§ 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 […]
§ 33-12-7. Procedure Upon Occurrence of Deficiencies in Deposits of Insurers Generally
If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure […]
§ 33-12-8. Release of Deposits Generally
Any deposit made in this state under this title shall be released: To the insurer upon extinguishment by reinsurance or otherwise of all liability of the insurer for the security of which the deposit is held; To the insurer to the extent such deposit is in excess of the amount required; or Upon proper order […]
§ 33-12-9. Requirement of Application and Order for Release of Deposits; Liability of Commissioner for Release
No release of deposited funds shall be made except upon application to and the written order of the Commissioner. The Commissioner shall have no liability for any release of any deposit or part of a deposit so made by him in good faith. History. Ga. L. 1916, p. 129, § 2; Code 1933, § 56-1113; […]
§ 33-12-10. Levy Upon Deposits by Claimants
No judgment creditor or other claimant of an insurer shall levy upon any deposit held pursuant to this title or upon any part of a deposit, except that such levy may be permitted if so specified in the Commissioner’s order requiring the deposit pursuant to the retaliatory provision of Code Section 33-3-26. History. Code 1933, […]
§ 33-12-11. Retention of Amount to Pay Judgment in Event of Occurrence of Loss by Insured; Application for Appointment of Receiver
Whenever any loss insured against shall occur, the insured or other person entitled to the proceeds of the policy, by judgment or otherwise, in order to secure his recovery, may give notice to the Commissioner of the occurrence of said loss and of the amount claimed, after which notice the Commissioner shall be bound to […]
§ 33-12-12. Proceedings Upon Appointment of Receiver Generally
The Commissioner in his capacity as receiver shall apply to the judge of the superior court for an order of sale and in pursuance of said order shall sell said securities. After deducting any expenses as shall be allowed by the court, he shall pay over to the plaintiff or his attorney a sufficient amount […]
§ 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 […]