Georgia § 33-11-41 Effect of failure of insurer to dispose of real estate, personal property, or securities

Georgia Statutes

§ 33-11-41 — Effect of failure of insurer to dispose of real estate, personal property, or securities

Georgia § 33-11-41

Title33

This text of Georgia § 33-11-41 (Effect of failure of insurer to dispose of real estate, personal property, or securities) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 33-11-41 (2026).

Text

(a)Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section 33-11-39 or 33-11-40 , shall not be allowed as an asset of the insurer.

(b)The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify.

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(a) Any real estate, personal property, or securities lawfully acquired and held by an insurer after expiration of the period for disposal of such real estate, personal property, or securities or any extension of the period granted by the Commissioner, as provided in Code Section 33-11-39 or 33-11-40 , shall not be allowed as an asset of the insurer. (b) The insurer shall immediately dispose of any ineligible investment unlawfully acquired by it, and the Commissioner may suspend or revoke the insurer's certificate of authority if the insurer fails to dispose of the investment within a reasonable time as the Commissioner may, by his order, specify.