In the event the Commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the Commissioner to take action under Chapter 37 of this title, and the Commissioner shall have the rights, powers, and duties with respect to the insurer as are set forth in Chapter 37 of this title. In the event the Commissioner takes actions under this paragraph pursuant to an adjusted RBC report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of Chapter 2 of this title pertaining to summary proceedings.
History. Code 1981, § 33-56-5 , enacted by Ga. L. 1996, p. 928, § 1.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1996, the comma and quotation marks were inserted in subsection (a).
Structure Georgia Code
Chapter 56 - Risk-Based Capital Levels
§ 33-56-2. Annual Risk-Based Capital Level Report Required; Computations
§ 33-56-5. Authorized Control Level Events; Actions by Commissioner
§ 33-56-6. Mandatory Control Level Events; Actions by Commissioner
§ 33-56-7. Notification to Insurer of Determination or Action by Commissioner; Right to Hearing
§ 33-56-8. Confidentiality of Certain Information and Corrective Orders
§ 33-56-10. Foreign Insurers; Responsibility of Domestic Insurers to Other States