O.C.G.A.

O.C.G.A. § 33-37-58 (2019)

Failure of ancillary receiver to transfer assets

✓ 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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If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under paragraph (7) of Code Section 33-37-41.

History

Code 1981, § 33-37-58, enacted by Ga. L. 1991, p. 1424, § 7.

CHAPTER 38 GEORGIA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION Sec.

Sec. Purpose. Scope. Construction. Definitions. Creation; required membership; functions and powers; supervision of association; accounts for administration and assessment. Membership of the board of directors; vacancies; compensation and reimbursement of expenses. Powers and duties of the association generally. Submission of plan of operation; contents; compliance with such plan. Delegation of powers and duties of the association. Duties and powers of the Commissioner. Records of meetings and negotiations of the association. Examination of the association by the Commissioner; annual report. Exemption of the association from taxation. Immunity from liability for actions or omissions in perfor-

mance of powers and duties pursuant to this chapter. Assessments against member insurers. Reports and recommendations as to solvency of companies; board may report information as to insolvency of member insurer; examinations of member insurers; reports of insurer insolvencies. Assessment liability, association as creditor of insolvent or impaired insurer; distribution of insolvent insurer’s ownership rights; reimbursement of association from disbursement of marshaled assets as available; recovery of distributions to affiliates. Stay of court proceedings to which insolvent insurer is a party; setting aside of default judgments. Notification as to effect of chapter. Appeal to the Commissioner; judicial review. References to the association in advertisements for insurance. Premium tax liability offsets; refunds offset against taxes.