reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.05 - Participation in Fund

Current through Rules and Regulations filed through June 27, 2024
(1) On or before July 1 of the year of the
				approval of the appropriation specified in O.C.G.A. §
									33-1-17, the Commissioner shall
				assess each foreign, alien and domestic insurance company doing business in
				Georgia on the following basis:
(a) Each
				insurer whose Georgia written premium is less than $1,000,000.00, including
				those insurers whose Georgia written premium is zero or less than zero, will
				each be assessed a fixed amount not more than the minimum amount assessed an
				insurer with Georgia written premium of $1,000,000.00 or greater;
(b) Each insurer whose Georgia written
				premium is $40,000,000.00 or greater but less than $100,000,000.00, an
				assessment equal to .0035 times the appropriated amount;
(c) Each insurer whose Georgia written
				premium is $100,000,000.00 or greater but less than $500,000,000.00, an
				assessment equal to .0045 times the appropriated amount;
(d) Each captive insurer - other than the
				following domestic captive insurance companies: an agency captive insurance
				company, dormant captive insurance company, industrial insured captive
				insurance company, sponsored captive insurance company (including a protected
				cell thereof), or pure captive insurance company - shall be assessed a fixed
				amount of $100.00, without regard to the amount of premium written;
(e) Each insurer whose Georgia written
				premium is $500,000,000.00 or greater but less than $1,000,000,000.00, an
				assessment equal to .0055 times the appropriated amount;
(f) Each insurer whose Georgia written
				premium is $1,000,000,000.00 or greater, an assessment equal to .0065 times the
				appropriated amount;
(g) Regarding
				each insurer not included in (a) through (f) herein, an assessment shall be
				computed on a pro-rata basis of the remainder of the appropriation for each
				insurer whose Georgia written premium is $1,000,000.00 or greater but less than
				$40,000,000.00.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.06 - Terms and Conditions for Use of Funds

Current through Rules and Regulations filed through June 27, 2024
(1) The Commissioner may utilize the funds
				from the Special Insurance Fraud Fund for the investigation of insurance fraud.
				For purposes of this Regulation, investigation of insurance fraud shall include
				but not be limited to investigations carried out under official authority by
				law enforcement personnel employed by the Commissioner, and examinations of
				annual or other required statements by personnel employed or appointed by the
				Commissioner to identify any false material statement therein. In addition, the
				Commissioner may utilize a portion of said funds to reimburse prosecuting
				attorneys for some or all of the costs of retaining assistant prosecuting
				attorneys to prosecute insurance fraud cases when it is determined by the
				Commissioner that extraordinary circumstances exits necessitating such
				reimbursement.
(2) In an effort to
				spend the funds from the Special Insurance Fraud Fund responsibly and in a
				manner that will lead to proper and expeditious investigation and prosecution
				of fraudulent insurance acts, the following conditions apply:
(a) Expenses of independent contractors
				reimbursed with funds from the Special Insurance Fraud Fund shall be calculated
				in accordance with Georgia Insurance Department procedures regarding expense
				accounts;
(b) All items submitted
				for reimbursement must be fully documented and are subject to audit by the
				Georgia Insurance Department;
(c)
				Any independent contractors utilized by the Georgia Insurance Department for
				the purposes outlined in O.C.G.A. §
										33-1-17 must receive advance
				written authorization from the Commissioner before any request for
				reimbursement will be considered.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.07 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any person failing to comply with the requirements of this
				  Regulation Chapter shall be subject to penalties and other enforcement action
				  as may be appropriate under the insurance laws of this State as well as any
				  other applicable Georgia law.
O.C.G.A. Secs.
				  33-1-17,
				  33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.08 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance is for any reason held to be
				  invalid by a court of competent jurisdiction, the remainder of the Regulation
				  Chapter or the applicability of such provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Sec.
				  33-1-17.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The purpose of
				this Chapter of the Rules and Regulation of the Office of Commissioner of
				Insurance is to require insurers to deliver to prospects for annuity contracts,
				for annuity riders to life insurance policies, or for deposit funds accepted in
				conjunction with life insurance policies or annuity contracts, information
				which helps the prospect select an annuity or deposit fund, or both,
				appropriate to the prospect's needs; improves the prospect's understanding of
				the basic features of the plan under consideration; and improves the prospect's
				ability to evaluate the relative benefits of similar plans.
(2) This regulation does not prohibit the use
				of additional material which is not in violation of this regulation or any
				other Georgia statute or regulation.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.02 - Scope

