Georgia House Bill 348 expands permissible lines of insurance and reinsurance for captive and subsidiary companies

Georgia House Bill 348 expands the types of insurance and reinsurance that limited purpose subsidiary insurance companies and captive insurance companies may engage in, effective on the first day of the month following the Governor's approval. The legislation updates definitions related to controlled unaffiliated businesses and sets new rules for permissible insurance lines such as casualty, marine, property, and surety.

Changes the legal scope of business operations for domestic reinsurers, captive insurance companies, and limited purpose subsidiaries operating within Georgia, altering their capacity to handle specific types of risks and alternative financing.