In those instances in which the Commissioner in his or her judgment shall deem it to be in the best interests of the citizens of this state, no certificate of authority shall be issued by the Commissioner to any foreign and alien insurer nor shall any certificate of authority be renewed for any such insurer unless such insurer shall deposit with the Commissioner securities eligible for the investment of capital funds in such amount as the Commissioner shall require. This deposit and the deposit required by paragraph (1) of subsection (b) of Code Section 33-3-8 shall be administered as provided for in Chapter 12 of this title. Deposits under this Code section shall be held for the protection of the insurer’s policyholders in this state and others in this state entitled to the proceeds of its policies.
History. Code 1933, § 56-310, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1967, p. 765, § 1; Ga. L. 1972, p. 1015, § 14; Ga. L. 2016, p. 519, § 1/HB 884; Ga. L. 2019, p. 337, § 1-17/SB 132.
The 2019 amendment, effective July 1, 2019, substituted “In those instances” for “On and after July 1, 1967, in those instances” at the beginning of this Code section.
Cross references.
Administration of deposits, T. 33, C. 12.
Law reviews.
For article discussing restrictions on the establishment and transaction of business by a foreign insurer in Georgia with emphasis on threshold requirements for establishment by alien insurers, see 27 Mercer L. Rev. 629 (1976).
Structure Georgia Code
Chapter 3 - Authorization and General Requirements for Transaction of Insurance
§ 33-3-2. Certificate of Authority Required for Transaction of Insurance Within State; Exceptions
§ 33-3-4. Kinds of Insurance in Which Insurers May Transact
§ 33-3-5. Classification of Kinds of Insurance
§ 33-3-6. Requirements as to Capital Stock or Surplus Generally
§ 33-3-7. Requirement of Surplus for New Insurers
§ 33-3-8. Requirements as to Deposit of Securities Generally
§ 33-3-9. Requirement of Additional Deposits of Securities by Foreign and Alien Insurers
§ 33-3-12. Requirements as to Name of Insurer
§ 33-3-13. Information Required in or Attached to Application for Certificate of Authority
§ 33-3-17. Discretionary Refusal, Revocation, or Suspension of Certificate Generally
§ 33-3-18. Administrative Supervision or Suspension of Certificate of Authority for Cause
§ 33-3-19. Mandatory Refusal, Revocation, or Suspension of Certificate
§ 33-3-21. Reports of Business Affairs and Operations of Insurers Generally
§ 33-3-22. Reports of Insurers Authorized to Transact Product Liability Insurance
§ 33-3-23. Transaction Restrictions on Lending Institutions and Bank Holding Companies
§ 33-3-24. Transaction Restrictions on Institutions of Farm Credit System
§ 33-3-25. Language Simplification and Reading Ease Standards; Applicability of Code Section
§ 33-3-27. Reports of Awards Under Medical Malpractice Insurance Policies
§ 33-3-29. Licensing of Foreign State Insurers as Domestic Insurers
§ 33-3-30. Principal United States Place of Business of Alien Insurer Entering Through This State