Rules and Regulations of the State of Georgia
 

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  • 1. In the address bar, type about:config and press Enter.
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<xmp>.</xmp> <form name="form1" method="post" action="120-2-55?urlRedirected=yes&amp;data=admin&amp;lookingfor=120-2-55" id="form1"> <input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="/wEPDwUKLTY5ODkwOTM2Nw8WAh4Ec3BhbQIHFgJmD2QWAgIFDw8WAh4EVGV4dAUFNSArIDJkZGQkIocC9A3PBD9sSsy/LfBMYPYa6g==" /> <input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="EEBB6393" /> <input type="hidden" name="__EVENTVALIDATION" id="__EVENTVALIDATION" value="/wEWCAKvlLydBgLniKOhBALV5cpNAoa5iIEFAoznisYGAsrv5u0MAsrv4u0MAsrv3u0M8Sy4g2YPman+fgwbslPV7p1yNfU=" /> <div class='popup'> <div class='cnt223'> <div style="margin-bottom:6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif"/> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." THE STATE OF GEORGIA AND LAWRITER EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT AND ARE NOT LIABLE TO ANY PERSON FOR ANY ERRORS IN INACCURACIES CONTAINED IN THIS WEBSITE. </p> <p> If you accept these terms enter the information below and click “I AGREE”.</p> </div> <table border="0" style="width: 810px"> <tr> </tr> <tr> <td style="vertical-align: text-top; width: 243px;"> Full Name:</td> <td style="width: 532px; vertical-align:super;"> <input name="firstName" type="text" id="firstName" class="txt" /> <span id="lbl_fname"><font color="Red"></font></span> </td> </tr> <tr><td style="width: 243px"> Human verification: <b> <span id="lblStopSpam">5 + 2</span>&nbsp;= </b></td><td style="width: 532px"> <input name="captcha" type="text" id="captcha" class="txt" /> <span id="lbl_captcha"><font color="Red"></font></span> &nbsp; <input name="sum" type="hidden" id="sum" value="7" /> </td></tr> </table> <input type="submit" name="Button1" value="I AGREE" id="Button1" disabled="disabled" /> <span id="alrtmsg"><font color="Red"></font></span> <input name="v1" type="hidden" id="v1" /> <input name="v2" type="hidden" id="v2" /> <input name="v3" type="hidden" id="v3" /> <p>Privacy Policy: the above information is for internal use only as related to this agreement and will not be sold or distributed.</p> </div> </div> </form> <html> <head runat="server"> <title>GA - GAC</title> <link href="_files/main.css" media="all" rel="Stylesheet" type="text/css" /> <link href="_files/treeview_old.css" media="all" rel="Stylesheet" type="text/css" /> <link href="/_files/popup.css" media="all" rel="stylesheet" type="text/css" /> <script type="text/javascript" src="/_files/treeview.js"></script> <script type="text/javascript" src="/_files/jquery-1.8.0.min.js"></script> <script type="text/javascript" src="/_files/jquery-1.10.2.js"></script> <script type="text/javascript" src="/_files/popup.js"></script> <script type="text/javascript" src="http://code.jquery.com/jquery-1.8.2.js"></script> <script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.8/jquery.min.js" /> <script type="text/javascript" src="/_files/jquery.popup.js"></script> <script type="text/javascript" src="/_files/jquery.popup.min.js"></script> <script type="text/javascript" src="/_files/ValidateForm.js"></script> <script src="https://code.jquery.com/jquery-1.11.3.js"></script> <link href="/_files/enablejs.css" rel="Stylesheet" type="text/css" /> <link href="/_files/forJavascript.css" rel="Stylesheet" type="text/css" /> <style type="text/css"> .collapse{background-image:url('/images/expcoll_right.png');} .expand{background-image:url('/images/expcoll_down.png');} </style> <script type="text/javascript"> $(document).ready(function(){ $("#History-parent").click(function(){ $("#History-Childs").toggle(); if ($('#History-parent img').hasClass('expand')) { $('#History-parent img').addClass('collapse'); $('#History-parent img').removeClass('expand'); $('#History-parent img').attr('src', '/images/expcoll_right.png'); } else { $('#History-parent img').removeClass('collapse'); $('#History-parent img').addClass('expand'); $('#History-parent img').attr('src', '/images/expcoll_down.png'); } }); $("#History-Childs").hide(); var tocnode=document.getElementById('toc-children'); if (tocnode != null) { if(tocnode.childNodes.length != 0) { document.getElementById("doc-content").style.width="72%"; document.getElementById("toc").style.width="21%"; document.getElementById("toc").style.padding="10px"; } else { document.getElementById('toc').style.display="none"; } } }); function fnsetRDVal(id) { if (id=="y") { document.getElementById("y").value="yes" document.getElementById("n").value="" } else { document.getElementById("n").value="no" document.getElementById("y").value="" } } </script> <script type="text/javascript"> function TermsCon() { var overlay = $('<div id="overlay"></div>'); overlay.show(); overlay.appendTo(document.body); $('.popup2').show(); $('#btnAgree').click(function () { $('.popup2').hide(); $("#overlay").hide(); overlay.appendTo(document.body).remove(); }); $("#btnprint").click(function () { var contents = $("#popupterms").html(); var frame1 = $('<iframe />'); frame1[0].name = "frame1"; frame1.css({ "position": "absolute", "top": "-1000000px" }); $("body").append(frame1); var frameDoc = frame1[0].contentWindow ? 