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GA Code § 33-37-31 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-31. Liability of Reinsurers

 The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings regardless of any provision in the reinsurance contract or other agreement. The reinsurance shall be payable under a contract or contracts reinsured by the assuming insurer on the basis of reported claims allowed by the liquidation court, without diminution because of the insolvency of the ceding insurer. Such payments shall be made directly to the ceding insurer or to its domiciliary liquidator except:    Where the contract or other written agreement specifically provides for another payee of such reinsurance in the event of the insolvency of the ceding insurer; or   Where the assuming insurer, with the consent of the direct insured or insureds, has assumed such policy obligations of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the obligation of the ceding insurer to such payees.     (Code 1981, §33-37-31, enacted by Ga. L. 1991, p. 1424, § 7; Ga. L. 2001, p. 872, § 1.)
GA Code § 33-37-32 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-32. Premiums Due During Pendency of Liquidation Action; Penalties for Violation; Notice; Right to Appeal

    An agent, broker, premium finance company, or any other person, other than the insured, responsible for the payment of a premium shall be obligated to pay any unpaid premium for the full policy term due the insurer at the time of the declaration of insolvency, whether earned or unearned, as shown on the records of the insurer.The liquidator shall also have the right to recover from such person any part of an unearned premium that represents commission of such person. Credits or setoffs or both shall not be allowed to an agent, broker, or premium finance company for any amounts advanced to the insurer by the agent, broker, or premium finance company on behalf of, but in the absence of a payment by, the insured.   An insured shall be obligated to pay any unpaid earned premium due the insurer at the time of the declaration of insolvency, as shown on the records of the insurer.     Upon satisfactory evidence of a violation of this Code section, the Commissioner may pursue either one or both of the following courses of action:   Suspend, revoke, or refuse to renew the licenses of such offending party or parties; or   Impose a penalty of not more than $5,000.00 for each and every act in violation of this Code section by said party or parties.     Before the Commissioner shall take any action as provided in subsection (b) of this Code section, written notice shall be provided to the person, company, association, or exchange accused of violating the law, stating specifically the nature of the alleged violation and fixing a time and place, at least ten days thereafter, when a hearing on the matter shall be held. After such hearing, or upon failure of the accused to appear at such hearing, the Commissioner, if he shall find such violation, shall impose such of the penalties under subsection (b) of this Code section as he deems advisable.   When the Commissioner shall take action in any or all of the ways set out in subsection (b) of this Code section, the party aggrieved may appeal from said action to the superior court.     (Code 1981, §33-37-32, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-34 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-34. Proof of Claims; Late Filing

  Proof of all claims shall be filed with the liquidator in the form required by Code Section 33-37-35 on or before the last day for filing specified in the notice required under Code Section 33-37-21, except that proof of claims for cash surrender values or other investment values in life insurance and annuities need not be filed unless the liquidator expressly so requires.   The liquidator may permit a claimant making a late filing to share in distributions, whether past or future, as if he were not late, to the extent that any such payment will not prejudice the orderly administration of the liquidation, under the following circumstances:   The existence of the claim was not known to the claimant and that he filed his claim as promptly thereafter as reasonably possible after learning of it;   A transfer to a creditor was avoided under Code Sections 33-37-25 through 33-37-27 or was voluntarily surrendered under Code Section 33-37-28, and that the filing satisfies the conditions of Code Section 33-37-28; and   The valuation under Code Section 33-37-40 of security held by a secured creditor shows a deficiency, which is filed within 30 days after the valuation.     The liquidator shall permit late filing claims to share in distributions, whether past or future, as if they were not late, if such claims are claims of a guaranty association or foreign guaranty association for reimbursement of covered claims paid or expenses incurred, or both, subsequent to the last day for filing where such payments were made and expenses incurred as provided by law.   The liquidator may consider any claim filed late which is not covered by subsection (b) of this Code section and permit it to receive distributions which are subsequently declared on any claims of the same or lower priority if the payment does not prejudice the orderly administration of the liquidation. The late-filing claimant shall receive, at each distribution, the same percentage of the amount allowed on his claim as is then being paid to claimants of any lower priority.This shall continue until his claim has been paid in full.     (Code 1981, §33-37-34, enacted by Ga. L. 1991, p. 1424, § 7.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, the comma was deleted following "33-37-40" in paragraph (b)(3).
GA Code § 33-37-35 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-35. Contents of Proof of Claim; Effect of Judgment or Order Within Four Months Of, or After, Filing Petition for Liquidation

  Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable:   The particulars of the claim including the consideration given for it;   The identity and amount of the security on the claim;   The payments made on the debt, if any;   That the sum claimed is justly owing and that there is no setoff, counterclaim, or defense to the claim;   Any right of priority of payment or other specific right asserted by the claimants;   A copy of the written instrument which is the foundation of the claim; and   The name and address of the claimant and the attorney who represents him, if any.     No claim need be considered or allowed if it does not contain all the information in subsection (a) of this Code section which may be applicable. The liquidator may require that a prescribed form be used, and may require that other information and documents be included.   At any time the liquidator may request the claimant to present information or evidence supplementary to that required under subsection (a) of this Code section and may take testimony under oath, require production of affidavits or depositions, or otherwise obtain additional information or evidence.   No judgment or order against an insured or the insurer entered after the date of filing of a successful petition for liquidation, and no judgment or order against an insured or the insurer entered at any time by default or by collusion need be considered as evidence of liability or of quantum of damages.No judgment or order against an insured or the insurer entered within four months before the filing of the petition need be considered as evidence of liability or of the quantum of damages.   All claims of a guaranty association or foreign guaranty association shall be in such form and contain such substantiation as may be agreed to by the association and the liquidator.     (Code 1981, §33-37-35, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-36 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-36. Third-Party Contingent Claim; Claims Due in Future; Claims Under Employment Contracts

  The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.   A claim may be allowed, even if contingent, if it is filed in accordance with Code Section 33-37-34.It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.   Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at the legal rate of interest.   Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under Code Section 33-37-12 or 33-37-17.     (Code 1981, §33-37-36, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-37 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-37. Third-Party Claim Against Insured

  Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.   Whether or not the third party files a claim, the insured may file a claim on his own behalf in the liquidation.If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within 60 days after mailing of the notice required by Code Section 33-37-21, whichever is later, he is an unexcused late filer.   The liquidator shall make his recommendations to the court under Code Section 33-37-41 for the allowance of an insured's claim under subsection (b) of this Code section after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim pending the outcome of litigation and negotiation with the insured.Whenever it seems appropriate, he shall reconsider the claim on the basis of additional information and amend his recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination.The court may amend its allowance as it thinks appropriate.As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property based on the lesser of the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense or the amount allowed on the claims by the court.After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer.Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.   If several claims founded upon one policy are filed, whether by third parties or as claims by the insured under this Code section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection (c) of this Code section.If any insured's claim is subsequently reduced under subsection (c) of this Code section, the amount thus freed shall be apportioned ratably among the claims which have been reduced under this subsection.   No claim may be presented under this Code section if it is or may be covered by any guaranty association or foreign guaranty association.     (Code 1981, §33-37-37, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-38 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-38. Procedure When Claim Denied

  When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by first-class mail at the address shown in the proof of claim. Within 60 days from the mailing of the notice, the claimant may file his objections with the liquidator.If no such filing is made, the claimant may not further object to the determination.   Whenever objections are filed with the liquidator and the liquidator does not alter his denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first-class mail to the claimant or his attorney and to any other persons directly affected, not less than ten nor more than 30 days before the date of the hearing.The matter may be heard by the court or by a court appointed referee who shall submit findings of fact along with his recommendation.     (Code 1981, §33-37-38, enacted by Ga. L. 1991, p. 1424, § 7.)
GA Code § 33-37-39 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-39. When Third Person Subrogated to Rights of Creditor

 Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking.In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution; however, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor.Any excess received by the creditor shall be held by him in trust for such other person. The term"other person," as used in this Code section, is not intended to apply to a guaranty association or foreign guaranty association.    (Code 1981, §33-37-39, enacted by Ga. L. 1991, p. 1424, § 7.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1991, double quotation marks were substituted for single quotation marks enclosing "other person" in the last sentence of this Code section.
GA Code § 33-37-40 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-40. Determining Value of Security Held by Secured Creditor

