If receiverships are ordered for the purpose of holding securities for the future satisfaction of more than one claim, the Commissioner shall retain securities deposited by the insurer and apply the securities to the judgments in the order of his appointments as receiver as provided in Code Section 33-12-11. If the receiver determines that the securities the insurer has on deposit are insufficient to cover the claim and if there is another receivership or there are other receiverships in this state against the same insurer in which distribution has not been completed, the Commissioner shall institute proceedings for a general receivership under Chapter 37 of this title.
History. Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2038; Ga. L. 1896, p. 58, § 3; Civil Code 1910, §§ 2422, 2559; Code 1933, §§ 56-304, 56-1109; Code 1933, § 56-1113, enacted by Ga. L. 1960, p. 289, § 1.
Structure Georgia Code
Chapter 12 - Administration of Deposits
§ 33-12-2. Purposes for Which Deposits to Be Held
§ 33-12-3. Assets Deemed Eligible for Deposit
§ 33-12-5. Rights of Insurers as to Recovery, Exchange, and Inspection of Deposits Generally
§ 33-12-6. Deposit of Securities in Amounts Exceeding Required or Permitted Deposit
§ 33-12-7. Procedure Upon Occurrence of Deficiencies in Deposits of Insurers Generally
§ 33-12-8. Release of Deposits Generally
§ 33-12-10. Levy Upon Deposits by Claimants
§ 33-12-12. Proceedings Upon Appointment of Receiver Generally
§ 33-12-13. Proceedings Upon Appointment of Receivers for Satisfaction of Multiple Claims