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If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website. </p> <p> You agree that you will not sell or license anything that you download, print, or copy from this website.</p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." THE STATE OF GEORGIA AND LAWRITER EXPRESSLY DISCLAIM ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT AND ARE NOT LIABLE TO ANY PERSON FOR ANY ERRORS IN INACCURACIES CONTAINED IN THIS WEBSITE. </p> <p> By accessing and/or using this website, you agree to the terms and conditions above. If you do not agree to the terms and conditions above, you must cease accessing and/or using this website and destroy all material obtained from this website without your agreement. </p> </div> </div> <div class="modal-footer"> <input type="button" name="btnAgree" value="Close" id="btnAgree" class="btn-blue noprint" /> <input type="button" name="btnprint" value="Print" id="btnprint" class="btn-blue noprint" /> </div> </div> </div> <div id="main" class="noprint"> <!--class="noprint"--> <div id="header" class="noprint"> <div class="container"> <div class="terms"> NOTICE OF TERMS OF USE OF THIS WEBSITE. 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Sections <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-2-9&amp;title=33#" target="_newtab">33-2-9</a> and <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-3-1&amp;title=33#" target="_newtab">33-3-1</a>.</P> <h2><a href="/GAC/120-2-55-.02" name="120-2-55-.02" title="120-2-55-.02">Rule 120-2-55-.02 Purpose</a></h2> <P>The purpose of this Regulation is to set forth the rules and procedural requirements which the Commissioner of Insurance deems necessary to carry out the provisions of Chapter 3, Title 33 of the Georgia Insurance Code, relating to administrative supervision.</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.02(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> This Regulation shall not be interpreted to limit the powers granted the Commissioner by any laws or parts of laws of this state.</td> </tr> </table> <h2><a href="/GAC/120-2-55-.03" name="120-2-55-.03" title="120-2-55-.03">Rule 120-2-55-.03 Definitions</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Exceeded its Powers" means, including but not limited to, the following conditions: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer has refused to permit examination of its books, papers, accounts, records of affairs by the Commissioner;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> A domestic insurer has unlawfully removed from this State books, papers, accounts or records necessary for an examination of the insurer;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer has failed to promptly comply with the applicable financial reporting statutes or rules and departmental requests relating thereto;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer has neglected or refused to observe a requirement or order of the Commissioner to make good, within the time prescribed by law, any prohibited deficiency in its capital, capital stock, surplus.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer is continuing to transact insurance or write business after its license has been revoked or suspended by the Commissioner;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(f)">(f)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer, by contract or otherwise, has unlawfully or has in violation of a requirement or order of the Commissioner or has without first having obtained written approval of the Commissioner if approval is required by law: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(f)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Totally reinsured its entire outstanding business; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(f)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Merged or consolidated substantially its entire property or business with another insurer.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(g)">(g)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer engaged in any transaction in which it is not authorized to engage under the laws of this State;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(1)(h)">(h)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The insurer has failed to comply with a lawful requirement or order of the Commissioner.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.03(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> "Consent" means agreement to administrative supervision by the insurer.</td> </tr> </table> <h2><a href="/GAC/120-2-55-.04" name="120-2-55-.04" title="120-2-55-.04">Rule 120-2-55-.04 Applicability</a></h2> <P>This Regulation shall apply to all insurers doing business in this State.