Deposits, Fees, and Premium Taxes

Deposits

All insurers must deposit $100,000 for the first line of business and $25,000 for each additional line of business, up to a maximum of $200,000, for the protection of all policyholders [O.C.G.A. §33-3-5]. Foreign insurers can submit a Certificate of Deposit from their domiciliary state to satisfy this requirement.

All foreign insurers must also deposit $25,000 for the protection of Georgia policyholders and others in Georgia [O.C.G.A. §33-3-9(a)]; foreign non-life insurers must also deposit "such amount as the Commissioner shall require" [O.C.G.A. §33-3-9(b)], but the combined amount under both O.C.G.A. §33-3-9(a) and –(b) cannot exceed $100,000.

Workers compensation insurers must make a $50,000 deposit in addition to the above requirements [O.C.G.A. §34-9-129].

When an insurer is found to be in adverse financial condition, a "reasonable and necessary" additional deposit may be required [O.C.G.A. §33-3-10].

The Commissioner is authorized to assess and collect in advance, and persons so assessed shall pay in advance to the Commissioner, fees and charges cited in "O.C.G.A. §33-8-1. Fees and charges generally" on the Georgia General Assembly website.

Additionally, and per Download this pdf file.Bulletin 20-EX-8  issued by the Georgia Department of Insurance on June 2, 2020, please add a $5.00 processing fee to each relevant amount cited in O.C.G.A. §33-8-1.