§ 7-2-11 — Exclusive supervision by department; rules and regulations

(a) The corporation shall not be deemed an insurance company within the meaning of the laws of the State of Georgia relating to insurance or providing for the supervision of insurance companies, but it shall be subject to the exclusive supervision of the department. The department shall exercise the same powers and authority over the corporation as is now or hereafter exercised over banks and credit unions under its jurisdiction and shall issue such rules and regulations as shall be necessary to carry out its responsibilities under this chapter. (b) Any other company which is engaged in the insurance of deposits in financial institutions in this state when approved by the department based upon the criteria set forth in subsection (c) of Code Section 7-2-1 shall be subject to the jurisdiction of the department to the extent of its deposit insurance activities and to the same extent as a corporation organized pursuant to this chapter. Nothing contained in this chapter shall amend, modify, or otherwise restrict any authority or jurisdiction possessed by the Commissioner of Insurance prior to July 1, 1984. In the event a conflict exists between this chapter and Title 33, the "Georgia Insurance Code," Title 33 shall control.

Legislative History

Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024. Amended by 2017 Ga. Laws 275,§ 7, eff. 5/9/2017. Amended by 2016 Ga. Laws 450,§ 7-23, eff. 7/1/2016.