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GA Code § 33-37-48 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-48. Receivership Audits

 The superior court may, as it deems desirable, cause audits to be made of the books of the Commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the Commissioner and with the court.The books, records, and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.    (Code 1981, §33-37-48, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.
GA Code § 33-37-49 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-49. Commissioner Appointed as Conservator of Alien or Foreign Insurer's Property; Grounds

  If a domiciliary liquidator has not been appointed, the Commissioner may apply to the superior court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:   Any of the grounds provided in Code Section 33-37-11;   That any of its property has been sequestered by official action in its domiciliary state or in any other state;   That enough of its property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent; or     That its certificate of authority to do business in this state has been revoked or that none was ever issued; and   That there are residents of this state with outstanding claims or outstanding policies.       When an order is sought under subsection (a) of this Code section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.   The court may issue the order in whatever terms it shall deem appropriate.The filing or recording of the order with the clerk of superior court of the county in which the principal business of the company is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded with the clerk would have imparted.   The conservator may at any time petition for and the court may grant an order under Code Section 33-37-50 to liquidate assets of a foreign or alien insurer under conservation or, if appropriate, for an order under Code Section 33-37-52 to be appointed ancillary receiver.   The conservator may at any time petition the court for an order terminating conservation of an insurer.If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business.The court may also make such finding and issue such order at any time upon motion of any interested party but, if such motion is denied, all costs shall be assessed against such party.     (Code 1981, §33-37-49, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-50 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-50. Commissioner Appointed as Liquidator of Foreign or Alien Insurer's Assets; Grounds

  If no domiciliary receiver has been appointed, the Commissioner may apply to the superior court by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:   Any of the grounds provided in Code Section 33-37-11 or 33-37-16; or   Any of the grounds specified in paragraphs (2) through (4) of subsection (a) of Code Section 33-37-49.     When an order is sought under subsection (a) of this Code section, the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.   If it shall appear to the court that the best interests of creditors, policyholders, and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate.The filing or recording of the order with the clerk of the superior court of the county in which the principal business of the company is located 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 the clerk would have imparted.   If a domiciliary liquidator is appointed in another state while a liquidation is proceeding under this Code section, the liquidator under this Code section shall thereafter act as ancillary receiver under Code Section 33-37-52.   On the same grounds as are specified in subsection (a) of this Code section, the Commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction or any lesser part thereof that the Commissioner deems desirable for the protection of the policyholders and creditors in this state.   The court may order the Commissioner, when he has liquidated the assets of a foreign or alien insurer under this Code section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under this chapter as are otherwise compatible with the provisions of this Code section.     (Code 1981, §33-37-50, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2016, p. 816, § 2/HB 883.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, "in" was inserted following "specified" in paragraph (a)(2), and "Commissioner" was substituted for "commissioner" twice in subsection (e) and in subsection (f).   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 § 33-37-51 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-51. Title to Property of Insurer Domiciled in Another State; Rights of Resident Claimants

  The domiciliary liquidator of an insurer domiciled in another state shall, except as to special deposits and security on secured claims under subsection (c) of Code Section 33-37-52, be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this state. He or she also shall have the right to recover all other assets of the insurer located in this state, subject to the provisions of Code Section 33-37-52.   Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.     (Code 1981, §33-37-51, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2016, p. 816, § 3/HB 883.)
GA Code § 33-37-53 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-53. Commissioner's Cooperation With Officials of Domiciliary State of Foreign or Alien Insurer

 The Commissioner in his sole discretion may institute proceedings under Code Sections 33-37-9 and 33-37-10 at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.    (Code 1981, §33-37-53, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-54 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-54. Rights of Nonresident Claimants in Proceeding Against Domiciliary Insurer

