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Georgia Statutes, Title 33

Georgia/Statutes

← All Georgia coverage

Title 33

73 chapters · 1,492 sections in this title.

All chapters in Title 331,492 Ch 24, INSURANCE GENERALLY134 Ch 14, DOMESTIC STOCK AND MUTUAL INSURERS78 Ch 11, INVESTMENTS72 Ch 23, LICENSING62 Ch 37, INSURERS REHABILITATION AND LIQUIDATION59 Ch 9, REGULATION OF RATES, UNDERWRITING RU…49 Ch 15, FRATERNAL BENEFIT SOCIETIES38 Ch 5, REGULATION OF UNAUTHORIZED INSURERS37 Ch 41, CAPTIVE INSURANCE COMPANIES34 Ch 20, HEALTH CARE PLANS33 Ch 3, AUTHORIZATION AND GENERAL REQUIREMEN…32 Ch 2, DEPARTMENT AND COMMISSIONER31 Ch 17, RECIPROCAL INSURERS31 Ch 21, HEALTH MAINTENANCE ORGANIZATIONS31

59 sections·Filtered byTitle 33✕Ch 37✕

O.C.G.A. § 33-37-1 Construction and purpose of chapter
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(a) This chapter shall be known and may be cited as the ‘‘Insurers Rehabilitation and Liquidation Act.’’ (b) This chapter shall not be interpreted to limit the powers granted the Commissioner by other provisions of law. (c) This chapter shall be liberally construed to effect the …
O.C.G.A. § 33-37-2 Applicability
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The proceedings authorized by this chapter may be applied to: (1) All insurers who are doing or have done an insurance business in this state and against whom claims may arise from such business; (2) All insurers who purport to do an insurance business in this state; (3) All insu…
O.C.G.A. § 33-37-3 Deﬁnitions
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As used in this chapter, the term: (1) ‘‘’Ancillary state’’ means any state other than a domiciliary state. (2) ‘‘Creditor’’ means a person having any claim, whether matured or unmatured, liquidated or unliquidated, secured or unsecured, absolute, ﬁxed, or contingent. (3) ‘‘Delin…
O.C.G.A. § 33-37-4 Jurisdiction; exclusiveness of remedy; venue; change of venue
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(a) No delinquency proceeding shall be commenced under this chapter by anyone other than the Commissioner, and no court shall have jurisdiction to entertain, hear, or determine any proceeding commenced by any other person. (b) No court of this state shall have jurisdiction to ent…

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O.C.G.A. § 33-37-5 Grounds for restraining orders and injunctions; rights regarding collateral pledged by insurer-member; process and timeline; options for renewal or restructuring of loan

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(a) Any receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent: (1) The tra…

O.C.G.A. § 33-37-6 Cooperation with Commissioner mandated; penalties for failure to cooperate

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(a) Any officer, manager, director, trustee, owner, employee, or agent of any insurer or any other persons with authority over or in charge of any segment of the insurer’s affairs shall cooperate with the Commis711 sioner in any proceeding under this chapter or any investigation …

O.C.G.A. § 33-37-8 Prohibition against release from proceedings or continuing business

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No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall: (1) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding; (2) Be permitted to solici…

O.C.G.A. § 33-37-8.1 Immunity of receivers and employees; indemniﬁcation; attorney’s fees; approval of settlement

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(a) For the purposes of this Code section, the persons entitled to protection under this Code section are: (1) All receivers responsible for the conduct of a delinquency proceeding under this chapter, including present and former receivers; and (2) Their employees, meaning all pr…

O.C.G.A. § 33-37-10 Conﬁdentiality of proceedings

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In all proceedings and judicial reviews thereof under Code Section 33-37-9, all records of the insurer, other documents, and all Department of Insurance ﬁles and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remai…

O.C.G.A. § 33-37-9 Commencing formal delinquency proceeding; ex parte seizure order; hearing and review of order; notice

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(a) The Commissioner may ﬁle in the superior court of the county in which the insurer is domiciled or in the Superior Court of Fulton County a petition alleging, with respect to a domestic insurer: (1) That there exists any grounds that would justify a court order for a formal de…

O.C.G.A. § 33-37-11 Petition for rehabilitation; grounds

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The Commissioner may apply by petition to the Superior Court of Fulton County for an order authorizing him to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: (1) The insurer is in such condition that the fur…

O.C.G.A. § 33-37-12 Order to rehabilitate; Commissioner to be appointed as rehabilitator; effect of order