  The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:   By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or   By agreement, arbitration, compromise, or litigation between the creditor and the liquidator.     The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator.The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim.If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.     (Code 1981, §33-37-40, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, §§ 83 et seq., 95 et seq.   ALR.   - Validity, construction, and application of Uniform Insurers Liquidation Act, 44 A.L.R.5th 683.
GA Code § 33-37-42 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-42. Authority of Liquidator to Compound, Compromise, or Negotiate Claims; Report to Court

  The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he shall deem necessary.He may compound, compromise, or in any other manner negotiate the amount for which claims will be recommended to the court except where the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association.Unresolved disputes shall be determined under Code Section 33-37-38.As soon as practicable, he shall present to the court a report of the claims against the insurer with his recommendations.The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any.If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.   The court may approve, disapprove, or modify the report on claims by the liquidator.Such reports as are not modified by the court within a period of 60 days following submission by the liquidator shall be treated by the liquidator as allowed claims subject thereafter to later modification or to rulings made by the court pursuant to Code Section 33-37-38.No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.     (Code 1981, §33-37-42, 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, § 267 et seq.
GA Code § 33-37-43 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-43. Payment of Distributions

 Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third-party claims.Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.    (Code 1981, §33-37-43, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 83 et seq.   ALR.    - Conflict of laws respecting duration of or time for enforcement of liability of policyholders in respect of assessments, 161 A.L.R. 989.    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 § 33-37-44 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-44. Disposition of Unclaimed Funds Subject to Distribution

  All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member, or other person who is unknown or cannot be found shall be maintained by the Commissioner and shall be paid without interest except in accordance with Code Section 33-37-41 to the person entitled thereto or his legal representative upon proof satisfactory to the Commissioner of his right thereto.Any amount on deposit not claimed within six years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and be deposited in the general fund of the state.   All funds withheld under Code Section 33-37-36 and not distributed shall upon discharge of the liquidator be maintained by the Commissioner and paid by him in accordance with Code Section 33-37-41.Any sums remaining which under Code Section 33-37-41 would revert to the undistributed assets of the insurer shall be transferred to the general fund of the state under subsection (a) of this Code section, unless the Commissioner in his discretion petitions the court to reopen the liquidation under Code Section 33-37-46.     (Code 1981, §33-37-44, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   ALR.    - Conflict of laws respecting duration of or time for enforcement of liability of policyholders in respect of assessments, 161 A.L.R. 989.
GA Code § 33-37-45 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-45. Liquidator's Application for Discharge

  When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge.The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute as may be deemed appropriate.   Any other person may apply to the court at any time for an order under subsection (a) of this Code section.If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.     (Code 1981, §33-37-45, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, §§ 78 et seq., 92 et seq.   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.   ALR.    - Conflict of laws respecting duration of or time for enforcement of liability of policyholders in respect of assessments, 161 A.L.R. 989.    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 § 33-37-46 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-46. Reopening Liquidation Proceedings

 After the liquidation proceeding has been terminated and the liquidator discharged, the Commissioner or other interested party may at any time petition the superior court to reopen the proceedings for good cause, including the discovery of additional assets.If the court is satisfied that there is justification for reopening, it shall so order.    (Code 1981, §33-37-46, enacted by Ga. L. 1991, p. 1424, § 7.)   Law reviews.   - For note, "Misrepresentations and Nondisclosures in the Insurance Application," see 13 Ga. L. Rev. 876 (1979).   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 93 et seq.   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.
GA Code § 33-37-47 (2021)
2021 Georgia Code|Title 33 - Insurance|Chapter 37 - Insurers Rehabilitation and Liquidation|Article 3 - Procedure for Rehabilitation|§ 33-37-47. Retention or Destruction of Records

 Whenever it shall appear to the Commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.    (Code 1981, §33-37-47, enacted by Ga. L. 1991, p. 1424, § 7.)   RESEARCH REFERENCES   Am. Jur. 2d.   - 43 Am. Jur. 2d, Insurance, § 93 et seq.   C.J.S.   - 44 C.J.S., Insurance, § 245 et seq.