The Commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon petition by the Commissioner upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason.
History. Code 1981, § 33-37-19 , enacted by Ga. L. 1991, p. 1424, § 7.
Structure Georgia Code
Chapter 37 - Insurers Rehabilitation and Liquidation
Article 3 - Procedure for Rehabilitation
§ 33-37-11. Petition for Rehabilitation; Grounds
§ 33-37-12. Order to Rehabilitate; Commissioner to Be Appointed as Rehabilitator; Effect of Order
§ 33-37-13. Authority of Rehabilitator; Additional Remedies; Rehabilitation Plan
§ 33-37-16. Grounds for Order of Liquidation
§ 33-37-18. Termination of Policy Coverage
§ 33-37-19. Petition for Dissolution of Corporate Existence
§ 33-37-20. Powers of Liquidator
§ 33-37-21. Notice of Liquidation
§ 33-37-22. Responsibility of Agent to Provide Information; Penalty for Violation
§ 33-37-24. Time for Filing List of Assets; Reducing Assets to Liquidity
§ 33-37-25. Fraudulent Transfers or Obligations Incurred; Avoidance
§ 33-37-28. Disallowing Preferred Creditor’s Claims
§ 33-37-29. Mutual Debts and Credits
§ 33-37-31. Liability of Reinsurers
§ 33-37-33. Application for Approval of Proposal to Disburse Assets; Notice
§ 33-37-34. Proof of Claims; Late Filing
§ 33-37-36. Third-Party Contingent Claim; Claims Due in Future; Claims Under Employment Contracts
§ 33-37-37. Third-Party Claim Against Insured
§ 33-37-38. Procedure When Claim Denied
§ 33-37-39. When Third Person Subrogated to Rights of Creditor
§ 33-37-40. Determining Value of Security Held by Secured Creditor
§ 33-37-41. Priority of Distribution of Claims
§ 33-37-42. Authority of Liquidator to Compound, Compromise, or Negotiate Claims; Report to Court
§ 33-37-43. Payment of Distributions
§ 33-37-44. Disposition of Unclaimed Funds Subject to Distribution
§ 33-37-45. Liquidator’s Application for Discharge
§ 33-37-46. Reopening Liquidation Proceedings