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 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.10 - Disclosure of Employment Status for Agents Employed by Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
If employees of the financial institution that have contact
				  with the general public or financial institution customers with respect to
				  lending, checking, deposit taking, or trust activities are licensed as
				  insurance agents to sell insurance, in addition to the other disclosures
				  required by this section, the employee shall disclose verbally at the time a
				  solicitation is made or an application is taken that the employee is acting as
				  an insurance agent representing one or more specifically identified insurance
				  companies, and that the insurance product is not issued or guaranteed by the
				  financial institution.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  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 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.11 - Premium Collection

Current through Rules and Regulations filed through June 27, 2024
(1) Only a licensed agent or insurance agent
				may accept the initial premium paid for an insurance contract.
(2) A financial institution or affiliate may,
				at the request of the purchaser, send premium billings or notices to purchasers
				and debit the purchaser's account or credit arrangement for the payment of
				insurance premiums subsequent to the initial payment. Upon the written request
				of the purchaser or insurer to discontinue this form of premium payment, the
				financial institution shall immediately discontinue such debits.
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-.12 - Utilization of Independent Agents in Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) Any financial
				institution may contract with agents or an insurance agency on a full-time or
				part-time basis for the sale of insurance products from bank locations. Such
				agents shall be appointed by the licensed insurers issuing and underwriting the
				insurance product. Commissions shall be paid to the agent or agency and may be
				paid to the financial institution subject to the conditions of paragraphs (2)
				and (3) of this section.
(2) An
				insurance agent or agency may not share any commissions with the financial
				institution and the financial institution shall not accept any such commission
				unless it has registered as an agency using the GID Form 130FI.
(3) Any lease of space by a financial
				institution to an insurance agent under which the amount of the rent is based
				directly or indirectly on the volume of premium written by the insurance agent
				entails the sharing of commission.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-4.
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 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.13 - Compensation of Agents

Current through Rules and Regulations filed through June 27, 2024
Licensed independent agents may be paid by an insurer for
				  their activities in connection with the sale of insurance. The insurer and
				  agent shall independently determine the terms of the agent contract including
				  compensation.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-4.
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 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS › Rule 120-2-76-.14 - Access to Records and Premises

Current through Rules and Regulations filed through June 27, 2024
(1) An insurance agent marketing insurance is
				responsible for maintaining such records as are necessary to enable the
				Department to determine that transactions under his or her license comply with
				all applicable requirements of the insurance code and for making such records
				available to the Georgia Insurance Department.
(2) If the licensed insurance agent markets
				other products, provides other services, or maintains other information
				regarding the customer which relate to other than insurance transactions, all
				records relating to insurance transactions shall be separately
				maintained.
(3) The Commissioner of
				Insurance shall have access to the books and records relating to the sale of
				insurance irrespective of the physical location of such books and
				records.
(4) A contract or
				agreement regarding the sale of insurance between the financial institution and
				any independent insurance agent or other person conducting insurance
				transactions shall be in writing and available for inspection by the Georgia
				Insurance Department.
O.C.G.A. Secs.
				  33-2-9,
				  33-2-11,
				  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-.15 - Advertising

Current through Rules and Regulations filed through June 27, 2024
(1) Advertisements
				of insurance products marketed pursuant to this regulation shall be subject to
				the provisions of O.C.G.A. §
									33-6-1
et seq.
and
				other applicable Georgia law and Insurance Department and Department of Banking
				and Finance regulations.
(2) No
				licensed or unlicensed person shall in connection with the marketing of
				insurance refer to coverage available by the Georgia Life and Health Insurance
				Guaranty Association, Georgia Insurers' Insolvency Pool, or any other guaranty
				association, unless specifically asked by the purchaser.
(3) If insurance product advertisements
				directed to prospective purchasers are included in mailings of bank statements
				or other documents generated by the financial institution relating to products
				or services provided by the financial institution, the mailings shall clearly
				identify the sources of the materials.
(4) If the product or program name under
				which an insurance product is marketed includes the name of a financial
				institution or the name of a program associated with the financial institution,
				the product or program name must also identify the insurance company which is
				issuing and underwriting the product.
(5) Premiums shall not be referred to as
				"deposits". Terminology used in connection with insurance must be sufficiently
				different than that used in connection with traditional banking products and
				services so as to avoid confusion.
(6) Advertisements of insurance are the
				responsibility of the insurer and subject to review by the Georgia Insurance
				Department. If an advertisement describes insurance products and other types of
				financial services or investments, the entire advertisement must be submitted
				to the Georgia Insurance Department in the form in which it will be
				communicated to consumers.
(7) An
				unlicensed employee of a financial institution may distribute an advertisement
				describing an insurance product to a prospective purchaser or may refer a
				customer to a display containing such advertisements. However, that employee
				shall not recommend the purchase of an insurance product, describe the features
				of an insurance product, or respond to questions regarding the content of the
				advertisement. In response to any questions, the employee must indicate that
				the consumer should pose that question to the licensed agent.
O.C.G.A. Sec.
				  33-2-9,
				  33-3-23,
				  33-6-1
et seq.
,
				  33-38-21.
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-.16 - Communication with Customers

