Receivership

Whenever it appears to the Commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided in Chapter 37 of this title to take possession of the property of the domestic insurer and to conduct the business of the domestic insurer. History. — Code 1933, § 56-3411, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, § 33-13-11; Code 1981, § 33-13-12, as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108. Editor’s notes. — Ga. L. 2013, p. 802, § 1/HB 312, effective July 1, 2013, redesignated former Code Section 33-13-11 as present Code Section 33-13-12 and redesignated former Code Section 33-13-12 as present Code Section 33-13-13. 33-13-13. Revocation, suspension, or nonrenewal of license or authority to do business. Whenever it appears to the Commissioner that any person has committed a violation of this article which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke, or refuse to renew the insurer’s license or authority to do business in this state for any period as he or she finds is required for the protection of policyholders or the public. Any determination shall be accompanied by specific findings of fact and conclusions of law. History. — Code 1933, § 56-3412, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, § 33-13-12; Code 1981, § 33-13-13, as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108.