Georgia Laws, Rules, and Regulations Pertinent to Life, Accident, and Sickness Insurance
A Georgia insurer has no shares to issue and cannot raise capital by selling equity. Which form is it?
Answer and explanation
Answer: C. Section 33-14-2(1) defines a mutual insurer as an incorporated insurer without capital stock or shares which is owned and governed by its policyholders, which is why equity cannot be sold. A stock insurer has shares by definition, and fraternal societies and reciprocals are separate forms.Source: O.C.G.A. § 33-14-2 — 33-14-2(1), No capital stock
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