  In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in other states where an ancillary receiver has not been appointed must file claims in this state, and claimants residing in other states where an ancillary receiver has been appointed may file claims either with the ancillary receivers in their respective states or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.   Claims belonging to claimants residing in other states where an ancillary receiver has been appointed may be proved either in the liquidation proceeding in this state as provided in this chapter or in ancillary proceedings in the other states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this state as provided in subsection (b) of Code Section 33-37-55 with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in other states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against general assets under Code Section 33-37-41.     (Code 1981, §33-37-54, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2016, p. 816, § 5/HB 883.)
GA Code § 33-37-55 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-55. Rights of Resident Claimants in Proceeding in Another State Against Nondomiciliary Insurer

  In a liquidation proceeding in another state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.   Claims belonging to claimants residing in this state may be proved either in the domiciliary state under the law of that state or in ancillary proceedings, if any, in this state. If a claimant elects to prove his or her claim in this state, he or she shall file such claim with the ancillary receiver in the manner provided in Code Sections 33-37-34 and 33-37-35. The ancillary receiver shall make his or her recommendation to the court as under Code Section 33-37-42. He or she shall also arrange a date for hearing if necessary under Code Section 33-37-38 and shall give notice to the liquidator in the domiciliary state, either by certified mail or statutory overnight delivery or by personal service at least 40 days prior to the date set for hearing. If the domiciliary liquidator, within 30 days after the giving of such notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or statutory overnight delivery or by personal service, of his or her intention to contest the claim, he or she shall be entitled to appear or to be represented in any proceeding in this state involving the adjudication of the claim.   If a claimant files a claim in this state with the ancillary receiver, the final allowance of the claim by the courts of this state shall be accepted as conclusive as to amount and as to priority against special deposits or other security located in this state.     (Code 1981, §33-37-55, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2000, p. 1589, § 3; Ga. L. 2016, p. 816, § 6/HB 883.)   Editor's notes.   - Ga. L. 2000, p. 1589, § 16, not codified by the General Assembly, provides that the amendment to subsection (b) is applicable with respect to notices delivered on or after July 1, 2000.
GA Code § 33-37-56 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-56. Stay of Proceedings During Pendency of Liquidation Proceeding

 During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment, or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.    (Code 1981, §33-37-56, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-57 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-57. Superiority of Order of Distribution Issued by Domiciliary State; Priority of Payment and Claims; Rights of Secured Creditors

  In a liquidation proceeding in this state involving one or more other states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and other states. All claims of residents of other states shall be given equal priority of payment from general assets regardless of where such assets are located.   The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits.If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.   The owner of a secured claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security in accordance with Code Section 33-37-40, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.     (Code 1981, §33-37-57, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 1992, p. 6, § 33; Ga. L. 2016, p. 816, § 7/HB 883.)
GA Code § 33-37-58 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 4 - Liquidation Proceedings|§ 33-37-58. Failure of Ancillary Receiver to Transfer Assets

 If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under paragraph (7) of Code Section 33-37-41.    (Code 1981, §33-37-58, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-41-1 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-1. Short Title

 This chapter shall be known and may be cited as the "Georgia Captive Insurance Company Act."    (Code 1981, §33-41-1, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.)
GA Code § 33-41-4 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-4. Prerequisites to Transacting Insurance

 No captive insurance company may transact any insurance in this state unless:    It first obtains from the Commissioner a certificate of authority authorizing it to transact insurance in this state;   It maintains its principal place of business in this state;   Any organization providing the principal administrative or management services to such captive insurance company shall be approved by the Commissioner;   Its board of directors or board of managers holds at least one meeting each year in this state; and   It appoints a registered agent to accept service of process in this state, provided that, whenever such registered agent cannot with reasonable diligence be found at the registered office of the captive insurance company, the Commissioner shall be an agent of such captive insurance company upon whom any process, notice, or demand may be served.     (Code 1981, §33-41-4, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-2/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 3/SB 173; Ga. L. 2019, p. 533, § 2-4/HB 99.)    The 2019 amendment,  effective July 1, 2019, deleted "and" at the end of paragraph (3), substituted "; and" for the period at the end of paragraph (4), and added paragraph (5).
GA Code § 33-41-6 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-6. Name

