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GA Code § 33-37-12 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-12. Order to Rehabilitate; Commissioner to Be Appointed as Rehabilitator; Effect of Order

  An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the Commissioner and his successors in office the rehabilitator and shall direct the rehabilitator forthwith to take possession of the assets of the insurer and to administer them under the general supervision of the court. The filing or recording of the order with the clerk of the superior court or recorder of deeds of the county in which the principal business of the company is conducted, or the county in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with that recorder of deeds would have imparted.The order to rehabilitate the insurer shall by operation of law vest title to all assets of the insurer in the rehabilitator.   Any order issued under this Code section shall require accountings to the court by the rehabilitator.Accountings shall be at such intervals as the court specifies in its order, but no less frequently than semiannually. Each accounting shall include a report concerning the rehabilitator's opinion as to the likelihood that a plan under subsection (d) of Code Section 33-37-13 will be prepared by the rehabilitator and the timetable for doing so.   Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer nor shall it be grounds for retroactive revocation or retroactive cancellation of any contracts of the insurer, unless such revocation or cancellation is done by the rehabilitator pursuant to Code Section 33-37-13.     (Code 1981, §33-37-12, enacted by Ga. L. 1991, p. 1424, § 7.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, in subsection (c), "or" was substituted for "of" preceding "cancellation".   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 83 et seq.   C.J.S.   - 44 C.J.S., Insurance, §§ 226 et seq., 249 et seq.
GA Code § 33-37-14 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-14. Effect of Rehabilitation Order on Pending Litigation; Standing of Guaranty Association to Participate in Rehabilitation

  Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for 90 days and such additional time as is necessary for the rehabilitator to obtain proper representation and prepare for further proceedings.The rehabilitator shall take such action respecting the pending litigation as he deems necessary in the interests of justice and for the protection of creditors, policyholders, and the public.The rehabilitator shall immediately consider all litigation pending outside this state and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.   No statute of limitations or defense of laches shall run with respect to any action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least 60 days after the order of rehabilitation is entered or the petition is denied.The rehabilitator may, upon an order for rehabilitation, within one year or such other longer time as applicable law may permit, institute an action or proceeding on behalf of the insurer upon any cause of action against which the period of limitation fixed by applicable law has not expired at the time of the filing of the petition upon which such order is entered.   Any guaranty association or foreign guaranty association covering life or health insurance or annuities shall have standing to appear in any court proceeding concerning the rehabilitation of a life or health insurer if such association is or may become liable to act as a result of the rehabilitation.     (Code 1981, §33-37-14, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   ALR.    - Decision of United States Supreme Court that insurance is interstate commerce as affecting state statutes relating to foreign insurance companies, 164 A.L.R. 500.
GA Code § 33-37-15 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-15. Petition for Order of Liquidation; Defense; Payment of Costs and Expenses; Order Terminating Rehabilitation

  Whenever the Commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders, or the public or would be futile the Commissioner may petition the superior court for an order of liquidation.A petition under this subsection shall have the same effect as a petition under Code Section 33-37-16.The superior court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition and may order payment from the estate of the insurer or such costs and other expenses of defense as justice may require.   The protection of the interests of insureds, claimants, and the public requires the timely performance of all insurance policy obligations.If the payment of policy obligations is suspended in substantial part for a period of six months at any time after the appointment of the rehabilitator and the rehabilitator has not filed an application for approval of a plan under subsection (d) of Code Section 33-37-13, the rehabilitator shall petition the court for an order of liquidation on grounds of insolvency.   The rehabilitator may at any time petition the superior court for an order terminating rehabilitation of an insurer.The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition as justice may require.If the superior court finds that rehabilitation has been accomplished and that grounds for rehabilitation under Code Section 33-37-11 no longer exist, it shall order that the insurer be restored to possession of its property and the control of the business.The superior court may also make that finding and issue that order at any time upon its own motion.     (Code 1981, §33-37-15, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-16 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-16. Grounds for Order of Liquidation

 The Commissioner may petition the superior court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:    Of any ground for an order of rehabilitation as specified in Code Section 33-37-11, whether or not there has been a prior order directing the rehabilitation of the insurer;   That the insurer is insolvent; or   That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors, or the public.     (Code 1981, §33-37-16, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 83 et seq.   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.
GA Code § 33-37-18 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-18. Termination of Policy Coverage

