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

O.C.G.A. § 33-37-51 (2019)

Title to property of insurer domiciled in another state; rights of resident claimants

✓ 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) The domiciliary liquidator of an insurer domiciled in another state shall, except as to special deposits and security on secured claims under subsection (c) of Code Section 33-37-52, be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents’ balances, and all of the books, accounts, and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this state. He or she also shall have the right to recover all other assets of the insurer located in this state, subject to the provisions of Code Section 33-37-52.

(b) Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.

History

Code 1981, § 33-37-51, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2016, p. 816, § 3/HB 883.

Annotations

The 2016 amendment, effective July 1, 2016, in subsection (a), in the first sentence, substituted "another state" for "reciprocal state" near the beginning, and added a comma following "agents' balances" in the middle, and, near the beginning of the last sentence, inserted "or she"; deleted former subsection (b), which read: "If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the Commissioner of this state shall be vested by operation of law with the title to all of the property, contracts, and right of action and all of the books, accounts, and other records of the insurer located in this state at the same time that the domiciliary liquidator is vested with title in the domicile. The Commissioner may petition for a conservation or liquidation order under Code Section 33-37-49 or 33-37-50 or for an ancillary receivership under Code Section 33-37-52 or after approval by the superior court may transfer title to the domiciliary liquidator as the interests of justice and the equitable distribution of the assets require."; and redesignated former subsection (c) as present subsection (b).

Code Commission notes. - Pursuant to Code Section 28-9-5, in 1991, "Commissioner" was substituted for "commissioner" in the first sentence of subsection (b).

Notes of Decisions
Cited in 1 case, 1998–1998 · leading case: Smith v. Farm & Home Life Ins., 506 S.E.2d 104 (Ga. 1998).
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Smith v. Farm & Home Life Ins., 506 S.E.2d 104 (Ga. 1998). · cites it 4× “These sections, and their Arizona corollaries, are as follows: (1) OCGA § 33-37-17, concerning the appointment of the Insurance Commissioner to liquidate a domestic insurer, is the substantial equivalent of ARS §§ 20-616, 624; (2) OCGA § 33-37-51, concerning a non- *711…”
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.