Rule 120-2-55-.05 - Requirements to Comply; Administrative Supervision(1) If the Commissioner determines that any of the conditions exist as set forth in Section 33-3-17 or 33-3-18 of the Official Code of Georgia Annotated relating to administrative supervision, the Commissioner may proceed with the administrative supervision of the insurer.(2) If placed under administrative supervision, the insurer shall have such period of time as deemed necessary by the Commissioner to comply with the requirements of the Commissioner subject to the provisions of this Regulation.(3) If it is determined by the Commissioner that the conditions giving rise to the supervision still exist at the end of the supervision period specified above, the Commissioner may extend such period.(4) If it is determined by the Commissioner that none of the conditions giving rise to the supervision exist, the Commissioner may release the insurer from supervision.Ga. Comp. R. & Regs. R. 120-2-55-.05
O.C.G.A. Secs. 33-2-9, 33-2-11, 33-2-12, 33-2-14, 33-3-1, 33-3-17, 33-3-18, 33-3-19.
Original Rule entitled "Requirements to Comply; Administrative Supervision" adopted. F. Aug. 19, 1993; eff. Sept. 8, 1993.