  A captive insurance company shall not use any name which is either similar, misleading, or confusing with respect to any other name already in use by any other captive insurance company, domestic mutual or stock insurance company, corporation, or association organized or doing business in this state. The Commissioner shall not approve the formation documents of an applicant attempting to use such a name nor shall the Commissioner approve an application for a certificate of authority from such applicant.   The name of a risk retention group captive insurance company shall include the words "risk retention group captive insurance company."   If the captive insurance company is a mutual insurer, the word "mutual" shall be a part of its name.     (Code 1981, §33-41-6, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 5/SB 173.)
GA Code § 33-41-7 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-7. Directors or Managers

  The affairs of every captive insurance company shall be managed by not less than three directors or managers.   At least one of the directors or managers of every captive insurance company shall be a resident of this state.   Every captive insurance company shall report to the Commissioner within 30 days after any change in its directors or managers including in its report a statement of the business and professional background and affiliations of any new director or manager.     (Code 1981, §33-41-7, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2015, p. 377, § 1-3/HB 552; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2017, p. 682, § 6/SB 173.)
GA Code § 33-41-9 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-9. Letters of Credit

  Any letter of credit used to meet the requirements set forth in this chapter shall be:   Clean, irrevocable, and unconditional;   Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System;   Presentable and payable within the State of Georgia; and   Provided in conformity with any other requirements established by the Commissioner.     The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company's policyholders.     (Code 1981, §33-41-9, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2019, p. 533, § 2-7/HB 99.)    The 2019 amendment,  effective July 1, 2019, substituted "this chapter" for "Code Sections 33-41-8, 33-41-12, and 33-41-14" in the introductory paragraph of subsection (a).
GA Code § 33-41-11 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-11. Refusal, Suspension, or Nonrenewal of Certificate; Expiration, Renewal, Amendment

  The certificate of authority of a captive insurance company to transact insurance in this state may be refused or suspended or not be renewed pursuant to Code Sections 33-3-17 through 33-3-19, inclusive.   A certificate of authority shall expire, be renewed, and be amended by the Commissioner pursuant to Code Section 33-3-16; provided, however, that captive insurance companies shall not be subject to the publishing requirements of such Code section.     (Code 1981, §33-41-11, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.)
GA Code § 33-41-12 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-12. Assets

 For the purposes of determining the financial condition of a captive insurance company, including, but not limited to, the maintenance of adequate reserves pursuant to Code Section 33-41-13, the reporting of business affairs pursuant to Code Section 33-41-15, and the examinations and investigations pursuant to Code Section 33-41-16, there shall be allowed as assets of a captive insurance company:    Those assets described in Code Section 33-10-1;   Those assets otherwise authorized by Code Sections 33-41-8 and 33-41-14;   Obligations for premium payments, provided that such obligations are secured by letters of credit, as described in Code Section 33-41-9; and   Assets that are approved by the Commissioner as admitted assets under rules adopted pursuant to this chapter.     (Code 1981, §33-41-12, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.)
GA Code § 33-41-13 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 41 - Captive Insurance Companies|Article 1 - General Provisions|§ 33-41-13. Reserves

  Every captive insurance company shall maintain reserves in an amount estimated in the aggregate to provide for the payment of all unpaid losses and claims incurred, whether reported or unreported, for which such captive insurance company may be liable, together with the expenses of adjustment or settlement of such losses and claims. Every captive insurance company shall keep a complete and itemized record, in a form satisfactory to the Commissioner, showing all losses and claims on which it has received notice.   If the loss experience of a captive insurance company shows that its loss reserves, however estimated, are inadequate, the Commissioner shall require the captive insurance company to maintain increased amounts of loss reserves as are needed to make its loss reserves adequate.   Every captive insurance company shall maintain an unearned premium reserve on all policies in force which shall never be less in the aggregate than the captive insurance company's actual liability to all its insureds for the return of gross unearned premiums computed pursuant to the method commonly referred to as the monthly pro rata method.     (Code 1981, §33-41-13, enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347.)