then the insurer is authorized to report and remit the proceeds of such policy, annuity, or retained asset account due to this state on an early reporting basis, without further notice or consent by the state, after attempting to contact such beneficiary pursuant to Code Section 44-12-198. Once reported and proceeds remitted, the insurer shall be relieved and indemnified from any and all additional liability to any person relating to the proceeds reported and remitted, including but not limited to any liability under Code Section 44-12-214 for all proceeds reported and remitted to the state pursuant to this subsection. This indemnification from liability shall be in addition to any other protections provided by law.
History. Code 1981, § 33-25-14 , enacted by Ga. L. 2014, p. 233, § 1/HB 920; Ga. L. 2019, p. 337, § 1-93/SB 132.
The 2019 amendment, effective July 1, 2019, substituted “Department of Insurance” for “Insurance Department” in subsection (b).
Editor’s notes.
Ga. L. 2014, p. 233, § 2/HB 920, not codified by the General Assembly, provides: “This Act shall be applicable to policies issued or renewed on or after January 1, 2015.
Structure Georgia Code
§ 33-25-1. “Contract of Life Insurance” Defined
§ 33-25-3. Required Policy Provisions Generally
§ 33-25-4. Required Nonforfeiture Provisions
§ 33-25-5. Inclusion of Provisions Excluding or Restricting Liability for Death
§ 33-25-6. When Issuance of Participating and Nonparticipating Policies Permissible
§ 33-25-7. Effect of Incontestable Clause
§ 33-25-10. Payment of Interest on Proceeds or Payments Under Policies
§ 33-25-12. Contesting of Policy After Reinstatement
§ 33-25-14. Unclaimed Life Insurance Benefits; Purpose; Definitions; Insurer Conduct