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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 37. INSURERS REHABILITATION AND LIQUIDATION · Article 3. PROCEDURE FOR REHABILITATION

33-37-16. Grounds for order of liquidation.

Active

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

  1. The Commissioner may petition the superior court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:

  2. (1)

    Of any ground for an order of rehabilitation as specified in Code Section 33-37-11, whether or not there has been a prior order directing the rehabilitation of the insurer;#

  3. (2)

    That the insurer is insolvent; or#

  4. (3)

    That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.#

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 1981, § 33-37-16, enacted by Ga. L. 1991, p. 1424, § 7.

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-ch23-65-(v25)-2020-pdf.pdf, Volume V25, 2020 edition, page 741; merge action: carried; file SHA-256 1cdfeaa4b73e.