  All policies, including bonds and other noncancelable business, other than life or accident and sickness insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:   A period of 30 days from the date of entry of the liquidation orders;   The expiration of the policy coverage;   The date when the insured has replaced the insurance coverage with equivalent insurance in another insurer or otherwise terminated the policy;   The date on which the liquidator effects a transfer of the policy obligation pursuant to paragraph (9) or (10) of subsection (a) of Code Section 33-37-20; or   The date proposed by the liquidator and approved by the court to cancel coverage.     An order of liquidation under Code Section 33-37-17 shall terminate coverages at the time specified in subsection (a) of this Code section for purposes of any other statute.   Policies of life or accident and sickness insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association.   Policies of life or accident and sickness insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections (a) and (b) of this Code section.     (Code 1981, §33-37-18, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2019, p. 386, § 136/SB 133.)    The 2019 amendment,  effective July 1, 2019, inserted "or (10)" in paragraph (a)(4).   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, "of " was substituted for "or" near the beginning of subsection (b).
GA Code § 33-37-19 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-19. Petition for Dissolution of Corporate Existence

 The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order.The court shall order dissolution of the corporation upon petition by the Commissioner upon or after the granting of a liquidation order.If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.    (Code 1981, §33-37-19, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 37 Am. Jur. 2d, Fraudulent Conveyances and Transfers, §§ 74, 75.   C.J.S.   - 44 C.J.S., Insurance, § 208 et seq.
GA Code § 33-37-21 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-21. Notice of Liquidation

  Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:   By first-class mail and either by telegram or telephone to the commissioner of insurance of each jurisdiction in which the insurer is doing business;   By first-class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;   By first-class mail to all insurance agents of the insurer;   By first-class mail to all persons known or reasonably expected to have claims against the insurer, including all policyholders, at their last known address as indicated by the records of the insurer; and   By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.     Notice to potential claimants under subsection (a) of this Code section shall require claimants to file with the liquidator their claims together with proper proofs thereof under Code Section 33-37-35, on or before a date the liquidator shall specify in the notice.Although an earlier date may be set by the liquidator, the last day to file claims shall be no later than 18 months following the order of liquidation.The liquidator need not require persons claiming cash surrender values or other investment values in life insurance and annuities to file a claim.All claimants shall have a duty to keep the liquidator informed of any changes of address.     Notice under subsection (a) of this Code section to agents of the insurer and to potential claimants who are policyholders shall include, where applicable, notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.   The liquidator shall promptly provide to the guaranty associations such information concerning the identities and addresses of such policyholders and their policy coverages as may be within the liquidator's possession or control and otherwise cooperate with guaranty associations to assist them in providing to such policyholders timely notice of the guaranty associations' coverage of policy benefits, including, as applicable, coverage of claims and continuation or termination of coverages.     If notice is given in accordance with this Code section, the distribution of assets of the insurer under this chapter shall be conclusive with respect to all claimants, whether or not they received notice.     (Code 1981, §33-37-21, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, §§ 97, 98.   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.
GA Code § 33-37-22 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-22. Responsibility of Agent to Provide Information; Penalty for Violation

  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.   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.
GA Code § 33-37-24 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-24. Time for Filing List of Assets; Reducing Assets to Liquidity

  As soon as practicable after the liquidation order but not later than 120 days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets.The list shall be amended or supplemented from time to time as the liquidator may determine.One copy shall be filed in the office of the clerk of the superior court and one copy shall be retained for the liquidator's files.All amendments and supplements shall be similarly filed.   The liquidator shall reduce the assets to a degree of liquidity that is consistent with the effective execution of the liquidation.   A submission to the court for disbursement of assets in accordance with Code Section 33-37-33 fulfills the requirements of subsection (a) of this Code section.     (Code 1981, §33-37-24, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 880 et seq.
GA Code § 33-37-26 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-26. Transfer of Property in Good Faith; Recording Copy of Petition as Notice of Seizure of Property