Current through Rules and Regulations filed through June 27, 2024
(1) Premium notices, notices of cancellation,
				renewal notices, statements of values or other communications relating to
				in-force insurance shall be separated from financial institution account
				information.
(2) A financial
				institution shall not provide to an affiliated insurance agency or an insurance
				agent, insurance policy specific information to be used to solicit or sell the
				same line or type of insurance to a financial institution customer, unless the
				customer has authorized such use in writing on a document independent of any
				other information provided to the customer. This prohibition shall not be
				applicable to renewal business nor shall it apply when the financial
				institution must use the information to insure its collateral because the
				customer has failed to keep the policy in force. A customer's name, address and
				telephone number shall not be considered insurance policy specific
				information.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1.
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-.17 - Disclosures to Prospective and Existing Customers

Current through Rules and Regulations filed through June 27, 2024
Disclosures to the customer must be made in accordance with
				  Department of Banking and Finance Regulation
				  80-5-4-.08.
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-.18 - Joint Announcements

Current through Rules and Regulations filed through June 27, 2024
Endorsements, announcements, or advertisements regarding
				  insurance by a financial institution in conjunction with an agent or insurer,
				  communicated to financial institution customers or prospective customers by
				  direct mail or otherwise shall be subject to the requirements of O.C.G.A.
				  §
									33-6-1
et
				  seq.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1
et
				  seq.
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-.19 - Prohibition Against Tying; Prohibition Against Rebating and Impermissible Discounting

Current through Rules and Regulations filed through June 27, 2024
(1) Tying availability of credit,
				establishment or maintenance of a trust account or deposit account, or the
				provision of other traditional bank products from a lending institution to the
				purchase of insurance from that lending institution is not permitted. Federal
				bank on these activities.
(2) If
				insurance is marketed in connection with or in conjunction with any activities
				described in this section, any marketing to a loan applicant on bank premises
				shall not occur until the financial institution discloses both verbally and in
				writing that the purchase of an insurance product is unrelated to and not a
				condition to the provision or term of any banking service or activity and has
				committed to such banking service or activity. The written disclosure required
				by this section shall be a part of the disclosures required by the Department
				of Banking and Finance Regulation §
									80-5-4-.08.
(3) No rebating of premiums or discounting
				except in accordance with an applicable rate filing, rating plan, or rating
				system filed with and approved by the Commissioner of Insurance shall be
				permitted.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1
et
				  seq.
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-.20 - Related Laws and Rules

Current through Rules and Regulations filed through June 27, 2024
In addition to the statutes and rules referenced herein
				  products and transactions addressed by these Rules shall be subject to all
				  applicable provisions of Title 33 and Title 7 of the Official Code of Georgia
				  Annotated.
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-.21 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any person, insurer, agent, agency, or financial institution
				  violating the provisions of this Regulation Chapter shall be subject to the
				  administrative actions and procedures, including but not limited to suspension,
				  fine, revocation of license, as provided to the Commissioner of Insurance
				  and/or the Commissioner of Banking and Finance pursuant to O.C.G.A. §
									33-23-21 and §
									7-1-91.
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-.22 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application of it to any person or circumstance is held invalid, such
				  invalidity shall not affect the provisions or applications of the rules herein
				  which can be given effect without the invalid portion. To that end, the
				  provisions of this rule are declared to be severable.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose and intent of this Regulation Chapter is to
				  specifically recognize that the adherence to manual rules may not adequately
				  service the unique needs of certain large commercial insurance risks and to
				  permit, but not mandate, negotiated departure from manual rates for certain
				  large commercial insurance risks. Nothing contained herein authorizes
				  noncompliance with the rate making standards codified in O.C.G.A. §
									33-9-4.
O.C.G.A. Secs.
				  33-2-9,
				  33-9-3,
				  33-9-4.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.02 - Compliance

