TITLE 33 INSURANCE

Section 37. Insurers Rehabilitation and Liquidation, 33-37-1 through 33-37-58.

ARTICLE 3 PROCEDURE FOR REHABILITATION

33-37-26.1. Limitations on ability of receiver to void transfer of certain property in connection with federal home loan bank security agreement; transfer avoidance under certain circumstances.

The receiver for an insurer-member shall not void any transfer of, or any obligation to transfer, money or any other property arising under or in connection with any federal home loan bank security agreement; any pledge, security, collateral, or guarantee agreement; or any other similar arrangement or credit enhancement relating to a federal home loan bank security agreement made in the ordinary course of business and in compliance with the applicable federal home loan bank agreement. However, a transfer may be avoided under this Code section if the transfer was made with intent to hinder, delay, or defraud the insurer-member, the receiver for the insurer-member, or existing or future creditors. This Code section shall not affect a receiver's rights regarding advances to an insurer-member in delinquency proceedings pursuant to 12 C.F.R. Section 1266.4.

(Code 1981, §33-37-26.1, enacted by Ga. L. 2015, p. 377, § 2-3/HB 552.)