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O.C.G.A. § 33-12-4 — Designation of state depositories; responsibility for safekeeping of deposits; acceptance of book-entry securities as securities | Georgia Code
O.C.G.A. § 33-12-4 (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

33-12-4. Designation of state depositories; responsibility for safekeeping of deposits; acceptance of book-entry securities as securities.

  1. The Commissioner may designate any regularly constituted state depository having trust powers domiciled in this state as a depository to receive and hold deposit. A deposit so held shall be at the expense of the insurer. A depository shall give to the Commissioner proper trust and safekeeping, receipt upon which the Commissioner shall give official receipt to the insurer.
  2. The Commissioner shall be responsible for the safekeeping and return of all securities deposited pursuant to this title with the Commissioner or in any depository so designated.
  3. The Commissioner may by rule or regulation prescribe the methods by which book-entry securities may be accepted as securities required or permitted by law.

(Code 1933, § 56-1104, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1993, p. 1721, § 2.)

Cross references.

- State depositories, § 50-17-50 et seq.

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This Georgia Code resource is curated by a Florida and Georgia attorney, 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.