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

O.C.G.A. § 33-37-15 (2019)

Petition for order of liquidation; defense; payment of costs and expenses; order terminating rehabilitation

✓ 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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(a) Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public or would be futile the Commissioner may petition the superior court for an order of liquidation. A petition under this subsection shall have the same effect as a petition under Code Section 33-37-16. The superior court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition and may order payment from the estate of the insurer or such costs and other expenses of defense as justice may require.

(b) The protection of the interests of insureds, claimants, and the public requires the timely performance of all insurance policy obligations. If the payment of policy obligations is suspended in substantial part for a period of six months at any time after the appointment of the rehabilitator and the rehabilitator has not filed an application for approval of a plan under subsection (d) of Code Section 33-37-13, the rehabilitator shall petition the court for an order of liquidation on grounds of insolvency.

(c) The rehabilitator may at any time petition the superior court for an order terminating rehabilitation of an insurer. The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition as justice may require. If the superior court finds that rehabilitation has been accomplished and that grounds for rehabilitation under Code Section 33-37-11 no longer exist, it shall order that the insurer be restored to possession of its property and the control of the business. The superior court may also make that finding and issue that order at any time upon its own motion.

History

Code 1981, § 33-37-15, enacted by Ga. L. 1991, p. 1424, § 7.

Notes of Decisions
Cited in 3 cases, 1985–1999 · leading case: O'NEAL v. Oxendine, 514 S.E.2d 908 (Ga. Ct. App. 1999).
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O'NEAL v. Oxendine, 514 S.E.2d 908 (Ga. Ct. App. 1999). · cites it 4× “Since this was not a liquidation proceeding pursuant to OCGA § 33-37-15 et seq., O'Neal recognized that he had no right to file a claim.”
Oxendine v. Comm'r of Ins. of Nc, 494 S.E.2d 545 (Ga. Ct. App. 1997). · cites it 2× “As a result, the Georgia Commissioner of Insurance, under OCGA § 33-37-15, stepped in and forced the liquidation of Coastal States.”
Georgia Insurers Insolvency Pool v. Moore, 333 S.E.2d 383 (Ga. Ct. App. 1985). · cites it 2× “This order appears to be lifted directly out of OCGA § 33-37-15, which provides: “The rights and liabilities of the insurer and of its creditors, policyholders, stockholders, members, subscribers, and all other persons interested in its estate shall, unless otherwise directed by…”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.