Ga. Comp. R. & Regs. R. 120-2-34-.15 - Security Deposit

(1) Each Fund granted a Certificate of Authority by the Commissioner shall be required to establish and maintain a security deposit as set forth in O.C.G.A. § 34-9-161.

(2) Any surety bond pledged as security deposit must be on a Form GID-267-RS.

(3) When a security deposit is pledged in cash or eligible securities, the agreement with the bank or institution must be reviewed and approved by the Commissioner prior to the pledge of the security deposit.

(4) In the event the security deposit must be liquidated, the power to sell and assign the securities, savings share certificate, or certificate of deposit pledged to the Commissioner require the completion of Form GID-269-RS or GID-270-RS.

Notes

Ga. Comp. R. & Regs. R. 120-2-34-.15

O.C.G.A. §§ 33-2-9, 34-9-161, 34-9-174, 50-13-21.

Original Rule entitled "Compensation of Administrator or Trustee" was filed on March 16, 1982; effective April 15, 1982, by Order of the Insurance Commissioner. Repealed: New Rule of same title adopted. F. May 9, 1990; eff. June 15, 1990, as specified by the Agency. Repealed: New Rule entitled "Security Deposit" adopted. F. Nov. 4, 1997; eff. Nov. 24, 1997. Amended: F. Mar. 5, 2025; eff. Mar. 25, 2025.