If for any reason the market value of assets and securities of an insurer held on deposit in this state under this title falls below the amount so required, the insurer shall promptly deposit other or additional assets or securities eligible for deposit sufficient to cure the deficiency. If the insurer has failed to cure the deficiency within 30 days after receipt of notice to deposit other or additional assets or securities by registered or certified mail or statutory overnight delivery from the Commissioner, the Commissioner shall revoke the insurer’s certificate of authority.
History. Ga. L. 1887, p. 113, § 4; Civil Code 1895, § 2040; Civil Code 1910, § 2424; Code 1933, § 56-305; Code 1933, § 56-1107, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2000, p. 1589, § 3.
Editor’s notes.
Ga. L. 2000, p. 1589, § 16, not codified by the General Assembly, provided that the amendment to this Code section by Ga. L. 2000, p. 1589, § 3, was applicable with respect to notices delivered on or after July 1, 2000.
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