</P> <h2><a href="/GAC/120-2-55-.05" name="120-2-55-.05" title="120-2-55-.05">Rule 120-2-55-.05 Requirements to Comply; Administrative Supervision</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.05(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If the Commissioner determines that any of the conditions exist as set forth in Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-3-17&amp;title=33#" target="_newtab">33-3-17</a> or <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-3-18&amp;title=33#" target="_newtab">33-3-18</a> of the Official Code of Georgia Annotated relating to administrative supervision, the Commissioner may proceed with the administrative supervision of the insurer.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.05(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If placed under administrative supervision, the insurer shall have such period of time as deemed necessary by the Commissioner to comply with the requirements of the Commissioner subject to the provisions of this Regulation.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.05(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If it is determined by the Commissioner that the conditions giving rise to the supervision still exist at the end of the supervision period specified above, the Commissioner may extend such period.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.05(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If it is determined by the Commissioner that none of the conditions giving rise to the supervision exist, the Commissioner may release the insurer from supervision.</td> </tr> </table> <h2><a href="/GAC/120-2-55-.06" name="120-2-55-.06" title="120-2-55-.06">Rule 120-2-55-.06 Powers</a></h2> <P>The Commissioner may take such action as deemed necessary or appropriate to reform the insurer under supervision and the expense for such action shall be borne by the insurer. The Commissioner shall have all the powers of the shareholders, policyholders, members, subscribers, directors, committees of the board of directors, officers, managers, and attorneys-in-fact whose authority shall be subordinate to him. He shall have full power to direct and manage, to hire and discharge employees, officers and directors, notwithstanding any by-laws of the insurer or any contracts that may exist. The Commissioner may deal directly with the property and business affairs of the insurer.</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Administrative supervision consists of supervision of the actions of the Board of Directors of the company and the employees of the company. Any resolutions by the board of Directors shall be subject to the approval of the Commissioner. All actions and transactions of the employees and officers of the company are subject to the approval of the Commissioner as the administrator.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner shall have control over the cash receipts and cash disbursements of the company. All company decisions shall be subject to the approval of the Commissioner.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner shall be able to act for the company in connection with any of its custodian agreements.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The Commissioner may require the insurer to: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Reduce the total amount of present and potential liability for policy benefits by reinsurance;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Reduce, suspend or limit the volume of business being accepted or renewed;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)3.">3.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Reduce general insurance and commission expenses by specified methods;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)4.">4.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Increase the insurer's capital and surplus;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)5.">5.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Suspend or limit the declaration and payment of dividend by an insurer to its stockholders or to its policyholders;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)6.">6.</a></td> <td valign="top" style="text-align:left" class="leftalign"> File reports in a form acceptable to the Commissioner concerning the market value of an insurer's assets;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)7.">7.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Limit or withdraw from certain investments or discontinue certain investment practices to the extent the Commissioner deems necessary;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)8.">8.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Document the adequacy of premium rates in relation to the risks insured; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.06(d)9.">9.</a></td> <td valign="top" style="text-align:left" class="leftalign"> File, in addition to regular annual statements, interim financial reports on the form adopted by the National Association of Insurance Commissioners or on such format as promulgated by the Commissioner.