§ 33-12-13. Proceedings Upon Appointment of Receivers for Satisfaction of Multiple Claims
If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provided in Code Section 33-12-11. If the receiver determines that the […]
§ 33-12-14. Proceeding by Commissioner Upon Reduction in Amount of Deposit Resulting From Occurrence or Loss by Insured; Effect of Failure to Deposit Additional Securities
Whenever, by means of Code Sections 33-12-11 through 33-12-13, the amount of securities so deposited shall be reduced, the Commissioner shall give notice to the insurer depositing and require more securities to be deposited so as always to maintain the original amount; and if the company so notified by the Commissioner shall fail to comply […]
§ 33-12-15. Limitation Period for Settlement or Renewal of Claims Against Deposits of Insurers; Procedure Upon Settlement of Claims
Whenever a notice of claim is filed with the Commissioner as provided by law against the deposit of any insurance company doing business in Georgia and said claim has not been withdrawn at the expiration of seven years from the date of the notice of claim, the Commissioner is authorized to treat the notice as […]
§ 33-12-16. Effect of Order of General Receivership
Whenever a general receivership under Chapter 37 of this title is ordered by a court of this state, it shall supersede receiverships created under Code Sections 33-12-11 through 33-12-13. History. Code 1933, § 56-1116, enacted by Ga. L. 1960, p. 289, § 1.
§ 33-12-17. Withdrawal of Deposit
When any depositing company shall desire to withdraw any deposit made with the Commissioner as provided by Code Section 33-12-1, and the Commissioner shall find that the deposit is no longer required, in whole or in part, in order to comply with the laws of this or any other state, he may to that extent […]
§ 33-12-2. Purposes for Which Deposits to Be Held
Deposits shall be held as follows: When the deposit is required for authority to transact insurance in this state, the deposit shall be held for the protection of all the insurer’s policyholders or others entitled to the proceeds of policies within the United States, provided that this paragraph shall not apply to a deposit made […]
§ 33-12-3. Assets Deemed Eligible for Deposit
All deposits required for authority to transact insurance in this state shall consist of any combination of the securities eligible for the investment of capital funds of domestic insurers as enumerated and described in paragraph (3) of Code Section 33-11-5, except real estate, notes secured by real estate, stocks, or investment trust or investment company […]
§ 33-12-4. Designation of State Depositories; Responsibility for Safekeeping of Deposits; Acceptance of Book-Entry Securities as Securities
The Commissioner may designate any regularly constituted state depository having trust powers domiciled in this state as a depository to receive and hold deposit. A deposit so held shall be at the expense of the insurer. A depository shall give to the Commissioner proper trust and safekeeping, receipt upon which the Commissioner shall give official […]
§ 33-12-5. Rights of Insurers as to Recovery, Exchange, and Inspection of Deposits Generally
So long as the insurer remains solvent and complies with this title it may: Demand, receive, institute an action for, and recover the income from the securities deposited; Exchange and substitute for the deposited securities or any part thereof, with the approval of the Commissioner, eligible securities of equivalent or greater value; and Inspect at […]
§ 33-12-6. Deposit of Securities in Amounts Exceeding Required or Permitted Deposit
An insurer may deposit eligible securities in an amount exceeding its deposit required or otherwise permitted under this title by not more than $100,000.00 for the purpose of absorbing fluctuations in the value of securities held in its deposit and to facilitate the exchange and substitution of securities deposited. During the solvency of the insurer […]