Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 38. GEORGIA LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATION

33-38-1. Purpose.

Active

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

The purpose of this chapter is to protect the persons specified in subsection (b) of Code Section 33-38-2, subject to certain limitations, against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in subsection (a) of Code Section 33-38-2, due to the impairment or insolvency of the member insurer issuing such policies, plans, or contracts. To provide this protection: (1) an association of member insurers is created to enable the guaranty of payment of benefits and continuation of coverages as limited by this chapter; (2) members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and (3) the association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies.

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, § 56-2201, enacted by Ga. L. 1981, p. 1336, § 1; Ga. L. 2012, p. 701, § 1/HB 786; Ga. L. 2020, p. 113, § 1/HB 1050. The 2020 amendment, effective July 1, 2020, in the first sentence, substituted ‘‘life, health, and annuity policies, plans or contracts’’ for ‘‘life and health insurance policies and annuity contracts’’ near the beginning, and inserted ‘‘member’’, and ‘‘, plans,’’ at the end; and, in the second sentence, inserted ‘‘member’’, substituted a colon for a comma, and substituted semicolons for commas twice.

Editor's notes

Ga. L. 2020, p. 113, § 1/HB 1050, which amended this Code section, purported to amend Code Section 33-8-1 but actually amended Code Section 33-38-1.

Law reviews

For article surveying developments in Georgia insurance law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 143 (1981).

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, pages 784 to 785; merge action: carried; file SHA-256 1cdfeaa4b73e.

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