Section 33-41-12. Assets

   For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13, the reporting of business affairs pursuant to Code Section 33-41-15, and the examinations and investigations pursuant to Code Section 33-41-16, there shall be allowed as assets of a captive insurance company:

   (1) Those assets described in Code Section 33-10-1;

   (2) Those assets otherwise authorized by Code Sections 33-41-8 and 33-41-14; and

   (3) Obligations for premium payments, provided such obligations are secured by letters of credit, as described in Code Section 33-41-9.

Code 1981, § 33-41-12, enacted by Ga. L. 1988, p. 966, § 2.