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 120-2-55 - ADMINISTRATIVE SUPERVISION
Rule 120-2-55-.03 - Definitions

Universal Citation: GA Rules and Regs r 120-2-55-.03

Current through Rules and Regulations filed through March 20, 2024

(1) "Exceeded its Powers" means, including but not limited to, the following conditions:

(a) The insurer has refused to permit examination of its books, papers, accounts, records of affairs by the Commissioner;

(b) A domestic insurer has unlawfully removed from this State books, papers, accounts or records necessary for an examination of the insurer;

(c) The insurer has failed to promptly comply with the applicable financial reporting statutes or rules and departmental requests relating thereto;

(d) The insurer has neglected or refused to observe a requirement or order of the Commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital, capital stock, surplus.

(e) The insurer is continuing to transact insurance or write business after its license has been revoked or suspended by the Commissioner;

(f) The insurer, by contract or otherwise, has unlawfully or has in violation of a requirement or order of the Commissioner or has without first having obtained written approval of the Commissioner if approval is required by law:
1. Totally reinsured its entire outstanding business; or

2. Merged or consolidated substantially its entire property or business with another insurer.

(g) The insurer engaged in any transaction in which it is not authorized to engage under the laws of this State;

(h) The insurer has failed to comply with a lawful requirement or order of the Commissioner.

(2) "Consent" means agreement to administrative supervision by the insurer.

O.C.G.A. Secs. 33-2-9, 33-2-13, 33-3-1, 33-3-17, 33-3-18.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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