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-.05 - Requirements to Comply; Administrative Supervision
Current through Rules and Regulations filed through September 23, 2024
(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.
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.
