Upon the liquidation of a domestic reciprocal insurer, its assets remaining after discharges of its indebtedness and policy obligations, the return of any contributions of the attorney or other persons to its surplus made as provided in Code Section 33-17-17, and the return of any unused premiums, savings, or credit then standing on subscribers’ accounts shall be distributed to its subscribers who were such within the 12 months prior to the last termination of its certificate of authority, according to such reasonable formula as the Commissioner may approve.
History. Code 1933, § 56-2128, enacted by Ga. L. 1960, p. 289, § 1.
Structure Georgia Code
Chapter 17 - Reciprocal Insurers
§ 33-17-2. Applicability of Chapter
§ 33-17-3. Authorization of Transaction of Insurance by Reciprocal Insurers Generally
§ 33-17-5. Requirements as to Name; Actions by and Against Insurers
§ 33-17-8. Filing of Bond by Attorney for Insurer; Amount of Bond; Cancellation of Bond
§ 33-17-9. Maintenance by Attorney of Deposit in Lieu of Bond
§ 33-17-10. Actions on Attorney’s Bond or Deposit
§ 33-17-14. Subscribers’ Advisory Committee
§ 33-17-15. Modifications of Terms of Subscribers’ Agreement or of Power of Attorney
§ 33-17-16. General Requirements for Transaction of Insurance by Domestic Reciprocal Insurers
§ 33-17-20. Enforcement Against Subscriber of Judgment Against Insurer
§ 33-17-21. Standards for Determination by Commissioner of Financial Condition of Insurer
§ 33-17-22. Manner of Levy of Assessments Against Subscribers Generally; Computation of Assessments
§ 33-17-23. Limitation Period for Assessments
§ 33-17-24. Maximum Assessable Aggregate Contingent Liability
§ 33-17-25. Insufficient Assets to Discharge Liabilities and to Maintain Required Surplus
§ 33-17-27. Distribution of Unused Premiums, Savings, Credits, or Profits to Subscribers
§ 33-17-28. Distribution of Assets to Subscribers Upon Liquidation of Insurer
§ 33-17-29. Filing of Annual Statement With Commissioner
§ 33-17-31. Exchange of Contracts or Indemnities by Attorneys