Section 33-3-9. Requirement of additional deposits of securities by foreign and alien insurers

   (a) In addition to the deposit required by Code Section 33-3-8, each foreign and alien insurer shall deposit with the Commissioner securities eligible for the investment of capital funds in an amount not less than $10,000.00 nor more than $25,000.00 at the discretion of the Commissioner. This deposit and the deposit required by paragraph (1) of subsection (b) of Code Section 33-3-8 shall be administered as provided in Chapter 12 of this title. Deposits under this Code section shall be held for the protection of the insurer's policyholders in Georgia and others in Georgia entitled to the proceeds of its policies.

(b) On and after July 1, 1967, in those instances in which the Commissioner in his judgment shall deem it to be in the best interests of the citizens of this state, no certificate of authority shall be issued by the Commissioner to any foreign and alien insurer nor shall any certificate of authority be renewed for any such insurer unless said insurer shall deposit with the Commissioner, in addition to those requirements provided for in subsection (a) of this Code section, securities eligible for the investment of capital funds in such amount as the Commissioner shall require; but in no event shall he require a deposit of additional securities which would bring the aggregate total of such securities required by this Code section to be on deposit to exceed $100,000.00. Such additional deposits shall be administered as provided for in this subsection; provided, however, such additional deposits shall not apply to foreign and alien life insurers.

Code 1933, § 56-310, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1967, p. 765, § 1; Ga. L. 1972, p. 1015, § 14.