Any personal property or securities lawfully acquired by an insurer which it could not otherwise have invested in or loaned its funds upon at the time of the acquisition shall be disposed of within three years from date of acquisition unless within that period the security has attained to the standard of eligibility. However, any security or personal property acquired under any agreement of bulk reinsurance, merger, or consolidation may be retained for a longer period if so provided in the plan for the reinsurance, merger, or consolidation as approved by the Commissioner under Chapter 14 of this title. Upon application by the insurer and proof that forced sale of any of the property or security would materially injure the interests of the insurer, the Commissioner may extend the disposal period for an additional reasonable time.
History. Code 1933, § 56-1033, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.
Structure Georgia Code
Article 1 - Investments of Certain Insurers
§ 33-11-2. Eligible Investments; Investment Limitations
§ 33-11-3. Acquisition of Securities or Investments by Insurers Generally
§ 33-11-4. Authorization of Loan or Investment of Insurer
§ 33-11-5. Required Investments; Limitations
§ 33-11-6. Authorized Investments Generally; Cash or Deposits
§ 33-11-7. Securities of Open-End Management Investment Company or Investment Trust
§ 33-11-9. Obligations of Government of United States Generally
§ 33-11-10. Securities Which Are Not Evidenced by Certificates
§ 33-11-11. Loans Guaranteed by Government of United States
§ 33-11-12. Securities of States of United States, District of Columbia, or Government of Canada
§ 33-11-12.1. Investment in Direct Obligations of Foreign Governments
§ 33-11-14. Industrial Development Obligations
§ 33-11-14.1. Securities of Federal Agencies
§ 33-11-15. Securities of Public Housing Authorities or Agencies
§ 33-11-17. Obligations Issued, Assumed, or Guaranteed by Asian Development Bank
§ 33-11-18. Obligations Issued, Assumed, or Guaranteed by Inter-American Development Bank
§ 33-11-19. Loans Guaranteed by Georgia Higher Education Assistance Corporation
§ 33-11-19.1. Obligations Issued, Assumed, or Guaranteed by African Development Bank
§ 33-11-19.2. Loans Guaranteed by United Student Aid Funds, Inc
§ 33-11-20. Obligations of Corporations Generally
§ 33-11-22. Equipment Trust Obligations or Certificates
§ 33-11-26. Chattel Mortgage Loans
§ 33-11-27. Abstract Plant and Equipment and Stocks of Abstract Companies
§ 33-11-29. Acquisition or Holding of Real Property Generally
§ 33-11-30. Investment of Assets in Real Estate Acquired for Purposes of Leasing
§ 33-11-32. Limitation on Investments Pursuant to Code Sections 33-11-30 or 33-11-31
§ 33-11-39. Time Limit for Disposal by Insurer of Real Estate
§ 33-11-41. Effect of Failure of Insurer to Dispose of Real Estate, Personal Property, or Securities
§ 33-11-42. Investments of Foreign and Alien Insurers; Place of Domicile
§ 33-11-43. Compliance With Secondary Mortgage Market Enhancement Act