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Official Code of Georgia Annotated

Title 33. INSURANCE · Chapter 63. GUARANTEED ASSET PROTECTION WAIVERS

33-63-5. Contractual liability or other insurance policies.

Active

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

  1. (a)

    Contractual liability or other insurance policies insuring guaranteed asset protection waivers must state the obligation of the insurer to reimburse or pay to the creditor any sums the creditor is legally obligated to waive under the guaranteed asset protection waivers issued by the creditor and purchased or held by the borrower.#

  2. (b)

    Coverage under a contractual liability or other insurance policy insuring a guaranteed asset protection waiver must also cover any subsequent assignee upon the assignment, sale, or transfer of the finance agreement.#

  3. (c)

    Coverage under a contractual liability or other insurance policy insuring a guaranteed asset protection waiver must remain in effect unless cancelled or terminated in compliance with the applicable insurance laws of this state.#

  4. (d)

    The cancellation or termination of a contractual liability or other insurance policy must not reduce the insurer’s responsibility for guaranteed asset protection waivers issued by the creditor prior to the date of cancellation or termination and for which premium has been received by the insurer.#

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, § 33-63-5, enacted by Ga. L. 2008, p. 1097, § 1/SB 470.

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 1085; merge action: carried; file SHA-256 1cdfeaa4b73e.