Current through Rules and Regulations filed through June 27, 2024
(1) To the extent
				hereinafter provided, this regulation shall apply to any solicitation,
				negotiation or procurement of annuity contracts, or deposit funds accepted in
				conjunction with individual life insurance policies or with annuity contracts
				which are subject to this regulation, occurring within this state. The
				regulation shall apply to any issuer of life insurance policies or annuity
				contracts, including fraternal benefit societies. For the purpose of this
				regulation, annuity contracts include annuity riders to life insurance
				policies.
(2) This regulation shall
				apply to:
(a) Individual deferred annuities
				and group annuities.
(b) Deposit
				funds (i.e. arrangements under which amounts to accumulate at interest are paid
				in addition to life insurance premiums or annuity considerations under
				provisions of individual life insurance policies or annuity
				contracts).
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.03 - Buyer's Guide to Annuities

Current through Rules and Regulations filed through June 27, 2024
For purposes of this regulation, "Buyer's Guide to Annuities"
				  means the document which contains, and is limited to, the language set forth in
				  the Appendix to this regulation or language approved by the Commissioner of
				  Insurance.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.05 - Disclosure Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) The insurer shall provide to all
				prospective purchasers a Buyer's Guide to Annuities and a Contract Summary
				prior to accepting the applicant's initial consideration for the annuity
				contract, or in the case of a deposit fund, prior to acceptance of the
				applicant's initial consideration for the associated life insurance policy or
				annuity contract, unless the annuity contract or associated life insurance
				policy for which application is made provides for an unconditional refund
				period of at least ten days or unless the Contract Summary contains such an
				unconditional refund offer, in which event the Buyer's Guide to Annuities and
				the Contract Summary must be delivered with or prior to the delivery of the
				annuity contract or associated life insurance policy.
(2) The insurer shall provide a Buyer's Guide
				to Annuities and a Contract Summary to any prospective purchaser or present
				policyholder upon request.
O.C.G.A Secs.
				  33-2-9,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.06 - General Rules

Current through Rules and Regulations filed through June 27, 2024
(1) Each insurer shall maintain at its home
				office or principal office, a complete file containing one copy of each
				document authorized by the insurer for use pursuant to this regulation. Such
				file shall contain one copy of each authorized form for a period of at least
				three years following the date of its last authorized use.
(2) An agent shall inform the prospective
				purchaser, prior to commencing a sales presentation, that the agent is acting
				as a life insurance agent and shall inform the prospective purchaser of the
				full name of the insurance company which the agent is representing to the
				buyer. In sales situations in which an agent is not involved, the insurer shall
				identify its full name.
(3) Terms
				such as financial planner, investment advisor, financial consultant or
				financial counseling shall not be used in such a way as to imply that the
				insurance agent is generally engaged in an advisory business in which
				compensation is unrelated to sales, unless such is actually the case.
(4) Any reference to dividends or to excess
				interest credits must include a statement that such dividends or excess
				interest credits are not guaranteed.
(5) A presentation of benefits shall not
				display guaranteed and nonguaranteed benefits as a single sum unless guaranteed
				benefits are shown separately in close proximity thereto and with equal
				prominence.
(6) Sales promotion
				literature and contract forms shall not state or imply that annuity contracts
				or deposit funds are the same as savings accounts or deposits in banking or
				savings institutions. The use of passbooks which resemble savings bank
				passbooks is prohibited.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.07 - Failure to Comply

