08
LC 28 3844ER
Senate
Bill 347
By:
Senators Hudgens of the 47th and Rogers of the 21st
AS
PASSED
AN
ACT
To
amend Chapter 10 of Title 33 of the Official Code of Georgia Annotated, relating
to assets and liabilities of insurance companies, so as to provide that software
may be considered an admitted asset when determining the financial condition of
insurance companies; to provide for related matters; to provide an effective
date; to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
10 of Title 33 of the Official Code of Georgia Annotated, relating to assets and
liabilities of insurance companies, is amended by revising paragraph (3) of Code
Section 33-10-1, relating to assets considered in determining financial
condition of insurers generally, as follows:
"(3)
Electronic and mechanical machines and software, as such term is defined in
paragraph (74) of Code Section 11-9-102, constituting a data processing,
record-keeping, or accounting system if the cost of such system does not exceed
10 percent of admitted assets or $7,500,000.00, whichever is
less;".
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.