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 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.07 - Penalties for Failure to Comply

Current through Rules and Regulations filed through June 27, 2024
Any insurer, or any officer, agent or employee of any insurer
				  failing to comply with the requirements of this Regulation shall be subject to
				  such penalties as authorized by Title 33 of the Georgia Code Annotated, and the
				  Rules and Regulations promulgated thereunder.
Ga. L. 1960, pp. 289 to
				  755.
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 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS › Rule 120-2-25-.08 - Effective Date

Current through Rules and Regulations filed through June 27, 2024
This Regulation shall become effective January 1,
				  1972.
Ga. L. 1960, pp. 289 to
				  755.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the undersigned
				  Insurance Commissioner pursuant to the authority set forth in Section
				  33-2-9 of the Insurance Laws of
				  this State, and especially Chapter 33-6 of the Georgia Code
				  Annotated.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is:
(1) To implement the Insurance Laws of this
				State with respect to the financing of premiums of life insurance in this
				State;
(2) To protect the interests
				of the life insurance public by establishing minimum standards of conduct to be
				observed in the financing of life insurance policies, and by making available
				full and clear information on which an applicant for life insurance can make a
				decision in his own best interest by reducing the opportunity for
				misrepresentation.
The following Regulation and standards shall be observed and
				  followed in the financing of life insurance policy premiums. Failure to observe
				  said Regulation and standards is hereby deemed an unfair method of competition
				  and an unfair and deceptive act or practice prohibited by Chapter 33-6 of the
				  Insurance Laws of the State of Georgia.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.03 - Exemptions from Regulation

Current through Rules and Regulations filed through June 27, 2024
This Regulation shall not apply to a credit life insurance
				  policy financed by lending institutions, or merchants financing consumer
				  products.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.04 - Notice for Minors

Current through Rules and Regulations filed through June 27, 2024
In the event the insured is a minor, and executes a
				  promissory note for the payment of part or all of the first year's premium,
				  such note must be witnessed or acknowledged by at least one of the insured's
				  parents, legal guardian, or adult spouse.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.05 - Disclosure of Note Obligation

Current through Rules and Regulations filed through June 27, 2024
(1) The fact that a promissory note is to be
				executed by the insured must:
(a) Be set
				forth in the Application, preceding the applicant's signature;
(b) Show the amount of the note for
				premiums;
(c) Specify the true rate
				of interest of the note;
(d) Give
				the amount of any down payment made at the time of taking the application;
				and
(e) If applicable, State the
				fact that the note becomes due and payable in full upon any default in premium
				payment.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.06 - Delivery of Note

Current through Rules and Regulations filed through June 27, 2024
(1) If the payee of the Note is an insurer or
				any affiliate thereof, except the agent, a copy of the Note must be delivered
				with the policy at the time of delivery.
(2) If the payee is the agent, a copy of the
				Note must be delivered with the policy at the time of policy
				delivery.
(3) Delivery must be in
				person by a company representative.
(4) In the event that personal delivery is,
				for good reason, impractical, delivery may be made by use of the United States
				Certified Mail - Return Receipt Requested. Delivery must be to addressee
				only.
(5) Upon delivery, a policy
				receipt or acceptance form must be executed which recites that:
(a) The face amount, premium payment
				frequency and periodic premium amount of the policy have been presented as
				represented; and
(b) The insured
				has examined the "Remarks" Section of the Application and acknowledges and
				understands the provisions and obligations of the financial indebtedness he has
				incurred.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.07 - Duties of Payee

Current through Rules and Regulations filed through June 27, 2024
(1) If the Company, or any affiliate thereof,
				except the agent, be the payee and the promissory note is sold or otherwise
				transferred, the Company shall:
(a) Notify
				the note maker and all co-makers regarding such transfer or sale after it
				occurs, inviting any questions relative to the note, or the policy which is
				used as collateral security for the note.
(b) Such notice may be given by the
				purchaser, transferee, or assignee of the note.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.08 - Underwriting Principles

Current through Rules and Regulations filed through June 27, 2024
(1) The maximum amount of any financing
				arrangement which may be executed in connection with such a transaction shall
				be in accordance with reasonable and sound underwriting and business
				practices.
(2) A financed program
				shall not be sold to an undergraduate on a basis where premiums would come due
				prior to the anticipated date of graduation by the insured.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.09 - Cash Values of Policy