Current through Rules and Regulations filed through June 27, 2024
Failure of an insurer to provide or deliver a Buyer's Guide
				  to Annuities and a Contract Summary as provided in Section
				  120-2-72-.05 shall constitute an
				  omission which misrepresents the benefits, advantages, conditions or terms of
				  an annuity contract or of an insurance policy.
O.C.G.A Secs.
				  33-2-9,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-73 - Appendix - .05 › Rule 120-2-73-.08 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any section or portion of a section of this Regulation or
				  application thereof to any insurer, producer, or circumstances is held invalid
				  by a court of competent jurisdiction, the remainder of the rules or the
				  applicability of such provisions to other insurers, producers, or
				  circumstances, shall not be affected thereby.
O.C.GA Sec.
				  33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to prescribe:
(1) requirements for statements of actuarial
				opinion that are to be submitted in accordance with O.C.G.A. §
									33-10-13(b.1), and for memoranda
				in support thereof;
(2) rules
				applicable to the appointment of an appointed actuary; and
(3) guidance as to the meaning of "adequacy
				of reserves."
O.C.G.A. Secs.
				  33-2-9,
				  33-2-10,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.02 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is issued pursuant to the authority vested in
				  the Commissioner of Insurance of the State of Georgia under O.C.G.A.
				  §§
									33-2-9 and
				  33-10-13. This Regulation will
				  take effect for annual statements for the year 2010.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.03 - Scope

Current through Rules and Regulations filed through June 27, 2024
(1) This regulation
				shall apply to all life insurance companies and fraternal benefit societies
				doing business in this State and to all life insurance companies and fraternal
				benefit societies that are authorized to reinsure life insurance, annuities or
				accident and health insurance business in this State. This regulation shall be
				applied in a manner that allows the appointed actuary to utilize his or her
				professional judgment in performing the asset analysis and developing the
				actuarial opinion and supporting memoranda, consistent with relevant actuarial
				standards of practice. However, the Commissioner shall have the authority to
				specify specific methods of actuarial analysis and actuarial assumptions when,
				in the Commissioner's judgment, these specifications are necessary for an
				acceptable opinion to be rendered relative to the adequacy of reserves and
				related items.
(2) This regulation
				shall be applicable to all annual statements filed with the office of the
				Commissioner after the effective date of this regulation. A statement of
				opinion on the adequacy of the reserves and related actuarial items based on an
				asset adequacy analysis in accordance with
				120-2-74-.06 of this regulation,
				and a memorandum in support thereof in accordance with
				120-2-74-.07 of this regulation,
				shall be required each year.
O.C.G.A. Secs. 33.2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Actuarial
				Opinion" means the opinion of an appointed actuary regarding the adequacy of
				the reserves and related actuarial items based on an asset adequacy analysis in
				accordance with
				120-2-74-.06 of this regulation and
				with applicable Actuarial Standards of Practice.
(2) "Actuarial Standards Board" means the
				board established by the American Academy of Actuaries to develop and
				promulgate standards of actuarial practice.
(3) "Annual statement" means that statement
				required by O.C.G.A. §
									33-3-21 to be filed by the company
				with the office of the Commissioner annually.
(4) "Appointed actuary" means an individual
				who is appointed or retained in accordance with the requirements set forth in
				120-2-74-.05(3) of
				this regulation to provide the actuarial opinion and supporting memorandum as
				required by O.C.G.A. §
									33-10-13(b.1).
(5) "Asset adequacy analysis" means an
				analysis that meets the standards and other requirements referred to in
				120-2-74-.05(4) of
				this regulation.
(6) "Commissioner"
				means the Insurance Commissioner of this State.
(7) "Company" means a life insurance company,
				fraternal benefit society or reinsurer subject to the provisions of this
				regulation.
(8) "Qualified actuary"
				means an individual who meets the requirements set forth in
				120-2-74-.05 B of this
				regulation.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.05 - General Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) Submission of Statement of Actuarial
				Opinion.
(a) There is to be included on or
				attached to Page 1 of the annual statement for each year beginning with the
				year in which this regulation becomes effective the statement of an appointed
				actuary, entitled "Statement of Actuarial Opinion," setting forth an opinion
				relating to reserves and related actuarial items held in support of policies
				and contracts, in accordance with
				120-2-74-.06 of this
				regulation.
(b) Upon written
				request by the company, the Commissioner may grant an extension of the date for
				submission of the statement of actuarial opinion.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.06 - Statement of Actuarial Opinion Based On an Asset Adequacy Analysis

