Responsibility of Agent to Provide Information; Penalty for Violation

  1. Law
  2. Georgia Code
  3. Insurance
  4. Insurers Rehabilitation and Liquidation
  5. Procedure for Rehabilitation
  6. Responsibility of Agent to Provide Information; Penalty for Violation

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  1. Every person who receives notice in the form prescribed in Code Section 33-37-21 that an insurer which he represents as an agent is the subject of a liquidation order, shall within 30 days of such notice provide to the liquidator, in addition to the information he may be required to provide pursuant to Code Section 33-37-6, the information in the agent's records related to any policy issued by the insurer through the agent and, if the agent is a general agent, the information in the general agent's record related to any policy issued by the insurer through an agent under contract to him, including the name and address of such subagent.A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy or if the agent has had in his possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another.
  2. Any agent failing to provide information to the liquidator as required in subsection (a) of this Code section may be subject to payment of a penalty of not more than $1,000.00 and may have his licenses suspended, said penalty to be imposed after a hearing held by the Commissioner.

(Code 1981, §33-37-22, enacted by Ga. L. 1991, p. 1424, § 7.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 43 Am. Jur. 2d, Insurance, § 109 et seq.

C.J.S.

- 44 C.J.S., Insurance, § 245 et seq.

ALR.

- Basis for allowance of claims under policies of insolvent life insurance company, 106 A.L.R. 1513.


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