§ 33-3-18. Administrative Supervision or Suspension of Certificate of Authority for Cause

The Commissioner may, without advance notice or a hearing thereon, place an insurer under administrative supervision or suspend immediately the certificate of authority of any insurer:

1. As to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the public insurance supervisory official of such state;
2. Whose authority to do business in any state has been revoked, suspended, or restricted in any way by the public insurance supervisory official of such state; or
3. If upon examination or at any other time it appears in the Commissioner’s discretion that:
   1. The insurer’s condition renders the continuance of its business hazardous to the public or to its insureds;
   2. The insurer exceeded its powers granted under its certificate of authority and applicable law;
   3. The insurer has failed to comply with the applicable provisions of this title;
   4. The business of the insurer is being conducted fraudulently; or
   5. The insurer gives its consent.

History. Code 1933, § 56-317.2, enacted by Ga. L. 1969, p. 585, § 1; Ga. L. 1991, p. 1424, § 1; Ga. L. 1992, p. 2877, § 6.

Law reviews.

For note on 1991 amendment of this Code section, see 8 Ga. St. U.L. Rev. 89 (1992).