Current through Rules and Regulations filed through June 27, 2024
(1) General
				Description. The statement of actuarial opinion submitted in accordance with
				this section shall consist of:
(a) A
				paragraph identifying the appointed actuary and his or her qualifications (see
				Subsection (2)(a));
(b) A scope
				paragraph identifying the subjects on which an opinion is to be expressed and
				describing the scope of the appointed actuary's work, including a tabulation
				delineating the reserves and related actuarial items that have been analyzed
				for asset adequacy and the method of analysis, (see Subsection (2)(b)) and
				identifying the reserves and related actuarial items covered by the opinion
				that have not been so analyzed;
(c)
				A reliance paragraph describing those areas, if any, where the appointed
				actuary has deferred to other experts in developing data, procedures or
				assumptions, (e.g., anticipated cash flows from currently owned assets,
				including variation in cash flows according to economic scenarios (see
				Subsection (2)(c)), supported by a statement of each such expert in the form
				prescribed by Subsection (5); and
(d) An opinion paragraph expressing the
				appointed actuary's opinion with respect to the adequacy of the supporting
				assets to mature the liabilities (see Subsection (2)(f)).
(e) One or more additional paragraphs will be
				needed in individual company cases as follows:
1. If the appointed actuary considers it
				necessary to state a qualification of his or her opinion;
2. If the appointed actuary must disclose an
				inconsistency in the method of analysis or basis of asset allocation used at
				the prior opinion date with that used for this opinion;
3. If the appointed actuary must disclose
				whether additional reserves as of the prior opinion date are released as of
				this opinion date, and the extent of the release;
4. If the appointed actuary chooses to add a
				paragraph briefly describing the assumptions that form the basis for the
				actuarial opinion.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.08 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or particular circumstance is held invalid by
				  a court of competent jurisdiction, the remainder of the Regulation Chapter or
				  the applicability of such provisions to other persons, insurers or
				  circumstances shall not be affected thereby.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.09 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, or any agent, counselor, representative,
				  officer, or employee of such insurer failing to comply with the requirements of
				  this Regulation Chapter shall be subject to such penalties as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.10 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.11 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-74 - ACTUARIAL OPINION AND MEMORANDUM REGULATION › Rule 120-2-74-.12 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter is adopted and promulgated by the
				  Commissioner of Insurance pursuant to authority set forth in O.C.G.A.
				  §§
									33-2-9,
				  33-20-5 and
				  33-20-32.
O.C.G.A. Secs.
				  31-2-9,
				  33-20-5,
				  33-20-32.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.02 - Intent and Purpose

Current through Rules and Regulations filed through June 27, 2024
The intent of this Regulation is to set forth those
				  requirements for provider sponsored health care corporations which are
				  established in accordance with the provisions of Chapter 20 of Title 33 of the
				  Official Code of Georgia Annotated for the purpose of providing medical
				  services to citizens of this State. This Regulation is intended to protect the
				  interests of the enrolled public and to ensure the fiscal stability of such
				  organizations.
O.C.G.A. Secs.
				  33-2-9,
				  33-20-2,
				  33-20-5,
				  33-20-13.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
Unless otherwise provided, terms referenced in this
				  Regulation are used as defined in O.C.G.A. §§
									33-1-2 and
				  33-20-3. Other terms are used in
				  accordance with the Georgia Insurance Code and the Rules and Regulations of the
				  Office of Commissioner of Insurance.
(a) "Basic Rates" is defined as rates for
				various categories of individuals that are calculated by or certified by a
				qualified actuary using reasonable assumptions as to expected medical expenses,
				administrative expenses and margins for contingencies;
(b) "Commissioner" is defined as the
				Commissioner of Insurance;
(c)
				"Enrollee" is defined as an individual who has been enrolled in a health care
				plan;
(d) "Provider sponsored
				health care corporation" ("PSHCC") is defined as a corporation formed pursuant
				to O.C.G.A. §
									33-20-5 and which provides medical
				services to enrollees or subscribers;
(e) "Subscriber" is defined as a person to
				whom a subscriber's certificate is issued by a health care
				corporation;
(f) "Subscriber's
				Certificate" is defined as the certificate issued to a subscriber which sets
				forth the kinds and extent of the health care services which may be all or part
				of the total health care services used by or provided to a subscriber for which
				the corporation is liable to make total or partial payment.
O.C.G.A. Secs.
				  33-2-9,
				  33-20-5.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.04 - Authorization for Health Care Corporations

