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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
As used in this Regulation Chapter, the term:
(a) "Agent" 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 annuity sales;
(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) "Insurance/Annuity Agents" means an
				individual appointed or employed by a financial institution who solicits or
				procures applications for annuities; who in any way, directly or indirectly,
				makes or causes to be made any annuity 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 annuities;
(d) An "annuity" is a contract of insurance
				underwritten by an insurance company that pays an income benefit (monthly,
				quarterly, semiannually, or annually) for: 1.) the life of a person
				(annuitant), 2.) the lives of two or more persons, or 3.) a specified period of
				time. Payments are made for a stated period of time or for the life or lives of
				the person or persons specified in the contract. The term does not cover the
				proceeds of life insurance no matter how payable;
(e) "Financial Institution" means a state or
				national bank, building and loan or savings and loan association, bank holding
				company, or a subsidiary or affiliate of any of the above;
(f) A "fixed annuity" means one party agrees
				to pay to the annuitant a stipulated amount (monthly, quarterly, semiannually,
				or annually, as desired) throughout the annuitant's lifetime whereby the dollar
				amount will not fluctuate regardless of adverse changes in the insurance
				company's mortality experience, investment return, and expenses;
(g) A "variable annuity" means a contract
				that pays an annuitant income payments of which the amounts vary in accordance
				with the market value of the securities in the separate account of the insurer
				on the respective valuation days;
(h) An "annuitant" is a person who receives
				an income benefit from an annuity for life or for a specified period of
				time.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.