§ 33-5-25 - Broker to ascertain financial condition of unauthorized insurer prior to placement of insurance therewith; placement of insurance with foreign or alien insurers
O.C.G.A. 33-5-25 (2010)
33-5-25. Broker to ascertain financial condition of unauthorized insurer prior to placement of insurance therewith; placement of insurance with foreign or alien insurers
(a) The broker shall ascertain the financial condition of the unauthorized insurer before placing insurance with the unauthorized insurer and shall not place surplus line insurance with any insurer who does not meet, according to current available reliable financial information, the requirements provided in subsection (b) of this Code section.
(b)(1) The broker shall so insure only:
(A) With an insurance company licensed and domiciled in a state or United States territory which at all times maintains capital and surplus amounting to at least $3 million;
(B) With any group of foreign individual underwriters licensed and domiciled in a state or United States territory if such group maintains a trust or security fund of at least $10 million as security to the full amount thereof for all policyholders and creditors in the United States of each member of the group. If the group includes incorporated and unincorporated underwriters, the incorporated members shall not be engaged in any business other than underwriting as a member of the group and shall be subject to the level of solvency regulation and control by the group's domiciliary regulatory as are the unincorporated members; or
(C) With any alien insurer or group of alien underwriters, including, but not limited to, any Lloyd's group, that is on an approved list maintained by the Commissioner.
(2) An insurer or group of foreign individual underwriters described in subparagraph (A) or (B) of paragraph (1) of this subsection shall annually furnish to the broker a copy of its current annual financial statement and, in the case of a group of foreign individual underwriters, evidence of compliance with required trust or security fund deposits.
(c) For any violation of this Code section, a broker's license may be suspended or revoked as provided in Code Section 33-5-23.