Current through Rules and Regulations filed through June 27, 2024
Classifications, rates, and premiums developed in full
				  compliance with this Regulation Chapter shall not be considered as filed and
				  approved for the purpose of interpreting O.C.G.A. §
									33-6-5(6)(B).
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-9-3.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For purposes of this Regulation Chapter:
(1) "Commissioner" shall mean the
				Commissioner of Insurance of the State of Georgia.
(2) "Large Commercial Risk" shall mean a
				single legal entity (or a combination of legal entities controlled by the same
				person or group of persons by majority interest in such entities) that meets
				all of the following criteria:
(a) 25 or more
				full-time employees at the time of application;
(b) assets in excess of $1,500,000 at the
				time of application;
(c) annual
				revenues in excess of $2,500,000; and
(d)
(i)
				annual property and casualty premium threshold from Georgia operations in
				excess of $50,000; or
(ii) an
				annual written property and casualty premium threshold for risks having
				multistate locations or operations in excess of $250,000.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.04 - Determining Premium Threshold

Current through Rules and Regulations filed through June 27, 2024
(1) When determining annual premium
				threshold, all premiums shall be calculated by the use of filed manual rates or
				rating systems including all objective discounts (credits) or surcharges
				(debits), but not including any discretionary rating.
(2) When determining the thresholds referred
				to in Section
				120-2-77-.03(2)(d)(i) and
				(ii), the following premiums shall be
				excluded:
(a) premiums written by unauthorized
				insurers;
(b) primary and/or excess
				workers compensation premiums, including all premiums derived from policies
				which lawfully satisfy O.C.G.A. §
										34-9-1
et
				seq.
;
(c) premiums from
				any type of coverage which lawfully utilizes uncontrolled rates including
				certain inland marine, ocean marine, and aviation;
(d) employee benefits premiums;
(e) premiums from errors and omissions
				coverages including medical malpractice;
(f) accident and sickness premiums;
				and
(g) any premiums for coverage
				provided by residual market mechanisms.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.05 - Filed Manual Rates, Rating Plans, Rating Systems or Underwriting Rules

Current through Rules and Regulations filed through June 27, 2024
(1) Insurers are
				not required to adhere to filed manual rates, rating plans, rating systems, or
				underwriting rules to price a large commercial risk. However, this section
				shall not apply with respect to:
(a) primary
				or excess workers compensation, including any alternative products which
				lawfully satisfy O.C.G.A. §
										34-9-1
et seq.
,
				and
(b) all errors and omissions
				insurance including medical malpractice.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.06 - Statistical Reporting Requirement

Current through Rules and Regulations filed through June 27, 2024
(1) Each insurer shall maintain records
				concerning all data, statistics, or underwriting rules so that the Commissioner
				is able to determine whether that insurer is in compliance with applicable laws
				and Rules and Regulations. Such information shall also be reported through a
				recognized statistical agency or advisory organization pursuant to O.C.G.A.
				§
									33-9-20. As a minimum requirement,
				an insurer shall maintain annual experience on number of risks, written
				premiums, written premiums at manual level, paid losses, and outstanding
				losses.
(2) The Commissioner may
				request an insurer to provide the data referenced in paragraph (1) at any time.
				Any insurer which fails to produce the data within thirty (30) days of such
				request shall forfeit the privilege afforded by this Regulation for a period of
				no less than eighteen (18) months.
(3) Reports submitted to demonstrate
				compliance with the Rules and Regulation of the Office of Commissioner of
				Insurance Chapter 120-2-41 shall omit the premiums written pursuant to this
				Regulation Chapter.
(4) Information
				collected pursuant to this Rule may be requested at any time in connection with
				a rate filing.
O.C.G.A. Secs.
				  33-2-9,
				  33-9-3,
				  33-9-20,
				  33-9-21.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.07 - Finding by the Commissioner

