Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-35 - BOOK-ENTRY SECURITIES
Rule 120-2-35-.07 - Total Release of Securities on Deposit

Universal Citation: GA Rules and Regs r 120-2-35-.07

Current through Rules and Regulations filed through March 20, 2024

(1) Any company that has previously deposited securities may have its deposit returned provided that all of the following conditions have been met:

(a) The company makes a written request to the custodian bank asking that its deposit be returned; and

(b) The company submits certified copies of the assumption reinsurance agreement, evidence of merger, or other contract or release of all liabilities and obligations indicating that all of its business has been assumed by or merged into a solvent company licensed to do business in Georgia and approved by the Commissioner of Insurance; and

(c) The company submits a certified affidavit from a company officer indicating that there are no outstanding suits, judgments, or claims against the company or that if any such suits, judgments, or claims exist that they are the legal responsibility of the assuming company or survivor of the merger; and

(d) The Commissioner of Insurance or his or her designee gives final authorization to release the security deposit.

(2) No consideration will be given to the return of deposits if a withdrawing company has its Georgia business assumed by an unlicensed company until the Commissioner of Insurance has determined to his or her satisfaction that its liabilities, whether fixed or contingent upon its contracts to persons residing in this state or having policies upon property situated in this state, have been satisfied or terminated.

O.C.G.A. Secs. 33-2-9, 33-3-9, 33-12-4, 33-12-8, 33-12-17.

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