Time limit for disposal by insurer of real estate

(a) Except as provided in subsection (d) of this Code section, an insurer shall dispose of real property within time limits as follows: (1) If acquired under paragraph (1) of subsection (a) of Code Section 33-11-29 or Code Section 33-11-31, the insurer shall sell the property within five years after it ceased to be used or to be necessary for the purposes stated in paragraph (1) of subsection (a) of Code Section 33-11-29 or Code Section 33-11-31; (2) If acquired under paragraph (2), (3), or (4) of subsection (a) of Code Section 33-11-29, the insurer shall sell the property within five years after the insurer acquired title to the property; (3) If acquired under paragraph (5) of subsection (a) of Code Section 33-11-29, the insurer shall sell the property within five years after the date of acquisition by the insurer of the real property the marketability or sales price of which was so enhanced; and (4) If acquired under Code Section 33-11-30, the insurer shall within five years after the termination or expiration of the lease sell 518 33-11-40 the property or re-lease the property for an additional term under the same conditions provided for in Code Section 33-11-30 as for an original leasing. (b) Any real property otherwise subject to disposal under paragraphs (2) through (4) of subsection (a) of this Code section may be retained by the insurer for home office or branch office purposes for so long as so used, provided that retention of the real property is in compliance with any other provisions of this article applicable to the home office and branch office property (real property leasing). (c) Any real property otherwise subject to disposal under paragraph (1), (2), or (3) of subsection (a) of this Code section may be retained by the insurer for leasing under Code Section 33-11-30 for so long as so used and subject to provisions otherwise applicable to such real property for leasing. (d) Upon proof satisfactory to him that the interests of the insurer will suffer materially by the forced sale of such real property, the Commissioner may by certificate grant a reasonable additional period, as specified in the certificate, within which the insurer shall dispose of any particular parcel of real property. (e) Nothing contained in this Code section shall prevent any insurer from improving or conveying its real property, notwithstanding the lapse of five years without having procured a certificate from the Commissioner. History. — Code 1933, § 56-1032, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1987, p. 3, § 33; Ga. L. 1999, p. 592, §§ 5, 6. 33-11-40. Time limit for disposal by insurer of personal property or securities deemed unauthorized investments. Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three years from date of acquisition unless within that period the security has attained to the standard of eligibility. However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for the reinsurance, merger, or consolidation as approved by the Commissioner under Chapter 14 of this title. Upon application by the insurer and proof that forced sale of any of the property or security would materially injure the interests of the insurer, the Commissioner may extend the disposal period for an additional reasonable time. 519 33-11-42 History. — Code 1933, § 56-1033, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6. 33-11-41. Effect of failure of insurer to dispose of real estate, personal property, or securities. (a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section 33-11-39 or 33-11-40, shall not be allowed as an asset of the insurer. (b) The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer’s certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify. History. — Code 1933, § 56-1034, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6. 33-11-42. Investments of foreign and alien insurers; place of domicile. (a) The investments of foreign and alien insurers shall be as permitted by the laws of their domicile but shall be of a quality substantially as high as those required under this article for similar funds of like domestic insurers. (b) For the purposes of this Code section the domicile of an alien insurer, other than insurers formed under the laws of Canada, shall be that state designated by the insurer in writing filed with the Commissioner at time of admission to this state and may be any one of the following states: (1) This state if the insurer is entering through this state to transact insurance in the United States through a United States branch; (2) That in which the insurer was first authorized to transact insurance; (3) That in which is located the insurer’s principal place of business in the United States; or (4) That in which is held the larger deposits of trusteed assets of the insurer for the protection of its policyholders and creditors in the United States. 520 33-11-43 (c) If the insurer makes no such designation, its domicile shall be deemed to be that state in which is located its principal place of business in the United States. (d) In the case of the insurer formed under the laws of Canada or a province of Canada, its domicile shall be deemed to be that province in which its head office is situated. History. — Code 1933, § 56-1036, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 584, § 5; Ga. L. 1999, p. 592, §§ 5, 6.