Skip to content
Georgia Commons
Menu

Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 37. INSURERS REHABILITATION AND LIQUIDATION · Article 1. GENERAL PROVISIONS

33-37-8. Prohibition against release from proceedings or continuing business.

Active

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

  1. No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall:

  2. (1)

    Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;#

  3. (2)

    Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;#

  4. (3)

    Be returned to the control of its shareholders or private management; or#

  5. (4)

    Have any of its assets returned to the control of its shareholders or private management#

  6. until all payments of or on account of the insurer’s contractual obligations by all guaranty associations, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the guaranty associations or a plan of repayment by the insurer shall have been approved by the guaranty association.

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, § 33-37-8, 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 729; merge action: carried; file SHA-256 1cdfeaa4b73e.