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Call Now: 904-383-7448There is created a Georgia Insurers Insolvency Pool which shall consist of three accounts: (1) workers' compensation account; (2) automobile account; and (3) all other covered insurance account. The pool shall be responsible for the investigation, adjustment, compromise, settlement, and payment of covered claims; for the investigation, handling, and denial of noncovered claims; and for the management and investment of funds administered by the pool. The members of the pool shall be responsible for the payment of assessments levied pursuant to subsection (b) of Code Section 33-36-7; for adherence to the rules of the plan approved pursuant to Code Section 33-36-6; and for other obligations imposed by this chapter. The pool shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this state.
(Ga. L. 1970, p. 700, § 2; Ga. L. 1985, p. 1485, § 1; Ga. L. 1987, p. 3, § 33; Ga. L. 2005, p. 563, § 11/HB 407.)
- Ga. L. 1985, p. 1485, § 9, not codified by the General Assembly, provided that that Act would be applicable to all insolvencies occurring on or after July 1, 1985.
Ga. L. 2005, p. 563, § 24/HB 407, not codified by the General Assembly, provides that the amendment to this Code section shall apply to insolvencies which occur on or after July 1, 2005.
Ga. L. 2006, p. 887, § 1/HB 1444, not codified by the General Assembly, amended Ga. L. 2005, p. 563, § 24/HB 407, to read: "The provisions of Section 12 of this Act shall apply to insolvencies that occur on or after the effective date of this Act. All other provisions shall apply as of the effective date of this Act." Ga. L. 2005, p. 563, became effective July 1, 2005.
- Georgia Insurers Insolvency Pool was created as a non-profit industry financed buffer between an individual policyholder and an insurer in the event an insurer becomes insolvent; it is not an alternative source of recovery of non-coverage claims against the insolvent insurer. Reimbursement Consultants, Inc. v. Georgia Insurers Insolvency Pool, 207 Ga. App. 230, 427 S.E.2d 519 (1993).
When an insurer becomes insolvent, the Georgia Insurers Insolvency Pool is required to fulfill the insurer's obligations to the insured. United States v. Rutland, Inc., 849 F. Supp. 806 (S.D. Ga. 1994), aff'd, 46 F.3d 71 (11th Cir. 1995).
Cited in Georgia Insurers Insolvency Pool v. Elbert County, 258 Ga. 317, 368 S.E.2d 500 (1988); Norman Enters. Interior Design, Inc. v. DeKalb County, 245 Ga. App. 538, 538 S.E.2d 130 (2000); Lumpkin County v. Ga. Insurers Insolvency Pool, 292 Ga. 76, 734 S.E.2d 880 (2012).
Total Results: 4
Court: Supreme Court of Georgia | Date Filed: 2013-09-09
Citation: 293 Ga. 504, 748 S.E.2d 380, 2013 Fulton County D. Rep. 2801, 2013 WL 4779197, 2013 Ga. LEXIS 631
Snippet: supervised by the Insurance Commissioner, OCGA § 33-36-2, who selects a board of trustees known as the Insurers
Court: Supreme Court of Georgia | Date Filed: 2012-11-19
Citation: 292 Ga. 76, 734 S.E.2d 880, 2012 Fulton County D. Rep. 3597, 2012 Ga. LEXIS 952
Snippet: administered by the pool.” (Emphasis supplied.) OCGA § 33-36-2. The Act also provides certain exceptions from
Court: Supreme Court of Georgia | Date Filed: 1988-06-01
Citation: 368 S.E.2d 500, 258 Ga. 317, 1988 Ga. LEXIS 239
Snippet: the insurer has become insolvent. . ." OCGA § 33-36-2. The legislature has simply chosen to provide this
Court: Supreme Court of Georgia | Date Filed: 1984-10-17
Citation: 321 S.E.2d 333, 253 Ga. 435, 1984 Ga. LEXIS 970
Snippet: to perform its contractual obligations." OCGA § 33-36-2. An unearned premium claim is a covered claim under