TITLE 33 INSURANCE

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

ARTICLE 3 INVESTMENT POOLS

33-12-7. Procedure upon occurrence of deficiencies in deposits of insurers generally.

If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 30 days after receipt of notice to deposit other or additional assets or securities by registered or certified mail or statutory overnight delivery from the Commissioner, the Commissioner shall revoke the insurer's certificate of authority.

(Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2040; Civil Code 1910, § 2424; Code 1933, § 56-305; Code 1933, § 56-1107, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2000, p. 1589, § 3.)