Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 3. AUTHORIZATION AND GENERAL REQUIREMENTS FOR TRANSACTION OF INSURANCE

33-3-9. Requirement of additional deposits of securities by foreign and alien insurers.

Active

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

In those instances in which the Commissioner in his or her judgment shall deem it to be in the best interests of the citizens of this state, no certificate of authority shall be issued by the Commissioner to any foreign and alien insurer nor shall any certificate of authority be renewed for any such insurer unless such insurer shall deposit with the Commissioner securities eligible for the investment of capital funds in such amount as the Commissioner shall require. This deposit and the deposit required by paragraph (1) of subsection (b) of Code Section 33-3-8 shall be administered as provided for in Chapter 12 of this title. Deposits under this Code section shall be held for the protection of the insurer’s policyholders in this state and others in this state entitled to the proceeds of its policies.

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

Code 1933, § 56-310, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1967, p. 765, § 1; Ga. L. 1972, p. 1015, § 14; Ga. L. 2016, p. 519, § 1/HB 884; Ga. L. 2019, p. 337, § 1-17/SB 132. The 2019 amendment, effective July 1, 2019, substituted ‘‘In those instances’’ for ‘‘On and after July 1, 1967, in those instances’’ at the beginning of this Code section.

Cross references

Administration of deposits, T. 33, C. 12.

Law reviews

For article discussing restrictions on the establishment and transaction of business by a foreign insurer in Georgia with emphasis on threshold requirements for establishment by alien insurers, see 27 Mercer L. Rev. 629 (1976).

Read the official page (the state's PDF, opened at the page this text was read from).

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 113; merge action: carried; file SHA-256 4ecec175d949.