Whenever it appears to the Commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided in Chapter 37 of this title to take possession of the property of the domestic insurer and to conduct the business of the domestic insurer.
History. Code 1933, § 56-3411, enacted by Ga. L. 1970, p. 257, § 1; Code 1981, § 33-13-11 ; Code 1981, § 33-13-12 , as redesignated by Ga. L. 2013, p. 802, § 1/HB 312; Ga. L. 2015, p. 608, § 3/SB 108.
Editor’s notes.
Ga. L. 2013, p. 802, § 1/HB 312, effective July 1, 2013, redesignated former Code Section 33-13-11 as present Code Section 33-13-12 and redesignated former Code Section 33-13-12 as present Code Section 33-13-13.
Structure Georgia Code
Chapter 13 - Insurance Holding Company Systems
Article 1 - General Provisions
§ 33-13-3. Acquisition of Control of or Merger With Domestic Insurer
§ 33-13-3.1. Acquisition of Insurer; Effect on Competition
§ 33-13-4. Registration of Insurers Belonging to Holding Company Systems
§ 33-13-9. Rules and Regulations and Orders
§ 33-13-10. Injunctions; Seizure or Sequestration of Voting Securities
§ 33-13-11. Violations of This Article
§ 33-13-13. Revocation, Suspension, or Nonrenewal of License or Authority to Do Business
§ 33-13-15. Aggrieved Persons; Appeal of Actions of Commissioner; Mandamus