§ 33-37-51 — Title to property of insurer domiciled in another state; rights of resident claimants

Georgia § 33-37-51

• Jurisdiction: Georgia
• Title: 33

Text

(a) The domiciliary liquidator of an insurer domiciled in another state shall, except as to special deposits and security on secured claims under subsection (c) of Code Section 33-37-52 , be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts, and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts, and other records of the insurer located in this state. He or she also shall have the right to recover all other assets of the insurer located in this state, subject to the provisions of Code Section 33-37-52 . (b) Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.

Legislative History

Amended by 2016 Ga. Laws 607,§ 3, eff. 7/1/2016.