Plain English Breakdown
The specific lines of insurance or reinsurance being added are not detailed in the provided summary text.
Expanding Insurance Options for Captive Companies
This law changes Georgia rules to let limited purpose subsidiaries and captive insurance companies offer more types of coverage.
What This Bill Does
- Amends state laws regarding domestic stock and mutual insurers.
- Updates rules for captive insurance companies in the Official Code of Georgia Annotated.
- Expands the lines of insurance or reinsurance that limited purpose subsidiaries may engage in.
- Provides definitions needed for these changes.
- Repeals older laws that conflict with this new bill.
Who It Names or Affects
- Limited purpose subsidiary insurance companies
- Captive insurance companies
Limits and Unknowns
- The official text does not list the specific new types of coverage allowed.
- It is unclear if this law changes how much money these companies must hold in reserve.
- The bill summary does not explain which older laws are being removed.