Current through Rules and Regulations filed through June 27, 2024
With respect to large commercial risks, upon a finding by the
				  Commissioner that a sufficient degree of competition does not exist for a
				  particular line, class or type of insurance, he or she may suspend all or part
				  of this Regulation Chapter.
O.C.G.A. Secs.
				  33-2-9,
				  33-9-4.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.08 - Disclaimer

Current through Rules and Regulations filed through June 27, 2024
Each policy issued to a large commercial risk rated in
				  accordance with this Regulation Chapter shall include a disclaimer with
				  language similar to the following: "The rates, rating plans, or resulting
				  premiums provided for in this policy are exempt from the filing and approval
				  requirements of the Office of Commissioner of Insurance."
O.C.G.A. Secs.
				  33-2-9,
				  33-9-4.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.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,
				  33-9-4.
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 120-2-77 - LARGE COMMERCIAL INSURANCE RISK RATING › Rule 120-2-77-.10 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application of it to any person or circumstance is held invalid, such
				  invalidity shall not affect the provisions or applications of the rules herein
				  which can be given effect without the invalid portion. To that end, the
				  provisions of this rule are declared to be severable.
O.C.G.A. Secs.
				  33-2-9,
				  33-9-4.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is promulgated pursuant to the authority
				  granted by O.C.G.A. §§
									33-2-9 and
				  33-7-14.
O.C.G.A. §
										33-2-9 and O.C.G.A Chapter
				  33-63.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to set forth rules and
				  procedural requirements that the commissioner deems necessary to carry out the
				  provisions of O.C.G.A. §
									33-7-14. The actions and
				  information required by this regulation are declared to be necessary and
				  appropriate in the public interest and for the protection of the ceding
				  insurers in this state.
O.C.G.A. §
										33-2-9 and O.C.G.A Chapter
				  33-63.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.03 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this regulation, or the application of
				  the provision to any person or circumstance, is held invalid, the remainder of
				  the regulation, and the application of the provision to persons or
				  circumstances other than those to which it is held invalid, shall not be
				  affected.
O.C.G.A. §
										33-2-9 and O.C.G.A Chapter
				  33-63.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.04 - Credit for ReinsuranceReinsurer Licensed in this State

Current through Rules and Regulations filed through June 27, 2024
Pursuant to O.C.G.A. §
									33-7-14(a), the
				  commissioner shall allow credit for reinsurance ceded by a domestic insurer to
				  an assuming insurer that was licensed in this state as of any date on which
				  statutory financial statement credit for reinsurance is
				  claimed.
O.C.G.A. §
										33-2-9 and O.C.G.A Chapter
				  33-63.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.05 - Credit for ReinsuranceAccredited Reinsurers

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									33-7-14(a)(2),
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				to an assuming insurer that is accredited as a reinsurer in this state as of
				the date on which statutory financial statement credit for reinsurance is
				claimed. An accredited reinsurer must:
(a)
				File a properly executed Form AR-1 (attached as an exhibit to this regulation)
				as evidence of its submission to this state's jurisdiction and to this state's
				authority to examine its books and records;
(b) File with the commissioner a certified
				copy of a certificate of authority or other acceptable evidence that it is
				licensed to transact insurance or reinsurance in at least one state, or, in the
				case of a U.S. branch of an alien assuming insurer, is entered through and
				licensed to transact insurance or reinsurance in at least one state;
(c) File annually with the commissioner a
				copy of its annual statement filed with the insurance department of its state
				of domicile or, in the case of an alien assuming insurer, with the state
				through which it is entered and in which it is licensed to transact insurance
				or reinsurance, and a copy of its most recent audited financial statement;
				and
(d) Maintain a surplus as
				regards policyholders in an amount not less than $20,000,000, or obtain the
				affirmative approval of the commissioner upon a finding that it has adequate
				financial capacity to meet its reinsurance obligations and is otherwise
				qualified to assume reinsurance from domestic insurers.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.06 - Credit for ReinsuranceReinsurer Domiciled and Licensed in Another State