Current through Rules and Regulations filed through June 27, 2024
A provider sponsored health care corporation may be
				  established by providers for the purpose of providing health care services to
				  enrollees or subscribers in this State under the provisions of Chapter 20 of
				  Title 33 of the Official Code of Georgia Annotated. Such entity may be a
				  licensed hospital, physician or other provider sponsored entity as the
				  Commissioner may consider. Pursuant to O.C.G.A. §§
									33-1-2 and
				  33-20-32, provider sponsored
				  health care corporations are insurers and are subject to all provisions of
				  Title 33 which are not in conflict with Chapter 20 of Title
				  33.
O.C.G.A Secs.
				  33-1-2,
				  33-2-9,
				  33-20-2,
				  33-20-13,
				  33-20-32.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.06 - Protection Against Insolvency

Current through Rules and Regulations filed through June 27, 2024
(1) Subscriber Surplus Requirements.
(a) A provider sponsored health care
				corporation shall have an initial net worth of at least one million dollars
				($1,000,000) and shall thereafter maintain the minimum subscriber surplus
				required pursuant to O.C.G.A. §
										33-20-13(d).
(b) The Commissioner may require additional
				subscriber surplus of provider sponsored health care corporations, which in the
				Commissioner's opinion is warranted by the volume of business written or such
				other factors as the Commissioner may deem relevant.
(c) In determining subscriber surplus, debt
				which is fully subordinated according to the terms applicable to domestic stock
				and mutual insurers as stipulated by O.C.G.A. §
										33-14-15 shall not be considered on
				the financial statements of the corporation as a legal liability. Any interest
				obligation relating to the repayment of any subordinated debt must be similarly
				subordinated.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.07 - Financial Reports

Current through Rules and Regulations filed through June 27, 2024
Any provider sponsored health care corporation issued a
				  license shall file annual and quarterly financial statements using forms
				  prescribed by the Commissioner pursuant to O.C.G.A. §
									33-20-24. The annual financial
				  report is due March 1 each year and the quarterly statements are due 45 days
				  after the end of each calendar quarter. The Commissioner may also require
				  additional financial reports as are required of other insurers including but
				  not limited to an annual audit from a certified public
				  accountant.
O.C.G.A. Secs.
				  33-2-9,
				  33-20-24.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.08 - Regulation of Agents

Current through Rules and Regulations filed through June 27, 2024
(1) An agent representing a provider
				sponsored health care corporation must comply with all of the requirements for
				a life, accident and sickness agent in O.C.G.A. §
									33-23-1
et seq.
and have a current license and certificate of authority to represent the health
				care corporation.
(2) The provider
				sponsored health care corporation must comply with the provisions of O.C.G.A.
				§
									33-23-26 with regard to obtaining a
				certificate of authority for each agent representing the provider sponsored
				health care corporation as required by O.C.G.A. §
									33-23-26(d),
				filing a certified listing of agents whose certificates of authority are to be
				renewed along with the appropriate fees, and maintaining a list of authorized
				agents as required in O.C.G.A. §
									33-23-26(d).
(3) All provider sponsored health care
				corporation agents shall act in a fiduciary capacity in regard to monies
				collected or held by such agent.
O.C.G.A. Secs.
				  33-2-9,
				  33-23-26.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.09 - Holding Company System

