07 LC 28
3363
House
Bill 408
By:
Representative Knox of the
24th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 33-41-20 of the Official Code of Georgia Annotated, relating
to exclusion from insolvency funds, so as to provide for an exception for
companies that have reorganized under Chapter 13A of Title 33; to provide for
certain contingency and effective dates; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 33-41-20 of the Official Code of Georgia Annotated, relating to
exclusion from insolvency funds, is amended by revising subsection (a) as
follows:
"(a)(1)
Except for
companies that have reorganized under Chapter 13A of this title,
no
No
captive insurance company shall be permitted to join or contribute financially
to the Georgia Insurers Insolvency Pool under Chapter 36 of this title or any
other plan, pool, or association guaranty or insolvency fund in this state nor
shall any
such
captive insurance company, or its insureds or claimants against its insureds,
nor its parent or any affiliated company receive any benefit from the Georgia
Insurers Insolvency Pool or any other plan, pool, or association guaranty or
insolvency fund for claims arising out of the operations of such captive
insurance company.
(2)
No captive insurance company shall be required to participate in any FAIR Plan
established and maintained in this state under Chapter 33 of this
title.
(3)
No captive insurance company shall be required to participate in any joint
underwriting association established and maintained in this state under Chapter
9 of this title."
SECTION
2.
Provided
that the General Assembly enacts the Mutual Holding Company Act as Chapter 13A
of Title 33 during the 2007 regular session, this Act shall become effective
July 1, 2007. Otherwise, this Act shall stand repealed on that date by
operation of law.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.