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to
				O.C.G.A. §
									33-7-14(a)(3),
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				to an assuming insurer that as of any date on which statutory financial
				statement credit for reinsurance is claimed:
(a) Is domiciled in (or, in the case of a
				U.S. branch of an alien assuming insurer, is entered through) a state that
				employs standards regarding credit for reinsurance substantially similar to
				those applicable under the Act and this regulation;
(b) Maintains a surplus as regards
				policyholders in an amount not less than $20,000,000; and
(c) Files a properly executed Form AR-1 with
				the commissioner as evidence of its submission to this state's authority to
				examine its books and records.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.10 - Credit for Reinsurance Required by Law

Current through Rules and Regulations filed through June 27, 2024
Pursuant to O.C.G.A. §
									33-7-14(a)(6),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer not meeting the requirements of O.C.G.A. §
									33-7-14(a)(1) -
				  (5) but only as to the insurance of risks
				  located in jurisdictions where the reinsurance is required by the applicable
				  law or regulation of that jurisdiction. As used in this section, "jurisdiction"
				  means state, district or territory of the United States and any lawful national
				  government.
O.C.G.A. §§
											33-2-9,
				  33-7-14.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.11 - Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer not Meeting the Requirements of Sections 4 Through 9

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to
				O.C.G.A. §
									33-7-14(b), the
				commissioner shall allow a reduction from liability for reinsurance ceded by a
				domestic insurer to an assuming insurer not meeting the requirements of
				O.C.G.A. §
									33-7-14(a)  in an
				amount not exceeding the liabilities carried by the ceding insurer. The
				reduction shall be in the amount of funds held by or on behalf of the ceding
				insurer, including funds held in trust for the exclusive benefit of the ceding
				insurer, under a reinsurance contract with such assuming insurer as security
				for the payment of obligations under the reinsurance contract. The security
				shall be held in the United States subject to withdrawal solely by, and under
				the exclusive control of, the ceding insurer or, in the case of a trust, held
				in a qualified United States financial institution as defined in O.C.G.A.
				§
									33-7-14(c)(2).
				This security may be in the form of any of the following:
(a) Cash;
(b) Securities listed by the Securities
				Valuation Office of the NAIC, including those deemed exempt from filing as
				defined by the Purposes and Procedures Manual of the Securities Valuation
				Office, and qualifying as admitted assets;
(c) Clean, irrevocable, unconditional and
				"evergreen" letters of credit issued or confirmed by a qualified United States
				institution, as defined in O.C.G.A. §
										33-7-14(c),
				effective no later than December 31 of the year for which filing is being made,
				and in the possession of, or in trust for, the ceding insurer on or before the
				filing date of its annual statement. Letters of credit meeting applicable
				standards of issuer acceptability as of the dates of their issuance (or
				confirmation) shall, notwithstanding the issuing (or confirming) institution's
				subsequent failure to meet applicable standards of issuer acceptability,
				continue to be acceptable as security until their expiration, extension,
				renewal, modification or amendment, whichever first occurs; or
(d) Any other form of security acceptable to
				the commissioner.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.12 - Trust Agreements Qualified under Section 10

Current through Rules and Regulations filed through June 27, 2024
(1) As used in this section:
(a) "Beneficiary" means the entity for whose
				sole benefit the trust has been established and any successor of the
				beneficiary by operation of law. If a court of law appoints a successor in
				interest to the named beneficiary, then the named beneficiary includes and is
				limited to the court appointed domiciliary receiver (including conservator,
				rehabilitator or liquidator).
(b)
				"Grantor" means the entity that has established a trust for the sole benefit of
				the beneficiary. When established in conjunction with a reinsurance agreement,
				the grantor is the unlicensed, unaccredited assuming insurer.
(c) "Obligations," as used Subsection (2)(k)
				of this section means:
(1) Reinsured losses
				and allocated loss expenses paid by the ceding company, but not recovered from
				the assuming insurer;
(2) Reserves
				for reinsured losses reported and outstanding;
(3) Reserves for reinsured losses incurred
				but not reported; and
(4) Reserves
				for allocated reinsured loss expenses and unearned premiums.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.14 - Other Security

