Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 11. INVESTMENTS · Article 1. INVESTMENTS OF CERTAIN INSURERS

33-11-41. Effect of failure of insurer to dispose of real estate, personal property, or securities.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section 33-11-39 or 33-11-40, shall not be allowed as an asset of the insurer.#
(b)
The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer’s certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1933, § 56-1034, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t33-ch1-22-(v24)-2020-pdf.pdf, Volume V24, 2020 edition, page 536; merge action: carried; file SHA-256 4ecec175d949.