TITLE 33 INSURANCE

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

ARTICLE 3 INVESTMENT POOLS

33-12-14. Proceeding by Commissioner upon reduction in amount of deposit resulting from occurrence or loss by insured; effect of failure to deposit additional securities.

Whenever, by means of Code Sections 33-12-11 through 33-12-13, the amount of securities so deposited shall be reduced, the Commissioner shall give notice to the insurer depositing and require more securities to be deposited so as always to maintain the original amount; and if the company so notified by the Commissioner shall fail to comply within 30 days, its certificate of authority to do business in this state shall be revoked, and the Commissioner shall at the same time give notice by publication of display advertising in bold type in a newspaper of general circulation throughout the state of the fact of the failure and revocation of certificate of authority. The cost of this publication shall be paid by the company failing to comply with this Code section.

(Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2040; Ga. L. 1896, p. 58, § 3; Civil Code 1910, §§ 2424, 2562; Code 1933, §§ 56-305, 56-1115; Code 1933, § 56-1114, enacted by Ga. L. 1960, p. 289, § 1.)