Every insurance company doing a workers’ compensation business in this state shall furnish a bond payable to the state in the sum of $50,000.00 with some surety company authorized to transact business in this state as surety, in such form as may be approved by the Commissioner of Insurance, conditioned for the payment of compensation losses on policies issued by such insurance company upon risks located in this state. An action may be brought upon said bond by the board for the use and benefit of any party or parties at interest. The annual license of such company shall not be issued or renewed until it has filed with the Commissioner of Insurance of this state the bond required by this Code section. In lieu of such bond a deposit of the same amount may be made with the Office of the State Treasurer in the form of other security satisfactory to the Commissioner of Insurance.
History. Ga. L. 1920, p. 167, § 70; Ga. L. 1933, p. 182, § 1; Code 1933, § 114-606; Ga. L. 1993, p. 1402, § 18; Ga. L. 2010, p. 863, § 2/SB 296.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 1988, “Commissioner of Insurance” was substituted for “Insurance Commissioner” throughout the Code section.
Structure Georgia Code
Title 34 - Labor and Industrial Relations
Chapter 9 - Workers’ Compensation
Article 4 - Insurance of Compensation Liability Generally
§ 34-9-120. Employer’s Duty to Insure Payment of Compensation
§ 34-9-122.1. Workers’ Compensation Health Benefits Pilot Projects
§ 34-9-124.1. Optional Deductibles to Be Offered by Insurers
§ 34-9-127. Issuance by Board of Certificate of Self-Insurance; Review; Revocation
§ 34-9-128. Inspection of Place of Employment and Injury Records; Penalty for Noncompliance
§ 34-9-131. Insurer Permit Requirement; Claim Office Within State
§ 34-9-132. Grounds for Revocation of Insurance Carrier’s Permit
§ 34-9-134. Appeals From Decisions Under Code Sections 34-9-122 and 34-9-131 Through 34-9-133
§ 34-9-137. Considerations in Employer’s Experience Modification Factor
§ 34-9-138. Consideration of Employer’s Experience While Self-Insured