Georgia § 33-41-9 Letters of credit

Georgia Statutes

§ 33-41-9 — Letters of credit

Georgia § 33-41-9

Title33

This text of Georgia § 33-41-9 (Letters of credit) 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. § 33-41-9 (2026).

Text

(a)Any letter of credit used to meet the requirements set forth in this chapter shall be:

(1)Clean, irrevocable, and unconditional;

(2)Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System;

(3)Presentable and payable within the State of Georgia; and (4) Provided in conformity with any other requirements established by the Commissioner.

(b)The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company's policyholders.

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(a) Any letter of credit used to meet the requirements set forth in this chapter shall be: (1) Clean, irrevocable, and unconditional; (2) Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System; (3) Presentable and payable within the State of Georgia; and (4) Provided in conformity with any other requirements established by the Commissioner. (b) The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company's policyholders.