Current through Rules and Regulations filed through June 27, 2024
A ceding insurer may take credit for unencumbered funds
				  withheld by the ceding insurer in the United States subject to withdrawal
				  solely by the ceding insurer and under its exclusive control.
O.C.G.A. §§
											33-2-9,
				  33-7-14.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.15 - Reinsurance Contract

Current through Rules and Regulations filed through June 27, 2024
Credit will not be granted, nor an asset or reduction from
				  liability allowed, to a ceding insurer for reinsurance effected with assuming
				  insurers meeting the requirements of Sections 4, 5, 6, 7, 8 or 9 of this
				  regulation or otherwise in compliance with O.C.G.A. §
									33-7-14(a)  after
				  the adoption of this regulation unless the reinsurance agreement:
(1) Includes a proper insolvency clause,
				which stipulates that reinsurance is payable directly to the liquidator or
				successor without diminution regardless of the status of the ceding company,
				pursuant to Section [insert appropriate number] of the Insurance
				Code;
(2) Includes a provision
				pursuant to O.C.G.A. §
									33-7-14(a)
				 whereby the assuming insurer, if an
				unauthorized assuming insurer, has submitted to the jurisdiction of an
				alternative dispute resolution panel or court of competent jurisdiction within
				the United States, has agreed to comply with all requirements necessary to give
				the court or panel jurisdiction, has designated an agent upon whom service of
				process may be effected, and has agreed to abide by the final decision of the
				court or panel; and
(3) Includes a
				proper reinsurance intermediary clause, if applicable, which stipulates that
				the credit risk for the intermediary is carried by the assuming
				insurer.
O.C.G.A. §§
											33-2-9,
				  33-7-14.
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 120-2-78 - CREDIT FOR REINSURANCE › Rule 120-2-78-.16 - Contracts Affected

Current through Rules and Regulations filed through June 27, 2024
All new and renewal reinsurance transactions entered into
				  after [insert date] shall conform to the requirements of the Act and this
				  regulation if credit is to be given to the ceding insurer for such
				  reinsurance.
O.C.G.A. §§
											33-2-9,
				  33-7-14.
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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation applies to any health plan purchasing
				  cooperative as defined in O.C.G.A. § 33- 30A-1.
O.C.G.A. Secs.
				  33-2-9,
				  33-30A-1
et
				  seq.
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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.02 - Scope and Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) This Regulation applies to any health
				plan purchasing cooperative as defined in O.C.G.A. §
									33-30A-1.
(2) The purposes of this Regulation include:
(a) Providing disclosure of contracts between
				insurance carriers and health plan purchasing cooperatives, both to potential
				insureds and to the Commissioner;
(b) Promoting the overall responsibility of
				health plan purchasing cooperatives;
(c) Subjecting persons administering health
				plan purchasing cooperatives to the jurisdiction of the Commissioner of
				Insurance; and
(d) Regulating
				health plan purchasing cooperatives in conformity with the general purposes of
				the Georgia Insurance Code.
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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
As used in this Regulation Chapter, the term:
(1) "Employer-sponsored Health Benefit
				Arrangement" means any program of delivery, funding, or sponsorship of major
				medical, hospital, or medical and hospital expense coverage, or any type of
				coverage considered a health benefit plan as defined by O.C.G.A. § 33-
				30A-1(3) offered by an employer for the benefit of its eligible employees and
				dependents
(2) "Market Type" means
				any one of the following types of entities:
(a) small employers as defined in O.C.G.A.
				§
										33-30A-1(7);
(b) large employers, which shall mean all
				employers which do not meet the definition of small employer in O.C.G.A. §
										33-30A-1(7)
				 because such employers employed more than 50
				eligible employees during 50 percent or more of its working days during the
				previous calendar quarter; or
(c)
				individuals offered membership in the health plan purchasing cooperative
				pursuant to O.C.G.A. §
										33-30A-4(a)(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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.06 - Written Agreement Necessary