Current through Rules and Regulations filed through June 27, 2024
(1) The cash values shown at the time of
				presentation shall be a specimen of the policy being offered and not for a
				larger policy. (Example: if $10,000 policy is being sold, values for this
				policy shall be shown - not those for a $50,000 or $75,000 program.) This leads
				to misunderstanding on the part of the insured when he receives his $10,000
				policy and the cash values are less than those shown at the time of
				sale.
(2) In the event a sales
				presentation is made for an amount of insurance greater than that actually
				sold, then an approximate summary must be given to the insured for the exact
				amount of the policy sold, not later than the date of delivery.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.10 - Misleading Titles

Current through Rules and Regulations filed through June 27, 2024
(1) An agent or field representative who is
				licensed by this State as a life insurance agent shall not represent, refer to,
				or hold himself out to the public under any special title which would obscure
				the fact that he is a licensed agent of the Company. Identification as an agent
				or representative of a special division of such company may be permitted,
				providing:
(a) Such a division actually
				exists,
(b) The agency
				relationship is disclosed, and
(c)
				Such identification is not misleading as to the agent's identity as a
				representative of an insurer.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.11 - Free Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) Impressions left with the applicant that
				he will receive the first year's insurance free will be considered an improper
				presentation of the sales transaction by the agent involved.
(2) Repeated complaints of "free insurance"
				for the first year shall be considered strong evidence of failure on the part
				of the agent to clearly explain the note process and its payment.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.12 - Request to Cancel Insurance

Current through Rules and Regulations filed through June 27, 2024
In the event an insured expresses a desire to cancel such a
				  policy and premium arrangement, the Georgia Insurance Department will expect
				  the cooperation of the Company and its agents in bringing such matters to a
				  satisfactory conclusion as expeditiously as possible.
If it should be determined that the Company or agent has
				  violated this Regulation, or if it is determined that there has been a material
				  misrepresentation of the contract, the policy may, at the option of the
				  insured, be returned to the Company with a signed request for release. The said
				  policy will then be cancelled, and the applicant released from any liability,
				  and refund made of any down payment.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.13 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, agent, representative, officer, or employee of
				  such insurer, failing to comply with the requirements of this Regulation shall
				  be subject to such penalties as may be appropriate under the Insurance Laws of
				  this State.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-26 - FINANCING OF PREMIUMS OF LIFE INSURANCE POLICIES › Rule 120-2-26-.14 - Effective Date

Current through Rules and Regulations filed through June 27, 2024
This Regulation shall become effective August 1,
				  1972.
O.C.G.A. Sec.
				  33-2-9, Ch.
				  33-6.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the undersigned
				  Insurance Commissioner pursuant to the authority set forth in Section
				  33-2-9; Section
				  33-7-14; Chapter 33-6; Chapter
				  33-24; Chapter 33-27; Chapter 33-29; Chapter 33-30; Chapter 33-31 and in
				  particular Sections
				  33-31-8 and
				  33-31-12 of the Georgia
				  Code.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The Purpose of this Regulation is:
(1) To implement the Insurance Laws of this
				State with respect to the filing of Credit Life and Credit Accident and
				Sickness Insurance Forms in this State;
(2) To protect the interests of the credit
				life and credit accident and sickness insurance public by establishing and
				maintaining guidelines and standards pertaining to Credit Life and Credit
				Accident and Sickness Insurance Forms for the purpose of maintaining rates
				which are reasonable in relation to benefits provided, and are not unjust,
				unfair, inequitable, misleading, deceptive, or which encourage
				misrepresentation of the policy.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.03 - Credit Life Insurance Rates

Current through Rules and Regulations filed through June 27, 2024
The following standards shall be observed and followed in the
				  use of Credit Life Insurance Forms in this state:
(a) All credit life insurance forms used in
				this state shall contain schedules of premium rates to be charged in connection
				therewith which:
1. are reasonable in relation
				to the benefits and coverage provided; and
2. are neither excessive nor inadequate, nor
				shall they be unfairly discriminatory.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.04 - Requirements for Standard Credit Life Premium Rates

