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Georgia Insurers Insolvency Pool v. Hulsey Envtl. Servs. Inc.

The Georgia Insurance Insolvency Pool lacked standing to challenge the 2010 amendment to O.C.G.A. § 33-36-20, which broadened its coverage to retroactively include the defendants' previously excluded claims.

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The Georgia Insurance Insolvency Pool “GIIP” is a creature of the legislature designed to pay the covered claim of an insolvent insurance company for the protection and benefit of the company’s named insured. OCGA § 33-36-1 et seq. See also Reimbursement Consultants v. Georgia Insurers Insolvency Pool, 207 Ga. App. 230 427 SE2d 519 1993 remedial legislative intent of GIIP is to provide source of recovery for covered claim of policyholder if insurer becomes insolvent. GIIP is supervised by the Insurance Commissioner, OCGA § 33-36-2, who selects a board of trustees known as the Insurers Solvency Board. OCGA § 33-6-4. GIIP is composed of member insurance companies, OCGA § 33-6-5, which fund GIIP by paying assessments in proportion to their “net direct written premiums in this state.” OCGA § 33-36-7 b.

The Southeastern United States Insurance Company “SEUS” became a member of GIIP on June 23, 2006, when it was converted from a captive issuer to a standard issuer. Claims against SEUS made on or after June 23, 2006, were covered by GIIP. However, SEUS insureds whose claims predated June 23, 2006, were not covered by GIIP, and those insureds faced exposure when SEUS was liquidated on October 27, 2009. The following year, effective June 4, 2010, the legislature enacted OCGA § 33-36-20 to expand GIIP’s “covered claims” to include certain insureds who obtained insurance from a captive issuer that later became insolvent. The effect of the 2010 amendment was to retroactively cover the previously excluded claims of SEUS insureds.

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