Ga. Comp. R. & Regs. 120-2-35-.05

Current through Rules and Regulations filed through June 17, 2024

Rule 120-2-35-.05 - The Right of the Commissioner of Insurance to Receive and Hold Interest

The Commissioner of Insurance may receive and retain the interest on deposit of a company licensed in Georgia which is placed in conservatorship, rehabilitation or receivership by its state of domicile and when the Commissioner has reason to believe that such company may potentially be unable to meet its claims and obligations in Georgia or when the market value of deposits falls below the amount required by O.C.G.A. §§ 33-3-8 through 33-3-10. Such interest may be placed in an interest bearing account established by the Commissioner in an institution of the Commissioner's choice and will be held in trust by the Commissioner for policyholders and creditors of the company.

Ga. Comp. R. & Regs. R. 120-2-35-.05

O.C.G.A. Secs. 33-2-9, 33-3-8, 33-3-9, 33-3-10, 33-11-10, 33-12-4, 33-12-5, 33-14-13.

Original Rule entitled "Investments" was filed on March 31, 1983; effective May 1, 1983, as specified by the Agency.

Repealed New Rule of same title adopted. F. Aug. 24, 1989; eff. Sept. 15, 1989, as specified by the Agency.

Repealed: New Rule entitled "The Right of the Commissioner of Insurance to Receive and Hold Interest" adopted. F. Jul. 19, 1996; eff Aug. 8, 1996.