Current through Rules and Regulations filed through June 27, 2024
The premium rates set forth in Rule
				  .03 of this Regulation assume at
				  least the following minimum policy provisions and requirements:
(1) The policy contains no provision which
				excludes or restricts liability for death other than as a result of suicide
				occurring within one year of the incurred indebtedness.
(2) The policy contains no age restrictions
				whatsoever, or the only age restrictions contained in the policy are those
				which make ineligible for coverage debtors who have attained age seventy (70)
				at the time the indebtedness is incurred or debtors who will have attained age
				seventy-one (71) prior to the maturity date of the indebtedness. However,
				coverage shall remain in effect and benefits shall be payable to the
				beneficiaries under the policy or certificate, notwithstanding the age of the
				debtor, in cases where an individual policy or certificate is issued to a
				debtor who has correctly stated his age on the application for
				insurance.
O.C.G.A. 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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.05 - Disability Benefit Provisions in Credit Life Insurance Policies

Current through Rules and Regulations filed through June 27, 2024
(1) If a credit
				life insurance policy otherwise meeting the requirements of Rule
				120-2-27-.04, also provides for
				payment of the policy proceeds in the event of the loss of two limbs or in the
				event of the complete loss of eyesight, the insurer may charge a rate not to
				exceed one percent (1%) more than the rates set forth in Rule
				120-2-27-.03.
(2) If a credit life insurance policy
				otherwise meeting the requirements of Rule
				120-2-27-.04 provides for payment
				of the policy proceeds in the event of the loss of a single limb or in the
				event of the loss of the sight of one eye, the insurer may charge a rate not to
				exceed three percent (3%) more than the rates set forth in Rule
				120-2-27-.03.
(3) If a credit life insurance policy
				otherwise meeting the requirements of Rule
				120-2-27-.04 provides for payment
				of the policy proceeds in the event of total and permanent disability, other
				than as set forth in subsections
				120-2-27-.05(1)
				and 120-2-27-.05(2)
				above, the Commissioner may authorize an appropriate increase in the premium
				rates set forth in Rule
				120-2-27-.03.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.06 - Joint Credit Insurance Policies

Current through Rules and Regulations filed through June 27, 2024
(1) Where a credit life insurance policy or
				certificate is issued to cover two lives jointly, the amount of credit life
				insurance shall be made payable upon the death of the first to die during the
				term of the policy, and the policy or certificate will then terminate. The
				phrase "two lives" as used in the preceding sentence means only persons who are
				jointly and severally liable for repayment of the single indebtedness and are
				joint signers of the instrument of indebtedness. Endorsers and guarantors are
				not eligible for such credit insurance coverage covering joint lives. Joint
				life coverage shall not be written covering more than two lives. Jointly
				indebted persons shall not be covered separately at single life
				rates.
(2) Where a credit
				disability insurance policy or certificate is issued to cover two persons
				jointly, the credit disability insurance benefits shall be payable as provided
				in the policy, upon the disability of one of the persons. The phrase "two
				persons" as used in the preceding sentence means only persons who are jointly
				and severally liable for repayment of the single indebtedness and are joint
				signers of the instrument of indebtedness. Endorsers and guarantors are not
				eligible for joint disability insurance coverage. Joint disability coverage
				shall not be written covering more than two persons. Jointly indebted persons
				shall not be covered separately at single disability rates.
(3) If a credit life policy containing a
				suicide exclusion is issued on joint lives, the policy must be specific
				regarding termination of the policy, or continuation of the policy on the life
				of the survivor, and appropriate refunds to be made in the event suicide does
				occur.
(4) All joint credit
				insurance policy forms and rates must be filed with and approved by the
				Commissioner prior to their use.
O.C.G.A. Secs.
				  33-2-9,
				  33-7-14; Chapters 33-6, 33-24,
				  33-27, 33-29, 33-30, 33-31 and in particular Secs.
				  33-31-8 and
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.07 - Credit Accident and Sickness Insurance Rates

Current through Rules and Regulations filed through June 27, 2024
The following standards shall be observed and followed in the
				  use of Credit Accident and Sickness Insurance Forms in this State:
(1) All credit accident and sickness
				insurance forms used in this State shall contain schedules of premium rates to
				be charged in connection therewith which:
(a)
				are reasonable in relation to the benefits and coverages provided;
(b) are neither excessive nor inadequate, nor
				shall they be unfairly discriminatory; and
(c) have been determined after due
				consideration has been given to past and prospective loss experience within and
				outside this State, to a reasonable margin for underwriting profits and
				contingencies, to past and prospective expenses both within and outside this
				State, to all other factors including judgment factors deemed relevant within
				and outside this State, and to such other relevant factors and data as the
				Commissioner may from time to time require.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.09 - Mandatory Provisions in Policies and Certificates of Credit Insurance; Disclosure to Debtors; Proper Construction of Certain Policy Provisions Defined

