O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-17-8 (2019)

Filing of bond by attorney for insurer; amount of bond; cancellation of bond

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) Concurrently with the filing of the declaration provided for in Code Section 33-17-6, the attorney of a domestic reciprocal insurer shall file with the Commissioner a bond in favor of the Commissioner for the benefit of all persons damaged as a result of breach by the attorney of the conditions of his or her bond as set forth in subsection (b) of this Code section. The bond shall be executed by the attorney and by an authorized corporate surety and shall be subject to the Commissioner’s approval.

(b) The bond shall be in the penal sum of $25,000.00, aggregate in form, conditioned that the attorney will faithfully account for all moneys and other property of the insurer coming into his or her hands and that he or she will not withdraw or appropriate to his or her own use from the funds of the insurer any moneys or property to which he or she is not entitled under the power of attorney.

(c) The bond shall provide that it is not subject to cancellation unless 30 days’ advance notice in writing of cancellation is given to both the attorney and the Commissioner.

History

Code 1933, § 56-2112, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2019, p. 337, § 1-80/SB 132. The 2019 amendment, effective July

1, 2019, inserted ‘‘or her’’ in the first sentence of subsection (a) and twice in subsection (b), and inserted ‘‘or she’’ twice in subsection (b).

Annotations

The 2019 amendment, effective July 1, 2019, inserted "or her" in the first sentence of subsection (a) and twice in subsection (b), and inserted "or she" twice in subsection (b).