P&CGeorgiaeasy
Under O.C.G.A. § 33-2-11, how often must the Georgia Commissioner of Insurance and Safety Fire examine the affairs, transactions, accounts, and records of every authorized domestic insurer?
AAt least once every ten years
At least once every five years
COnly upon receipt of a written consumer complaint
DOnly when the insurer's RBC ratio falls below 200%
Why this is the answer
O.C.G.A. § 33-2-11 sets the maximum interval between routine financial examinations of authorized domestic insurers at five years. The Commissioner may examine more frequently when warranted by financial concerns, complaints, or risk-based criteria, and may also examine foreign insurers when those insurers are not subject to comparable examinations by their domiciliary regulator. Examination reports are filed and become public after the company has had an opportunity to respond. Georgia aligns with the NAIC Financial Condition Examiners Handbook five-year cycle.
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