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Call Now: 904-383-7448The purpose of this chapter is to protect the persons specified in subsection (b) of Code Section 33-38-2, subject to certain limitations, against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in subsection (a) of Code Section 33-38-2, due to the impairment or insolvency of the insurer issuing such policies or contracts. To provide this protection, (1) an association of insurers is created to enable the guaranty of payment of benefits and continuation of coverages as limited by this chapter, (2) members of the association are subject to assessment to provide funds to carry out the purpose of this chapter, and (3) the association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies.
(Code 1933, § 56-2201, enacted by Ga. L. 1981, p. 1336, § 1; Ga. L. 2012, p. 701, § 1/HB 786.)
The 2012 amendment, effective July 1, 2012, in the first sentence, substituted "the persons specified in subsection (b) of Code Section 33-38-2," for "policy owners, insureds, beneficiaries, annuitants, payees, and assignees of life insurance policies, health insurance policies, annuity contracts, and supplemental contracts," and inserted ", under life and health insurance policies and annuity contracts specified in subsection (a) of Code Section 33-38-2,"; and inserted "as limited by this chapter" in the second sentence.
- For article surveying developments in Georgia insurance law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 143 (1981).
- Claim against an insurance guaranty association for statutory damages under O.C.G.A. § 33-34-6, based upon an insolvent insurer's failure to perform the insurer's statutory obligation, was sought to be enforced pursuant to O.C.G.A. Ch. 38, T. 33, which authorizes only enforcement of claims based upon an insolvent insurer's failure to perform the insurer's contractual obligations. Since there had been no default as to the insolvent insurer's "contractual obligations" to the insureds, the insureds had no viable claim. Crider v. Georgia Life & Health Ins. Guar. Ass'n, 188 Ga. App. 407, 373 S.E.2d 30 (1988).
Cited in Ga. Life & Health Ins. Guar. Ass'n v. Gilman Paper Co. Deferred Comp. Sav. & Inv. Plan, 249 Ga. App. 767, 549 S.E.2d 751 (2001).
- 44 C.J.S., Insurance, § 213.
Total Results: 1
Court: Supreme Court of Georgia | Date Filed: 2024-09-17
Snippet: 9 See, e.g., Vallejo v. State, 362 Ga. App. 33, 38 (1) (865 SE2d 640) (2021) (“[T]he threshold determination