Current through Rules and Regulations filed through June 27, 2024
Any provider sponsored health care corporation which is part
				  of an insurance company holding system must make all required filings and
				  disclosures mandated by Chapter 13 of Title 33.
O.C.G.A. Secs.
				  33-2-9,
				  33-13-1,
				  33-13-4.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.10 - Amendments and Continuing Filing Requirements

Current through Rules and Regulations filed through June 27, 2024
Any changes to the name, address, legal structure, provider
				  contracts, rates, services area(s), enrollee contracts, composition and
				  identity of directors and principal officers must be filed with the
				  Commissioner at least thirty (30) days prior to the intended effective date of
				  the change.
O.C.G.A. Secs.
				  33-2-9,
				  33-20-5,
				  33-20-8.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.11 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any person failing to comply with the requirements of this
				  Regulation Chapter shall be subject to penalties and other enforcement action
				  as may be appropriate under the insurance laws of the State of Georgia as well
				  as any other applicable Georgia law.
O.C.G.A. Secs.
				  33-2-9,
				  33-20-26,
				  33-20-27.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-75 - REGULATION OF PROVIDER SPONSORED HEALTH CARE CORPORATIONS › Rule 120-2-75-.12 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance, is held invalid by a court
				  of competent jurisdiction, the remainder of the Regulation Chapter or the
				  applicability of such provisions to other persons or circumstances shall not be
				  affected.
O.C.G.A. Secs.
				  33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.01 - Sale of Insurance by Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) Insurance may be sold by certain lending
				institutions, bank holding companies, or subsidiaries or affiliates of either
				of the foregoing doing business in this State. However, insurance is
				underwritten by insurers and sold by insurance agents. Therefore, the purpose
				of this Regulation Chapter is to specify the requirements for the sale of
				insurance products by lending institutions, bank holding companies, and their
				subsidiaries and affiliates.
(2)
				Nothing in this Regulation Chapter shall authorize any of the following
				activities by a lending institution, bank holding company, or subsidiary or
				affiliate of either:
(a) The sale of any
				insurance product that is not underwritten by an insurer which has a
				certificate of authority to transact business in Georgia;
(b) Failure to comply with the licensing
				requirements for agents and agencies;
(c) Failure to comply with any other
				provisions of this Regulation Chapter with respect to the sale of
				insurance.
(d) Failure to comply
				with Title 33 of the Official Code of Georgia Annotated or the Rules and
				Regulations of the Commissioner of Insurance of the State of Georgia.
(e) Failure to comply with Title 7 of the
				Official Code of Georgia or the Rules and Regulations of the Department of
				Banking and Finance.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
As used in this Regulation Chapter, the term:
(a) "Agency" means a person, including
				corporations, subsidiary corporations, partnerships, non-natural persons, etc.,
				associated with or in the form of a financial institution who represents one or
				more insurers and is engaged in the business of soliciting or procuring or
				accepting applications for insurance or countersigning, issuing, or delivering
				contracts of insurance for one or more insurers;
(b) "Agent" means an individual appointed or
				employed by an insurer who solicits or procures applications for insurance; who
				in any way, directly or indirectly, makes or causes to be made any insurance
				contract for or on account of an insurer; or who as a representative of an
				insurer receives money for transmission to the insurer for an insurance
				contract, anything in the application or contract to the contrary
				notwithstanding, and who has on file with the Commissioner a certificate of
				authority from each insurer with whom the agent places insurance;
(c) "Financial Institution" means a domestic
				state bank, national bank, building and loan or savings and loan association or
				other federally insured depository institution which is authorized to accept
				deposits in the State of Georgia; a bank holding company; or a subsidiary or
				affiliate of any of the above;
(d)
				"Insurance Agent" means an individual appointed or employed by a financial
				institution who solicits or procures applications for insurance; who in any
				way, directly or indirectly, makes or causes to be made any insurance contract
				for or on account of an insurer; and who has on file with the Commissioner a
				certificate of authority from each insurer with whom the agent places
				insurance;
(e) "Insurance" means a
				contract which is an integral part of a plan for distributing individual losses
				whereby one undertakes to indemnify another or to pay a specified amount or
				benefits upon determinable contingencies. The term does not include credit
				insurance products referenced in O.C.G.A. §
									33-23-12(b).
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.03 - Notification to Department of Intent to Sell Insurance In or Through Financial Institutions; Registration of Bank Holding Company with the Department of Banking and Finance

