The bill, known as SB 173, has received House of Representatives committee approval on 9 March. It was sponsored by Republican Jason Shaw and has already passed the Senate.
It 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 a superior level of 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 .