---
title: O.C.G.A. § 33-63-5. Contractual liability or other insurance policies.
collection: code
id: 33-63-5
cite_as: O.C.G.A. § 33-63-5 (2025)
canonical_url: https://georgiacommons.org/code/33-63-5
md_url: https://georgiacommons.org/code/33-63-5.md
text_url: https://georgiacommons.org/code/33-63-5/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch23-65-(v25)-2020-pdf.pdf?sfvrsn=68297_0#page=1085
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/33-63.md
previous: https://georgiacommons.org/code/33-63-4.md
next: https://georgiacommons.org/code/33-63-6.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / GUARANTEED ASSET PROTECTION WAIVERS
---

# O.C.G.A. § 33-63-5. Contractual liability or other insurance policies.

(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.

(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.

(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.

(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.

## History

Code 1981, § 33-63-5, enacted by Ga. L. 2008, p. 1097, § 1/SB 470.