Current through Rules and Regulations filed through June 27, 2024
No health plan purchasing cooperative shall act as such
				  without a written agreement between the health plan purchasing cooperative and
				  each participating carrier, and such written agreement shall be retained as
				  part of the official records of the carrier and the health plan purchasing
				  cooperative for the duration of the agreement and five years thereafter. Such
				  written agreement shall contain provisions that comply with the requirements of
				  this Regulation Chapter as they pertain to agreements between the health plan
				  purchasing cooperative and participating carriers.
O.C.G.A. Secs.
				  33-2-9,
				  33-30A-5,
				  33-30A-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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.08 - Payment to Health Plan Purchasing Cooperative

Current through Rules and Regulations filed through June 27, 2024
Payment to the health plan purchasing cooperative of any
				  premiums or charges for a health benefit plan by or on behalf of the insured or
				  member shall be deemed to have been received by the participating carrier, and
				  the payment of return premiums or claims by the carrier to the health plan
				  purchasing cooperative shall not be deemed payment to the insured or claimant.
				  Nothing herein shall permit or authorize purchasing cooperatives to process or
				  administer claims or to accept claims payments, nor limit any right of a
				  participating carrier to take action against the health plan purchasing
				  cooperative resulting from its failure to make payments to the participating
				  carrier.
O.C.G.A. Secs.
				  33-2-9,
				  33-30A-5,
				  33-30A-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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.09 - Premium Collection

Current through Rules and Regulations filed through June 27, 2024
(1) All insurance charges, fees, or premiums
				collected by a health plan purchasing cooperative on behalf of or for a
				participating carrier, and return premiums received from such carrier, shall be
				held by the health plan purchasing cooperative in a fiduciary capacity. Such
				funds shall be immediately remitted to the person or persons entitled thereto,
				or shall be deposited promptly in a fiduciary bank account established and
				maintained by the health plan purchasing cooperative. If charges or premiums so
				deposited have been collected on behalf of or for more than one carrier, the
				health plan purchasing cooperative shall cause the bank in which such fiduciary
				account is maintained to keep records clearly recording the deposits in and
				withdrawals from such account on behalf of or for each carrier. The health plan
				purchasing cooperative shall promptly obtain and keep copies of all such
				records and, upon request of a participating carrier, shall furnish such
				carrier with copies of such records pertaining to deposits and withdrawals on
				behalf of or for such carrier. Withdrawals from such account shall be made, as
				provided in the written agreement or contract between the health plan
				purchasing cooperative and a participating carrier, for:
(1) remittance to a carrier, entitled
				thereto;
(2) deposit in an account
				maintained in the name of such carrier;
(3) payment to a policyholder for remittance to the carrier
				entitled thereto; or
(4) remittance
				of return premiums to the person or persons entitled thereto.
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 120-2-79 - HEALTH PLAN PURCHASING COOPERATIVES › Rule 120-2-79-.11 - Approval of Advertising and Enrollment Materials

Current through Rules and Regulations filed through June 27, 2024
(1) A health plan purchasing cooperative
				shall file any enrollment or marketing materials which provide the standardized
				information on each health benefit plan as specified in O.C.G.A. §
									33-30A-4(b)(2)
				 for distribution to cooperative members at
				least ninety (90) days prior to their use. Such materials shall include, but
				are not limited to, information distributed to members on how to file or appeal
				grievances with participating carriers or the health plan purchasing
				cooperative, and any comparisons between health benefit plans using measures of
				performance such as medical outcomes and consumer satisfaction which clearly
				describe the indicators of comparison and the approved methodology used for
				such comparison.
(2) Each health
				plan purchasing cooperative shall maintain at its principal administrative
				office a complete file of all advertisements and enrollment materials,
				regardless of who wrote or developed them, created or designed, which are used
				in the course of the health plan purchasing cooperative's business in this
				state, with a notation indicating the manner and extent of distribution and the
				form number of any policy advertised. Such file shall be subject to inspection
				by the Office of Commissioner of Insurance. All such advertisements shall be
				maintained in said file for a period of not less than five (5) years.
O.C.G.A. Secs.
				  33-2-9,
				  33-30A-5,
				  33-30A-9.