O.C.G.A. § 33-3-19 (2019)
Mandatory refusal, revocation, or suspension of certificate
The Commissioner shall refuse to issue or to renew or shall revoke or suspend an insurer’s certificate of authority:
(1) If such action is required by any provision of this title; or
(2) If the insurer no longer meets the requirements for the authority originally granted on account of deficiency in assets or otherwise.
History
Code 1933, § 56-316, enacted by Ga. L. 1960, p. 289, § 1.
Annotations
JUDICIAL DECISIONS Cited in Cochran v. Paco, Inc., 409 F. Supp. 219 (N.D. Ga. 1975).
OPINIONS OF THE ATTORNEY GENERAL Former Code 1933, § 56-307 controlled in conflict with this section. - As a matter of statutory construction, the more specific statute, i.e., former Code 1933, § 56-307 (see O.C.G.A. § 33-3-7), governs in case of a seeming conflict with a more general one such as paragraph (2) of Ga. L. 1960, p. 289, § 1 (see O.C.G.A. § 33-3-19). 1963-65 Op. Att’y Gen. p. 216. Words ‘‘deficiency in assets’’ are intended to apply primarily to such items as ‘‘impairment of capital’’ and ‘‘insufficiency of policy reserves’’; if both capital and expendable surplus were required to be maintained at all times they would be synonymous; the separate provisions for
‘‘capital’’ and for ‘‘expendable surplus’’ make it evident that the two are not synonymous. 1963-65 Op. Att’y Gen. p. 216. Commissioner may allow reduction of paid-in surplus. - Although paid-in surplus is required of all companies upon their authorization to do business in the State of Georgia, it is within the discretion of the Commissioner to determine at what time the particular company is in such sound financial position as to no longer require this account to be maintained at its original level. 1963-65 Op. Att’y Gen. p. 216.
RESEARCH REFERENCES Am. Jur. 2d. - 43 Am. Jur. 2d, Insurance, §§ 30, 33.
C.J.S. - 44 C.J.S., Insurance, §§ 63 et seq., 79, 139 et seq.