O.C.G.A.

O.C.G.A. § 33-37-8 (2019)

Prohibition against release from proceedings or continuing business

✓ 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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No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall:

(1) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;

(2) Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;

(3) Be returned to the control of its shareholders or private management; or

(4) Have any of its assets returned to the control of its shareholders or private management until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association.

History

Code 1981, § 33-37-8, enacted by Ga. L. 1991, p. 1424, § 7.

Annotations

RESEARCH REFERENCES ALR. - Decision of United States Supreme Court that insurance is interstate commerce as affecting state statutes relat-

ing to foreign insurance companies, 164 A.L.R. 500.

Notes of Decisions

Cited in 1 case, 1985–1985 · leading case: Georgia Insurers Insolvency Pool v. Moore, 333 S.E.2d 383 (Ga. Ct. App. 1985).

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Georgia Insurers Insolvency Pool v. Moore, 333 S.E.2d 383 (Ga. Ct. App. 1985). · cites it 2× “See OCGA § 33-37-8. The Commissioner was directed to take possession of Reserve’s assets in Georgia, $250,000 in U.”

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.