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(a) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the Commissioner and his successors in office the rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer…

O.C.G.A. § 33-37-13 Authority of rehabilitator; additional remedies; rehabilitation plan

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(a) The Commissioner as rehabilitator may appoint one or more special deputies who shall have all the powers and responsibilities of the rehabilitator granted under this Code section, and the Commissioner may employ such clerks and assistants as deemed necessary. The compensation…

O.C.G.A. § 33-37-14 Effect of rehabilitation order on pending litigation; standing of guaranty association to participate in rehabilitation

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(a) Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for 90 days and such additional time as …

O.C.G.A. § 33-37-15 Petition for order of liquidation; defense; payment of costs and expenses; order terminating rehabilitation

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(a) Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public or would be futile the Commissioner may petition the superior court for an order of liquidation. A petition …

O.C.G.A. § 33-37-16 Grounds for order of liquidation

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The Commissioner may petition the superior court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: (1) Of any ground for an order of rehabilitation as speciﬁed in Code Section 33-37-11, whether or not there has be…

O.C.G.A. § 33-37-17 Commissioner appointed as liquidator; seizure and administration of assets; effect of ﬁling order; petition for declaration of insolvency; ﬁnancial reports; plan for continued performance pending appe

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(a) An order to liquidate the business of a domestic insurer shall appoint the Commissioner and his successors in office liquidator and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of th…

O.C.G.A. § 33-37-18 Termination of policy coverage

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(a) All policies, including bonds and other noncancelable business, other than life or accident and sickness insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of: (1) A period of 30 days from the date …

O.C.G.A. § 33-37-19 Petition for dissolution of corporate existence

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The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon pe…

O.C.G.A. § 33-37-20 Powers of liquidator

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(a) The liquidator shall have the power: (1) To appoint a special deputy or deputies to act for him under this chapter and to determine his reasonable compensation. The special deputy shall have all powers of the liquidator granted by this Code section. The special deputy shall s…

O.C.G.A. § 33-37-21 Notice of liquidation

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(a) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (1) By ﬁrst-class mail and either by telegram or telephone to the commissioner of insurance of each jurisdiction in which the insurer is doi…

O.C.G.A. § 33-37-22 Responsibility of agent to provide information; penalty for violation

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(a) Every person who receives notice in the form prescribed in Code Section 33-37-21 that an insurer which he represents as an agent is the subject of a liquidation order, shall within 30 days of such notice provide to the liquidator, in addition to the information he may be requ…

O.C.G.A. § 33-37-23 Stay of collateral proceedings against insurer; authority of liquidator to intervene in, and defend, out-of-state action

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(a) Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the insurer or liquidator, whether in this state or elsewhere, nor shall any such exis…

O.C.G.A. § 33-37-24 Time for ﬁling list of assets; reducing assets to liquidity

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(a) As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer’s assets. The list shall be amended or supplemented from time to time as the liquidator may determine. One copy shall be …

O.C.G.A. § 33-37-25 Fraudulent transfers or obligations incurred; avoidance

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(a) Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the ﬁling of a successful petition for rehabilitation or liquidation under this chapter is fraudulent as to then existing and future creditors if made or incurred without fair…

O.C.G.A. § 33-37-26 Transfer of property in good faith; recording copy of petition as notice of seizure of property

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(a) After a petition for rehabilitation or liquidation has been ﬁled, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equ…

O.C.G.A. § 33-37-26.1 Limitations on ability of receiver to void transfer of certain property in connection with federal home loan bank security agreement; transfer avoidance under certain circumstances

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The receiver for an insurer shall not void any transfer of, or any obligation to transfer, money or any other property arising under or in connection with any federal home loan bank security agreement; any pledge, security, collateral, or guarantee agreement; or any other similar…

O.C.G.A. § 33-37-27 Preferential transfers; liens; when transfer perfected; avoidance; transfer for new and contemporaneous consideration; payments to attorneys; personal liability of participants

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(a)(1) A preference is a transfer of any of the property of an insurer to or for the beneﬁt of a creditor for or on account of an antecedent debt made or suffered by the insurer within one year before the ﬁling of a successful petition for liquidation under this chapter, the effe…

O.C.G.A. § 33-37-28 Disallowing preferred creditor’s claims

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(a) No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance. If the avoidance…

O.C.G.A. § 33-37-29 Mutual debts and credits

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(a) In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of…

