The new Georgia captive insurance bill that will offer businesses and captive managers a more efficient method of forming and domiciling a captive in the state has been sent to Governor Nathan Deal for approval.
The bill, known as SB 173, extensively revises certain provisions and definitions, changes certificate of authority requirements, provides for boards of managers, and makes multiple agency captive provisions.
The Georgia Insurance Department’s captive division is also making it a priority to strengthen relationships within the industry and to provide better customer service to captives, in order to help them succeed.
Georgia currently offers pure, agency, association and industrial insured captive structures, as well as risk retention groups. Minimum capital requirements start at $250,000.