Current through Rules and Regulations filed through June 27, 2024
(1) On the face of each individual policy,
				group policy, group certificate or notice of proposed insurance there shall be
				placed a title which shall briefly and accurately describe the nature and form
				of the policy.
(2) Every printed
				portion of the policy, certificate, or notice of proposed insurance and any
				endorsements thereto or applications therefor must be plainly printed in
				light-faced type of a style in general use, the size of which shall be uniform
				and not less than ten-point.
(3)
				Each individual policy, group policy, and group certificate shall state that
				the benefits payable thereunder shall only be paid to the creditor to reduce or
				extinguish the debtor's then outstanding loan balance in the case of credit
				life insurance coverage or the exact amount of the debtor's covered installment
				payment due in the case of credit accident and sickness insurance and shall
				further state that if the amount of insurance benefits payable exceeds the
				insured's then outstanding insured loan balance in the case of credit life
				insurance or the exact amount of the debtor's covered installment payment due
				in the case of credit accident and sickness insurance by an amount of ten
				dollars ($10.00) or more, such excess amount shall be payable either to the
				debtor or to a beneficiary named by the debtor other than the creditor or to
				the debtor's estate.
(a) Payment of any such
				excess amount to the debtor or to any beneficiary named by the debtor other
				than the creditor or to the debtor's estate shall be made payable by check or
				draft of the insurer and shall be made payable only to such debtor or to such
				other beneficiary named by the debtor or to such debtor's estate, provided that
				at the option of the insurer, the delivery of such excess benefit check or
				draft may be accomplished by the creditor acting as an authorized agent of the
				insurer. For the purpose of this Rule, the term "excess amount" shall mean any
				amount which is payable to the debtor or to the beneficiaries of the debtor
				other than the creditor or to the debtor's estate under the credit insurance
				policy which exceeds the amount necessary to extinguish the debtor's then
				outstanding insured loan balance in the case of the credit life insurance, or
				the exact amount of the debtor's covered installment payment due in the case of
				credit accident and sickness insurance by an amount of ten dollars ($10.00) or
				more.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.10 - Prohibited Transactions; Unfair Trade Practices Defined

Current through Rules and Regulations filed through June 27, 2024
The following practices, when engaged in by insurers in
				  connection with the sale or placement of credit insurance in this State or as
				  an inducement thereto, shall constitute unfair methods of competition and
				  unfair or deceptive acts or practices in the business of insurance in this
				  State and shall constitute the establishment or perpetuation of a condition or
				  conditions in this State which are detrimental to free competition in the
				  business of insurance and injurious to the public as provided for and defined
				  in O.C.G.A. §
									33-6-4(b)(8)  and
				  in O.C.G.A. §
									33-6-13(a):
(a) the offer or grant by an insurer either
				directly or indirectly, to a creditor agent or managing general agent of any
				special advantage or service other than the payment of commissions, service
				fees, or other forms of compensation which are set forth in the agency
				agreement or agency contract between the insurer and its agent or managing
				general agent;
(b) an agreement by
				an insurer to deposit with a bank or financial institution money or securities
				of the insurer with the design or intent that the same shall have an effect on
				or take the place of a deposit of money or securities which otherwise would be
				required of such creditor by such bank or financial institution as a
				compensating balance or offsetting deposit for a loan or other advancement;
				and
(c) an agreement by an insurer
				to deposit money or securities with a creditor bank or financial institution
				without interest or at a lesser rate of interest than is currently being paid
				by the creditor bank or financial institution to other depositors of like
				amounts. This paragraph shall not be construed to prohibit the maintenance by
				an insurer of such demand deposits or premium deposit accounts deemed
				reasonably necessary for use in the ordinary course of the insurer's
				business.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-4,
				  33-6-13,
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.11 - Reinsurance of Credit Risks