O.C.G.A. § 33-37-30 Liquidator’s report to court; assessment against members of insurer; procedure when assessment not paid

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(a) As soon as practicable but not more than two years from the date of an order of liquidation under Code Section 33-37-17 of an insurer issuing assessable policies, the liquidator shall make a report to the court setting forth: (1) The reasonable value of the assets of the insu…

O.C.G.A. § 33-37-31 Liability of reinsurers

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The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings regardless of any provision in the reinsurance contract or other agreement. The reinsurance shall be payable under a contract or contracts reinsured by the ass…

O.C.G.A. § 33-37-32 Premiums due during pendency of liquidation action; penalties for violation; notice; right to appeal

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(a)(1) An agent, broker, premium ﬁnance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, whether earne…

O.C.G.A. § 33-37-33 Application for approval of proposal to disburse assets; notice

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(a) Within 120 days of a ﬁnal determination of insolvency of an insurer by a court of competent jurisdiction of this state, the liquidator shall make application to the court for approval of a proposal to disburse assets out of marshaled assets, from time to time as such assets b…

O.C.G.A. § 33-37-34 Proof of claims; late ﬁling

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(a) Proof of all claims shall be ﬁled with the liquidator in the form required by Code Section 33-37-35 on or before the last day for ﬁling speciﬁed in the notice required under Code Section 33-37-21, except that proof of claims for cash surrender values or other investment value…

O.C.G.A. § 33-37-35 Contents of proof of claim; effect of judgment or order within four months of, or after, ﬁling petition for liquidation

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(a) Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable: (1) The particulars of the claim including the consideration given for it; (2) The identity and amount of the security on the claim; (3) The payments mad…

O.C.G.A. § 33-37-36 Third-party contingent claim; claims due in future; claims under employment contracts

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(a) The claim of a third party which is contingent only on his ﬁrst obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. (b) A claim may be allowed, even if contingent, if it is ﬁled in accordance with Code Section 33-37-3…

O.C.G.A. § 33-37-37 Third-party claim against insured

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(a) Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may ﬁle a claim with the liquidator. (b) Whether or not the third party ﬁles a claim, the insured may ﬁle a claim on his own behalf in the liquidation. If the i…

O.C.G.A. § 33-37-38 Procedure when claim denied

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(a) When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by ﬁrst-class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may ﬁle …

O.C.G.A. § 33-37-39 When third person subrogated to rights of creditor

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Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person fails to prove and ﬁle that claim, the other person may do so in the creditor’s name, and shall be subrogated to the rights of the creditor, whether the claim …

O.C.G.A. § 33-37-40 Determining value of security held by secured creditor

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(a) The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (1) By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or (2)…

O.C.G.A. § 33-37-41 Priority of distribution of claims

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For all claims in insolvencies, the priority of distribution of claims from the insurer’s estate shall be in accordance with the order as set forth in this Code section. Every claim in each class shall be paid in full or adequate funds retained for such payment before the members…

O.C.G.A. § 33-37-42 Authority of liquidator to compound, compromise, or negotiate claims; report to court

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(a) The liquidator shall review all claims duly ﬁled in the liquidation and shall make such further investigation as he shall deem necessary. He may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where th…

O.C.G.A. § 33-37-43 Payment of distributions

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Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, in…

O.C.G.A. § 33-37-44 Disposition of unclaimed funds subject to distribution

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(a) All unclaimed funds subject to distribution remaining in the liquidator’s hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, mem757 ber, or other person who is unknown or cannot be found shall be mainta…

O.C.G.A. § 33-37-45 Liquidator’s application for discharge

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(a) When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any…

O.C.G.A. § 33-37-46 Reopening liquidation proceedings

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After the liquidation proceeding has been terminated and the liquidator discharged, the Commissioner or other interested party may at any time petition the superior court to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satis…

O.C.G.A. § 33-37-47 Retention or destruction of records

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Whenever it shall appear to the Commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he may recommend to the court and the court shall direct what records should be retained for future reference and what should be d…

O.C.G.A. § 33-37-48 Receivership audits

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The superior court may, as it deems desirable, cause audits to be made of the books of the Commissioner relating to any receivership established under this chapter, and a report of each audit shall be ﬁled with the Commissioner and with the court. The books, records, and other do…

O.C.G.A. § 33-37-49 Commissioner appointed as conservator of alien or foreign insurer’s property; grounds

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(a) If a domiciliary liquidator has not been appointed, the Commissioner may apply to the superior court by veriﬁed petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one o…