</td> </tr> </table> </td> </tr> </table> <h2><a href="/GAC/120-2-55-.07" name="120-2-55-.07" title="120-2-55-.07">Rule 120-2-55-.07 Prohibited Acts During Period of Supervision</a></h2> <P>During the period of supervision, the Commissioner or his designated appointee shall serve as the Administrator. The Commissioner may provide that the insurer is prohibited from doing any of the following things during the period of supervision, without the prior approval of the Commissioner or his appointed supervisor:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Dispose of; convey or encumber any of its assets or its business in force;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Withdraw any of its bank accounts;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Lend any of its funds;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Invest any of its funds;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Transfer any of its property;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(f)">(f)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Incur any debt, obligation or liability;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(g)">(g)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Merge or consolidate with another company;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(h)">(h)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Approve new premiums or renew any policies;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(i)">(i)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Enter into any new reinsurance contract or treaty;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(j)">(j)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Terminate, surrender, forfeit, convey or lapse any insurance policy, certificate or contract, except for nonpayment of premiums due;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(k)">(k)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Release, pay or refund premium deposits, accrued cash or loan values, unearned premiums, or other reserves on any insurance policy, certificate or contract;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(l)">(l)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Make any material change in management;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(m)">(m)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Increase salaries and benefits of officers or directors or the preferential payment of bonuses, dividends or other payments deemed preferential; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-55-.07(n)">(n)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any other action the Commissioner deems may impair the safety or security of the insurer's policyholders or certificate holders, its creditors, or the public.</td> </tr> </table> <h2><a href="/GAC/120-2-55-.08" name="120-2-55-.08" title="120-2-55-.08">Rule 120-2-55-.08 Administrative Election of Proceedings</a></h2> <P>Nothing contained in this Regulation shall preclude the Commissioner from initiating proceedings to place an insurer in conservation, rehabilitation or liquidation proceedings or other delinquency proceedings, however designated under the laws of this State, regardless of whether the Commissioner has previously initiated administrative supervision proceedings under this Regulation against the insurer.</P> <h2><a href="/GAC/120-2-55-.09" name="120-2-55-.09" title="120-2-55-.09">Rule 120-2-55-.09 Severability</a></h2> <P>If any provision of this Regulation or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction, the remainder of the Regulation or the applicability of such provision to other persons or circumstances shall not be affected.</P> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/120-2-55-.01" name="120-2-55-.01" title="120-2-55-.01">Rule 120-2-55-.01 Authority</a></li><li><a href="/GAC/120-2-55-.02" name="120-2-55-.02" title="120-2-55-.02">Rule 120-2-55-.02 Purpose</a></li><li><a href="/GAC/120-2-55-.03" name="120-2-55-.03" title="120-2-55-.03">Rule 120-2-55-.03 Definitions</a></li><li><a href="/GAC/120-2-55-.04" name="120-2-55-.04" title="120-2-55-.04">Rule 120-2-55-.04 Applicability</a></li><li><a href="/GAC/120-2-55-.05" name="120-2-55-.05" title="120-2-55-.05">Rule 120-2-55-.05 Requirements to Comply; Administrative Supervision</a></li><li><a href="/GAC/120-2-55-.06" name="120-2-55-.06" title="120-2-55-.06">Rule 120-2-55-.06 Powers</a></li><li><a href="/GAC/120-2-55-.07" name="120-2-55-.07" title="120-2-55-.07">Rule 120-2-55-.07 Prohibited Acts During Period of Supervision</a></li><li><a href="/GAC/120-2-55-.08" name="120-2-55-.08" title="120-2-55-.08">Rule 120-2-55-.08 Administrative Election of Proceedings</a></li><li><a href="/GAC/120-2-55-.09" name="120-2-55-.09" title="120-2-55-.09">Rule 120-2-55-.09 Severability</a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a href="http://livechat.casemakerlegal.com/client.php?locale=en" target="_blank" onclick="if(navigator.userAgent.toLowerCase().indexOf('opera') != -1 && window.event.preventDefault)window.event.preventDefault();this.newWindow = window.open('http://livechat.casemakerlegal.com/client.php?locale=en&url='+escape(document.location.href)+'&referrer='+escape(document.referrer), 'webim','toolbar=0,scrollbars=0,location=0,status=1,menubar=0,width=640,height=480,resizable=1');this.newWindow.focus();this.newWindow.opener=window;return false;">Live Chat</a> </div> </div> </body> </html>