§ 33-38-5 - Creation; required membership; functions and powers; supervision of association; accounts for administration and assessment - Georgia Statutes

O.C.G.A. 33-38-5 (2010)
33-38-5. Creation; required membership; functions and powers; supervision of association; accounts for administration and assessment

(a) There is created a nonprofit, unincorporated association to be known as the Georgia Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and approved under Code Section 33-38-8 and shall exercise its powers through a board of directors established under Code Section 33-38-6.

(b) The association shall come under the immediate supervision of the Commissioner and shall be subject to the applicable provisions of the insurance laws of this state.

(c) For purposes of administration and assessment, the association shall maintain two accounts: (1) the health insurance account; and (2) the life insurance and annuity account. The life insurance and annuity account shall contain three subaccounts: (A) the life insurance account; (B) the annuity account; and (C) the unallocated annuity account which shall include contracts qualified under Section 403(b) of the United States Internal Revenue Code.

(d) For purposes of assessment, supplementary contracts shall be covered under the account in which the basic policy is covered.