12 GCA § 4405: Exemption From Regulations.

GHMIC shall be exempt from all laws and regulations which give the Director of Revenue and Taxation, as the Commissioner of Banking and Insurance, control over the private insurance industry. Private mortgage insurers who reinsure policies underwritten by GHMIC shall also be exempt from regulation by the Commissioner of Banking and Insurance; provided, that such insurers are regulated by one or more regulatory bodies in any state of the United States.