06 LC 28 2835S
(SCS)
Senate
Bill 385
By:
Senator Hudgens of the 47th
AS
PASSED SENATE
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 33-11-13 of the Official Code of Georgia Annotated, relating
to authorized investments of insurers generally, so as to provide that insurers
may invest in the obligations of certain Canadian cities; to provide for related
matters; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 33-11-13 of the Official Code of Georgia Annotated, relating to
authorized investments of insurers generally, is amended by striking the Code
section and inserting in lieu thereof a new Code Section 33-11-13 to read as
follows:
"33-11-13.
An
insurer may invest in the obligations of any county, any incorporated city,
town, or village, any school district, water district, sewer district, road
district, or any special district, or any other political subdivision or public
authority of any state, territory, or insular possession of the United States,
or of the District of Columbia, or of the Canadian cities
having
that
have a population of over 25,000 according
to the most recent official
census
Census of
Canada, which has not defaulted for a
period of 120 days in the payment of interest upon, or for a period of more than
one year in the payment of principal of, any of its bonds, notes, warrants,
certificates of indebtedness, securities, or any other interest-bearing
obligation during the five years immediately preceding the acquisition of the
investment."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.