Georgia § 33-41-9 - Letters of credit.
Full text of Georgia Official Code of Georgia Annotated § 33-41-9 — Letters of credit., with citation guidance and answers to common questions.
§ 33-41-9. Letters of credit.
Any letter of credit used to meet the requirements set forth in this chapter shall be: Clean, irrevocable, and unconditional; Issued by a bank approved by the Commissioner, which is either a bank chartered by the State of Georgia or a national bank which is a member of the Federal Reserve System; Presentable and payable within the State of Georgia; and Provided in conformity with any other requirements established by the Commissioner. The Commissioner may require any captive insurance company to draw upon its letters of credit at any time, in amounts determined by the Commissioner, if the Commissioner determines that such action is necessary for the protection of the interests of the captive insurance company's policyholders. (Code 1981, § 33-41-9 , enacted by Ga. L. 1988, p. 966, § 2; Ga. L. 2016, p. 825, § 1/SB 347; Ga. L. 2019, p. 533, § 2-7/HB 99.) The 2019 amendment, effective July 1, 2019, substituted "this chapter" for "Code Sections 33-41-8, 33-41-12, and 33-41-14" in the introductory paragraph of subsection (a).
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 33-41-9
What does Official Code of Georgia Annotated § 33-41-9 cover?
Section 33-41-9 ("Letters of credit.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 33-41-9?
A common citation format is "Official Code of Georgia Annotated § 33-41-9" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 33-41-9 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.