Requirement of Additional Special Deposits of Securities by Domestic, Foreign, or Alien Insurers

  1. Law
  2. Georgia Code
  3. Insurance
  4. Authorization and General Requirements for Transaction of Insurance
  5. Requirement of Additional Special Deposits of Securities by Domestic, Foreign, or Alien Insurers

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  1. In addition to the deposits required by Code Sections 33-3-8 and 33-3-9, the Commissioner may require any domestic, foreign, or alien insurer to make such additional special deposits of securities eligible for the investment of capital funds of domestic insurers under this title as he may deem reasonable and necessary for the protection of the public whenever the Commissioner shall determine that the adverse financial condition of the insurer requires such action.
  2. Such additional special deposits shall be deposited with the Commissioner in trust for the protection of all policyholders of the insurer and all others entitled to the proceeds of its policies except in the case of foreign or alien insurers, in which case such additional special deposits shall be deposited with the Commissioner in trust for the protection of all the insurer's policyholders in Georgia and all others in Georgia entitled to the proceeds of its policies.
  3. The deposits provided for under this Code section shall be administered by the Commissioner in accordance with Chapter 12 of this title.

(Code 1933, § 56-310.1, enacted by Ga. L. 1977, p. 878, § 1.)

Cross references.

- Administration of deposits, T. 33, C. 12.

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, §§ 37, 46.

C.J.S.

- 44 C.J.S., Insurance, §§ 82 et seq., 142, 178, 194 et seq.


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