O.C.G.A. § 33-10-10
Title insurance, required reserves
Redline — December 1, 2018 → current.View current text →
Current — August 21, 2019
As of December 1, 2018
In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
In addition to an adequate reserve as to outstanding losses as required under Code Section 33-10-5, a title insurer shall maintain a guaranty fund or unearned premium reserve of not less than an amount computed as follows:
(1) Ten percent of the total amount of the risk premiums hereafter written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
(1) Ten percent of the total amount of the risk premiums written in the calendar year for title insurance contracts shall be assigned originally to the reserve; and
(2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.
(2) During each of the 20 years next following the year in which the title insurance contract was issued, the reserve applicable to the contract may be reduced by 5 percent of the original amount of the reserve.
Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.