O.C.G.A.

O.C.G.A. § 33-3-18 (2019)

Administrative supervision or suspension of certificate of authority for cause

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
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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The Commissioner may, without advance notice or a hearing thereon, place an insurer under administrative supervision or suspend immediately the certificate of authority of any insurer:

(1) As to which proceedings for receivership, conservatorship, rehabilitation, or other delinquency proceedings have been commenced in any state by the public insurance supervisory official of such state;

(2) Whose authority to do business in any state has been revoked, suspended, or restricted in any way by the public insurance supervisory official of such state; or

(3) If upon examination or at any other time it appears in the Commissioner’s discretion that:

(A) The insurer’s condition renders the continuance of its business hazardous to the public or to its insureds;

(B) The insurer exceeded its powers granted under its certificate of authority and applicable law;

(C) The insurer has failed to comply with the applicable provisions of this title;

(D) The business of the insurer is being conducted fraudulently; or

(E) The insurer gives its consent.

History

Code 1933, § 56-317.2, enacted by Ga. L. 1969, p. 585, § 1; Ga. L. 1991, p. 1424, § 1; Ga. L. 1992, p. 2877, § 6.

Annotations

Law reviews. - For note on 1991 amendment of this Code section, see 8 Ga. St. U.L. Rev. 89 (1992).

RESEARCH REFERENCES Am. Jur. 2d. - 43 Am. Jur. 2d, Insurance, § 30.

C.J.S. - 44 C.J.S., Insurance, § 63 et seq.