State RegulationsGA specificDifficulty 1/5
An insurance company is incorporated under Georgia law with its home office in Atlanta. Under O.C.G.A. § 33-3-1, for regulatory purposes the company is classified as:
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under O.C.G.A. § 33-3-1, a domestic insurer is one formed under the laws of this state. An insurer incorporated in Georgia is domestic no matter where it writes business; the foreign and alien labels are reserved for companies formed elsewhere, and reciprocal describes an ownership structure rather than a place of formation.
Why the other options are wrong
- B) A foreign insurer is formed under the laws of another state of the United States, not Georgia.
- C) An alien insurer is formed under the laws of a country outside the United States.
- D) A reciprocal insurer is defined by its ownership structure — subscribers exchanging contracts through an attorney-in-fact — not by its place of formation.
Memory hook
Born in Georgia = domestic.