2020 Georgia Code
Title 33 - Insurance
Chapter 2 - Department and Commissioner
§ 33-2-11. Examination of Insurers and Organizations; Effect of Insurer's Change of Domicile From Georgia
- Whenever the Commissioner shall deem it expedient, the Commissioner shall examine, either in person or by some examiner duly authorized by the Commissioner, the affairs, transactions, accounts, records, documents, and assets of each insurer authorized to do business in this state and any other facts relative to its business methods, management, and dealings with policyholders. At least once every five years, the Commissioner shall so examine each domestic insurer. Examination of an alien insurer shall be limited to its insurance transactions in the United States.
- Whenever he shall deem it necessary at least once in five years, the Commissioner shall fully examine each rating organization which is licensed in this state. As often as he shall deem it necessary, he may examine each advisory organization and each joint underwriting or joint reinsurance group, association, or organization.
- The Commissioner shall in like manner examine each insurer or rating organization applying for authority to do business in this state.
- In lieu of an examination under this Code section of any foreign or alien insurer licensed in this state, the Commissioner may accept an examination report on such insurer as prepared by the insurance department of such insurer's state of domicile or port-of-entry state until January 1, 1994. On and after January 1, 1994, such reports may be accepted only if:
- The insurance department was, at the time the examination was conducted, accredited under the National Association of Insurance Commissioners' financial regulation standards and accreditation program; or
- The examination was performed under the supervision of an accredited insurance department or with the participation of one or more examiners who are employed by an accredited state insurance department and who, after a review of the examination work papers and report, state under oath that the examination was performed in a manner consistent with the standards and procedures required by their insurance department.
- Any insurer authorized to transact insurance in this state which changes its domicile from Georgia to another state on or after April 1, 1988, may be examined by the Commissioner once a year for five years, beginning on or after the occurrence of the change in domicile; provided, however, this subsection shall not apply to an insurer which changes its domicile from Georgia to another state as long as it retains in this state its principal place of business and the complete records of its assets, transactions, and affairs.
(Code 1933, § 56-208, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1988, p. 692, § 1; Ga. L. 1989, p. 562, § 1; Ga. L. 1990, p. 8, § 33; Ga. L. 1992, p. 2877, § 1; Ga. L. 2000, p. 1246, § 1; Ga. L. 2008, p. 1090, § 1/SB 471.)
Law reviews.- For comment on Bankers Life & Cas. Co. v. Cravey, 208 Ga. 682, 69 S.E.2d 87 (1952), see 14 Ga. B.J. 468 (1952).
JUDICIAL DECISIONS
Editor's notes.
- In light of the similarity of the statutory provisions, a decision under former Code 1933, § 56-104, repealed by Ga. L. 1960, p. 289, which, as amended, enacted this title, are included in the annotations for this Code section.
Commissioner has power and duty to examine records.
- By conferring the power to examine records on the Commissioner, the law, in equal measure, lays upon him the duty to do so whenever there is an apparent need for information concerning a company. Bankers Life & Cas. Co. v. Cravey, 208 Ga. 682, 69 S.E.2d 87 (1952), commented on in 14 Ga. B.J. 468 (1952).
Commissioner may not require insurer to copy them.
- Having the power and duty to investigate an insurance company, to inspect its original records, and to take the sworn testimony of its agents, the Commissioner has a duty to do so and is unauthorized to impose upon the company a duty to copy its records and refuse a renewal of its license upon its failure in that respect. Bankers Life & Cas. Co. v. Cravey, 208 Ga. 682, 69 S.E.2d 87 (1952), commented on in 14 Ga. B.J. 468 (1952).
Full performance of Commissioner's duties will give Commissioner all information.
- There is nothing in the law placing upon the insurance company a duty to copy its records and mail them to the Commissioner; when he has fully performed his duties and employed the powers given him by law, he will have all the information that he could obtain by requiring copies of the company's records to be mailed to him. Bankers Life & Cas. Co. v. Cravey, 208 Ga. 682, 69 S.E.2d 87 (1952), commented on in 14 Ga. B.J. 468 (1952).
OPINIONS OF THE ATTORNEY GENERAL
Editor's notes.
- In light of the similarity of the statutory provisions, opinions rendered under former Code 1933, § 56-104 are included in the annotations for this Code section.
Examination of organization operating like fraternal benefit society authorized.- The Insurance Commissioner may legally cause an investigation and examination of unlicensed and unincorporated organizations doing business in this state and operating in a manner similar to that of fraternal benefit societies, upon notice and an opportunity for a hearing being provided. 1952-53 Op. Att'y Gen. p. 373 (rendered under former Code 1933, § 56-104, repealed by Ga. L. 1960, p. 289).
RESEARCH REFERENCES
C.J.S.
- 44 C.J.S., Insurance, §§ 66, 134 et seq.
