.00 or greater but less than $1,000,000,000.00, an
assessment equal to .0055 times the appropriated amount;
(f) Each insurer whose Georgia written
premium is $1,000,000,000.00 or greater, an assessment equal to .0065 times the
appropriated amount;
(g) Regarding
each insurer not included in (a) through (f) herein, an assessment shall be
computed on a pro-rata basis of the remainder of the appropriation for each
insurer whose Georgia written premium is $1,000,000.00 or greater but less than
$40,000,000.00.
(2)
Written premium is premiums written in GEORGIA ONLY, including annuity
considerations and is determined prior to reinsurance transactions. Written
premium is determined from the most recent annual statement on file with the
Commissioner at the time the assessment calculations are made.
(3) Assessments based on the annual
appropriation shall be due on September 1 of the year of the
assessment.
(4) In the event of a
supplemental appropriation, the assessment will be made as soon as practicable
after approval of the appropriation, and will be due thirty (30) days after
assessment.
(5) Any assessment
levied pursuant to this Regulation Chapter which is not remitted to the Georgia
Insurance Department on or before the due date shall be deemed delinquent and
subject to a penalty of 10% of the amount owed, together with interest on the
principal at the rate of 1% per month, or any part of a month, from the date
due until the date paid. Such penalty and interest, if any, shall be
transmitted by the Commissioner to the State Treasury and shall not act to
increase the funds available for the purposes described in O.C.G.A. §
33-1-17.
(6) When the dates prescribed by this
regulation fall on a Saturday, Sunday, or legal holiday the date shall be
postponed until the first day following which is not a Saturday, Sunday or
legal holiday.
Notes
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