TITLE 33 INSURANCE

Section 11. Investments, 33-11-1 through 33-11-89.

ARTICLE 1 INVESTMENTS OF CERTAIN INSURERS

33-11-41. Effect of failure of insurer to dispose of real estate, personal property, or securities.

1. 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.
2. 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.

(Code 1933, § 56-1034, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)