33-12-13. Proceedings upon appointment of receivers for satisfaction of multiple claims.

Active

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

If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provided in Code Section 33-12-11. If the receiver determines that the securities the insurer has on deposit are insufficient to cover the claim and if there is another receivership or there are other receiverships in this state against the same insurer in which distribution has not been completed, the Commissioner shall institute proceedings for a general receivership under Chapter 37 of this title.

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.

History

Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2038; Ga. L. 1896, p. 58, § 3; Civil Code 1910, §§ 2422, 2559; Code 1933, §§ 56-304, 56-1109; Code 1933, § 56-1113, enacted by Ga. L. 1960, p. 289, § 1.

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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, pages 590 to 591; merge action: carried; file SHA-256 4ecec175d949.