Section 33-13-12 - Receivership

Whenever it appears to the Commissioner that any person has committed a violation of this article which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided in Chapter 37 of this title to take possession of the property of the domestic insurer and to conduct the business of the domestic insurer.Amended by 2015 Ga. Laws 87,§ 3, eff. 7/1/2015.Renumbered from § 31-13-11 by 2013 Ga. Laws 265,§ 1, eff. 7/1/2013.