Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448
O.C.G.A. § 33-12-13 — Proceedings upon appointment of receivers for satisfaction of multiple claims | Georgia Code
O.C.G.A. § 33-12-13 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 33 INSURANCE

Section 12. Administration of Deposits, 33-12-1 through 33-12-17.

ARTICLE 3 INVESTMENT POOLS

33-12-13. Proceedings upon appointment of receivers for satisfaction of multiple claims.

If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provided in Code Section 33-12-11. If the receiver determines that the securities the insurer has on deposit are insufficient to cover the claim and if there is another receivership or there are other receiverships in this state against the same insurer in which distribution has not been completed, the Commissioner shall institute proceedings for a general receivership under Chapter 37 of this title.

(Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2038; Ga. L. 1896, p. 58, § 3; Civil Code 1910, §§ 2422, 2559; Code 1933, §§ 56-304, 56-1109; Code 1933, § 56-1113, enacted by Ga. L. 1960, p. 289, § 1.)

JUDICIAL DECISIONS

Deposit is primarily to secure payment of losses, which have priority.

- The primary purpose of the deposit is to secure the payment of fire losses, which are the only losses "insured against," although it also secures, secondarily, other claims arising on policies, such as the repayment, after the termination of the risk, of unearned premiums paid; even when a company becomes insolvent and the deposit is brought into a court of equity for distribution, fire losses are entitled to priority of payment from the fund over claims for unearned premiums. Kelsey v. Cogswell, 112 F. 599 (N.D. Ga. 1901) (decided under former Code 1895, §§ 2035 to 2043); Manufacturing Lumbermen's Underwriters v. South Ga. Ry., 57 Ga. App. 699, 196 S.E. 244 (1938).

Database error: SQLSTATE[HY000]: General error: 8 attempt to write a readonly database

This Georgia Code resource is curated by the attorney maintaining this site, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. Attorney Syfert regularly works with Title 33 in the context of Georgia insurance coverage law and represents clients throughout Northeast Florida and South Georgia. For legal consultation, call 904-383-7448.