Assets deemed eligible for deposit

(a) 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 shares. 569 33-12-5 (b) All deposits required pursuant to the laws of another state, province, or country or pursuant to the retaliatory provisions of Code Section 33-3-26 shall consist of those assets as are required or permitted by law or as are required pursuant to a retaliatory provision. History. — Ga. L. 1887, p. 124, §§ 12, 13; Civil Code 1895, §§ 2060, 2061; Ga. L. 1900, p. 47, § 1; Ga. L. 1901, p. 33, § 1; Ga. L. 1905, p. 77, § 1; Civil Code 1910, §§ 2449, 2450; Ga. L. 1912, p. 119, §§ 14, 27, 39; Ga. L. 1924, p. 121, § 1; Code 1933, §§ 56-311, 56-312, 56-315, 56-320, 56-321, 56-322; Code 1933, § 56-1103, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1974, p. 464, § 4; Ga. L. 1975, p. 1232, § 2; Ga. L. 1983, p. 3, § 24. 33-12-4. Designation of state depositories; responsibility for safekeeping of deposits; acceptance of book-entry securities as securities. (a) 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 receipt to the insurer. (b) The Commissioner shall be responsible for the safekeeping and return of all securities deposited pursuant to this title with the Commissioner or in any depository so designated. (c) The Commissioner may by rule or regulation prescribe the methods by which book-entry securities may be accepted as securities required or permitted by law. History. — Code 1933, § 56-1104, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1993, p. 1721, § 2.