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to marketing insurance products, a
				financial institution shall provide notification to the Department of Insurance
				on Form GID 423FI and file a copy with the Department of Banking and Finance
				(DBF). Such report shall:
(a) Identify any
				financial institution location where an insurance agent will be physically
				present. Each branch must be identified specifically in the
				registration;
(b) Acknowledge that
				the financial institution has read and understands these rules; and
(c) Identify any insurance company and the
				policy form numbers of the insurance which will be marketed in association with
				the financial institution.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.04 - Financial Institutions Registering as an Agency

Current through Rules and Regulations filed through June 27, 2024
(1) The conduct of insurance transactions in
				association with a financial institution shall be subject to the requirements
				of O.C.G.A. §
									33-23-3 and Georgia Insurance
				Department Regulation
				120-2-3-.05.
(2) Each financial institution where a
				licensed and appointed insurance agent is engaged in transactions with respect
				to insurance products shall be considered an insurance agency for purposes of
				O.C.G.A. §
									33-23-3 and must register with
				this Department pursuant to Georgia Regulation Chapter
				120-2-3-.05 using Form GID
				130FI.
(3) GID Form 423FI must
				identify all locations or branches from which insurance will be sold.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-3.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.05 - Licensure of Agents

Current through Rules and Regulations filed through June 27, 2024
(1) Any individual soliciting, selling or
				marketing insurance products to individuals permanently or temporarily residing
				in this state must be licensed and appointed as an insurance agent in
				accordance with the provisions of the Georgia Insurance Code and Georgia
				Insurance Department Regulation Chapter
				120-2-22-.07.
(2) No licensed and appointed insurance agent
				shall, while working from within and on behalf of a financial institution,
				market or sell insurance, except to the extent permitted by O.C.G.A. §
									33-3-23.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.06 - Underwriting of Insurance

Current through Rules and Regulations filed through June 27, 2024
Nothing in this Regulation Chapter shall authorize a state or
				  federally chartered bank or other federally insured lending institution to
				  itself directly assume the obligation to provide the benefits of an insurance
				  contract or otherwise undertake to perform the obligations of an insurance
				  contract.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-2,
				  33-3-23.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.07 - Location for the Sale of Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) If insurance is sold on the premises of a
				financial institution, the area utilized by an insurance agent for such
				transactions must be sufficiently segregated and distinct from areas utilized
				by the financial institution for accepting insured deposits so as to avoid
				confusion as to the separate identities and activities of the financial
				institution and the licensed agent.
(2) No insurance agent or employee of the
				financial institution shall under any circumstances conduct insurance
				transactions from the teller area. The acceptance of mortgage payments which
				include insurance escrow payments will not be considered to be conducting an
				insurance transaction. See DBF Regulation
				80-5-4-.05.
O.C.G.A Secs.
				  33-2-9,
				  33-3-23.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.08 - Insurer Notification to the Office of Commissioner of Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) Any insurer
				marketing insurance in association with one or more financial institutions
				shall notify the Office of Commissioner of Insurance in writing of the
				existence of such program(s).
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.09 - Agent Activities

Current through Rules and Regulations filed through June 27, 2024
(1) Only a licensed and appointed agent
				shall:
(a) solicit the sale of insurance or
				describe the benefits of the insurance contract or otherwise describe the terms
				of coverage including premiums or rates of return;
(b) provide an application, enrollment form
				or other document by which a purchaser effectuates coverage; or
(c) accept an initial premium payment from
				the insurance purchaser.