Georgia Captive Legislation Update

Senate Bill 347 unanimously passed the Georgia Senate on February 26th and has been sent to the Georgia House Insurance Committee for review. The bill revises the current law and includes extensive changes to the captive insurance provisions, including adding a new definition for agency captive, expansion of the definition of a risk retention group captive, allowing accident and sickness insurance to be written by a pure captive insurance company, permitting companies that do not maintain their principal place of business in Georgia to be licensed under Georgia law, and other changes.

“The current changes should increase interest of businesses based in Georgia and outside of Georgia in forming (and redomesticating as appropriate) Captives under Georgia law as the law continues to be modified to meet the needs of businesses and their owners.”  –Kimberly Bunting

[fontawesome icon=”fa-file-text-o” circle=”yes” size=”13px” iconcolor=”” circlecolor=”” circlebordercolor=”” rotate=”” spin=”no” animation_type=”0″ animation_direction=”down” animation_speed=”0.1″ animation_offset=”” alignment=”left” class=”” id=””]Download SB 347 Substitute PDF