Ga. Code § 33-38-1

Current through 2023-2024 Legislative Session Chapter 709

Section 33-38-1 - Purpose

The purpose of this chapter is to protect the persons specified in subsection (b) of Code Section 33-38-2, subject to certain limitations, against failure in the performance of contractual obligations, under life, health, and annuity policies, plans, or contracts specified in subsection (a) of Code Section 33-38-2, due to the impairment or insolvency of the member insurer issuing such policies, plans, or contracts. To provide this protection:

(1) an association of member insurers is created to enable the guaranty of payment of benefits and continuation of coverages as limited by this chapter;

(2) members of the association are subject to assessment to provide funds to carry out the purpose of this chapter; and

(3) the association is authorized to assist the Commissioner, in the prescribed manner, in the detection and prevention of insurer impairments or insolvencies.

OCGA § 33-38-1

Amended by 2020 Ga. Laws 405,§ 1, eff. 7/1/2020.

Amended by 2012 Ga. Laws 668,§ 1, eff. 7/1/2012.