  After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred. The commencement of a proceeding in rehabilitation or liquidation shall be constructive notice upon the recording of a copy of the petition for or order of rehabilitation or liquidation with the recorder of deeds in the county where any real property in question is located. The exercise by a court of the United States or any state or jurisdiction to authorize or effect a judicial sale of real property of the insurer within any county in any state shall not be impaired by the pendency of such a proceeding unless the copy is recorded in the county prior to the consummation of the judicial sale.   After a petition for rehabilitation or liquidation has been filed and before either the receiver takes possession of the property of the insurer or an order of rehabilitation or liquidation is granted:   A transfer of any of the property of the insurer, other than real property, made to a person acting in good faith shall be valid against the receiver if made for a present fair equivalent value or, if not made for a present fair equivalent value, then to the extent of the present consideration actually paid therefor, for which amount the transferee shall have a lien on the property so transferred;   A person indebted to the insurer or holding property of the insurer may, if acting in good faith, pay the indebtedness or deliver the property, or any part thereof, to the insurer or upon his order, with the same effect as if the petition were not pending;   A person having actual knowledge of the pending rehabilitation or liquidation shall be deemed not to act in good faith; and   A person asserting the validity of a transfer under this Code section shall have the burden of proof.Except as elsewhere provided in this Code section, no transfer by or on behalf of the insurer after the date of the petition for liquidation by any person other than the liquidator shall be valid against the liquidator.     Every person receiving any property from the insurer or any benefit thereof which is a fraudulent transfer under subsection (a) of this Code section shall be personally liable therefor and shall be bound to account to the liquidator.   Nothing in this chapter shall impair the negotiability of currency or negotiable instruments.     (Code 1981, §33-37-26, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-26.1 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-26.1. Limitations on Ability of Receiver to Void Transfer of Certain Property in Connection With Federal Home Loan Bank Security Agreement; Transfer Avoidance Under Certain Circumstances

 The receiver for an insurer shall not void any transfer of, or any obligation to transfer, money or any other property arising under or in connection with any federal home loan bank security agreement; any pledge, security, collateral, or guarantee agreement; or any other similar arrangement or credit enhancement relating to a federal home loan bank security agreement made in the ordinary course of business and in compliance with the applicable federal home loan bank agreement.However, a transfer may be avoided under this Code section if the transfer was made with intent to hinder, delay, or defraud the insurer, the receiver for the insurer, or existing or future creditors.This Code section shall not affect a receiver's rights regarding advances to an insurer in delinquency proceedings pursuant to 12 C.F.R. Section 1266.4.    (Code 1981, §33-37-26.1, enacted by Ga. L. 2015, p. 377, § 2-3/HB 552; Ga. L. 2019, p. 386, § 137/SB 133.)    The 2019 amendment,  effective July 1, 2019, substituted "insurer" for "insurer-member" throughout this Code section.
GA Code § 33-37-28 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-28. Disallowing Preferred Creditor's Claims

  No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment, or encumbrance voidable under this chapter shall be allowed unless he surrenders the preference, lien, conveyance, transfer, assignment, or encumbrance.If the avoidance is effected by a proceeding in which a final judgment has been entered, the claim shall not be allowed unless the money is paid or the property is delivered to the liquidator within 30 days from the date of the entering of the final judgment, except that the court having jurisdiction over the liquidation may allow further time if there is an appeal or other continuation of the proceeding.   A claim allowable under subsection (a) of this Code section by reason of the avoidance, whether voluntary or involuntary, a preference, lien, conveyance, transfer, assignment, or encumbrance, may be filed as an excused late filing under Code Section 33-37-34 if filed within 30 days from the date of the avoidance, or within the further time allowed by the court under subsection (a) of this Code section.     (Code 1981, §33-37-28, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2019, p. 386, § 138/SB 133.)    The 2019 amendment,  effective July 1, 2019, substituted "late filing" for "last filing" in the middle of subsection (b).
GA Code § 33-37-29 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-29. Mutual Debts and Credits

  In all cases of mutual debts or mutual credits between the insurer and another person in connection with any action or proceeding under this chapter, such credits and debts shall be set off and the balance only shall be allowed or paid, except as provided in subsection (b) of this Code section.   No setoff shall be allowed in favor of any person where:   The obligation of the insurer to the person would not, at the date of the entry of any liquidation order or otherwise, as provided in Code Section 33-37-17, entitle him to share as a claimant in the assets of the insurer;   The obligation of the insurer to the person was purchased by or transferred to the person with a view of its being used as a setoff; or   The obligation of the person is to pay an assessment levied against the members of a mutual insurer or against the subscribers of a reciprocal insurer or is to pay a balance upon the subscription to the capital stock of a stock insurer.       (Code 1981, §33-37-29, enacted by Ga. L. 1991, p. 1424, § 7.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, "set off" was substituted for "setoff" in subsection (a).