O.C.G.A. § 33-28-7 (2019)
Proceeds of annuity, reversionary annuity, or pure endowment contracts not liable to attachment, garnishment, or legal process in favor of creditors of beneficiary
The proceeds of annuity, reversionary annuity, or pure endowment contracts issued to citizens or residents of this state, upon whatever form, shall not in any case be liable to attachment, garnishment, or legal process in favor of any creditor of the person who is the beneficiary of such annuity contract unless the annuity contract was assigned to or was effected for the benefit of such creditor or unless the purchase, sale, or transfer of the policy is made with the intent to defraud creditors.
History
Code 1933, § 56-2603, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2006, p. 885, § 2/HB 1304.
Annotations
Law reviews. - For article, ‘‘Con-
sumer Bankruptcy Panel: Hot Consumer Bankruptcy Plan Issues,’’ see 28 Emory Bankr. Dev. J. 333 (2012).
JUDICIAL DECISIONS Editor’s notes. - In light of the similarities of the statutory provisions, decisions under former Code 1933, §§ 56-901 and 56-905, are included in the annotations for this Code section. This section creates no exemption of a debtor’s property from execution, but rather a special cause of action for a creditor against one who is not the principal debtor. United States v. Truax, 223 F.2d 229 (5th Cir. 1955) (decided under former Code 1933, §§ 56-901 and 56-905). Bankruptcy. - There is no indication
that the Georgia General Assembly intended to amend or supplement the bankruptcy specific exemptions found in O.C.G.A. § 44-13-100 by way of the more general Georgia Insurance Code provisions. Rather, it appears that the General Assembly intended the Georgia Insurance Code to apply to nonbankruptcy situations with the bankruptcy specific exemptions in § 44-13-100 applying in bankruptcy cases. In re Allen, No. 10-50827-JPS, 2010 Bankr. LEXIS 3563 (Bankr. M.D. Ga. Oct. 4, 2010). Cited in King v. Travelers Ins. Co., 202
Ga. App. 568, 415 S.E.2d 176 (1992); Silliman v. Cassell (In re Cassell), 443 B.R. 200 (Bankr. N.D. Ga. 2010). RESEARCH REFERENCES C.J.S. - 46A C.J.S., Insurance, § 1951. ALR. - Purchase of annuity by debtor as fraud on creditors, 154 A.L.R. 727. Endowment policy as life insurance within exemption law, 30 A.L.R.2d 751. Enforceability, in forum, of extraterritorial waiver of debtor’s exemption valid where made, 60 A.L.R.2d 1449.
Qualification of life insurance proceeds held by insurer for federal estate tax marital deduction, 78 A.L.R.2d 1029. What constitutes state or local law that is applicable on date of filing of bankruptcy petition for purposes of applying 11 U.S.C.A. § 522(b)(3)(A) or its predecessor in opt-out states, 76 A.L.R. Fed. 2d 333.
CHAPTER 29 INDIVIDUAL ACCIDENT AND SICKNESS INSURANCE Sec.
‘‘Accident and sickness policy’’ defined; applicability of chapter. Requirements as to policies generally. Required policy provisions. Coverage for human heart transplants; optional endorsement; requirements; guidelines. Coverage for mammograms, Pap smears, and prostate-specific antigen tests. Coverage for bone marrow transplants for the treatment of breast cancer and Hodgkin’s disease; optional endorsement; requirements; guidelines; applicability. Insurance coverage for child wellness services. Optional policy provisions. Order of printing of provisions. Provision in policies for medical or surgical services. Provision in policies for refusal of renewal generally. Provision in policies renewable or cancelable at option of insurer for refund of premiums. Requirements as to references in policies to noncancelable nature or guaranteed renewability nature; exception for certain matters concerning renewability of individual accident and sickness policies; rules and regulations. Operation of provision establishing age for termination of coverage generally; effect of misstatement of age of insured.
Sec.
Right of person to whom policy or contract issued to return policy or contract and receive premium refund; effect of return; proof of return.