Current through Rules and Regulations filed through June 27, 2024
(1) Any insurance company writing credit life
				or credit accident and sickness insurance subject to the provisions of this
				Regulation, may reinsure its liability under any or all of such insurance with
				any domestic or foreign or alien insurance company authorized or approved to
				transact reinsurance in this State in accordance with the provisions of Section
				33-7-14 of the Georgia Insurance
				Code; provided, that in the event such reinsurance is placed with an insurer
				not so authorized or approved to transact reinsurance in this State, the ceding
				insurer shall, notwithstanding such unauthorized reinsurance, be required to
				maintain all of the reserves required by Title 33, the Georgia Insurance Code
				for such line or lines of insurance ceded as if such reinsurance contract or
				treaty had not been entered into and no credit shall be allowed, as an asset or
				as a deduction from liability, to any ceding insurer for such reinsurance nor
				shall such ceding insurer be authorized to increase the amount it has at risk
				as a result of such unauthorized reinsurance.
(2) No reinsurance between insurers,
				takeover, or other change of insurers over which the debtor has no control
				shall operate to reduce the benefits or advantages which the insured debtor is
				entitled to receive under the policy or certificate of insurance in any
				manner.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.12 - Collection of Insurance Premiums, Single Premium Basis; Outstanding Balance Basis

Current through Rules and Regulations filed through June 27, 2024
An insurer may collect premiums on either a single premium
				  basis or on a monthly outstanding balance basis. However, if the creditor adds
				  identifiable insurance charges or premiums for credit insurance to the total
				  amount of indebtedness, the creditor shall be deemed to have loaned the premium
				  or insurance charge to the debtor and the premium or the insurance charge shall
				  be deemed to have been collected by the insurer as soon as it is added to the
				  indebtedness. In that event, the insurer shall be obligated to provide the
				  complete coverage which the debtor is entitled to receive under the policy or
				  certificate for the full period of time which the single premium has been paid.
				  Also, the reserves held by the insurer on such risks must be based on the
				  liability assumed for the entire period of time for which a single premium has
				  been paid by the insured. However, if such insurance charges or premiums are
				  not added to the amount of the loan and do not constitute a part of the insured
				  debtor's outstanding indebtedness, the insurer shall be obligated to provide
				  insurance coverage to the debtor only for the period of time for which such
				  insurance charges or premiums have been paid under the insurance contract and
				  reserves shall be computed accordingly as provided for in the applicable
				  provisions of Title 33, the Georgia Insurance Code.
Any refunds applicable in the event of termination of the
				  coverages discussed above shall be made in the manner provided for in
				  subsection (3) of Section
				  33-31-9 of the Georgia
				  Code.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.13 - Agency Matters; Agreements; Claims; and Maintenance of File by Insurer

Current through Rules and Regulations filed through June 27, 2024
(1) Insurers
				transacting credit insurance in this State shall only pay directly or
				indirectly to their agents or managing general agents or to any other person as
				remuneration for the sale of credit insurance in this State those commissions,
				service fees, or other forms of compensation as are contained in the written
				agency agreement or agency contract between such insurer and its agent and is
				limited by these regulations.
(2)
				Each insurer shall maintain at its home or principal office a complete file
				containing copies of all agency agreements or agency contracts between such
				insurer and its agents who are authorized to collect credit insurance premiums
				on behalf of said insurer in this State. Such file and its contents shall be
				subject to regular and periodic inspection by the Office of Commissioner of
				Insurance. All such agency agreements or agency contracts shall be maintained
				in said file in a manner suitable for inspection by the Office of Commissioner
				of Insurance for a period of not less than five (5) years.
(3) Any agent, subagent, agency or creditor
				writing credit life or credit accident and sickness insurance in this State
				shall provide forms necessary to file claims within fifteen calendar days of a
				request with reasonable explanations regarding their use and shall forward such
				claim to the insurer within twenty (20) business days of receipt of written
				proof of loss.
(4) No person shall
				solicit, directly or indirectly, make, or cause to be made, any contract of
				credit insurance unless such person holds a valid agent, subagent, or a limited
				subagent license.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-13,
				  33-23-4,
				  33-31-10,
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.14 - Filing of Forms and Rates

Current through Rules and Regulations filed through June 27, 2024
(1) All forms and rates to be utilized for
				the sale of credit insurance shall be filed with the Commissioner of Insurance
				for review and approval.
(2) No
				insurer shall use any forms or rates unless they have been filed with and
				approved by the Commissioner of Insurance.
(3) If an insurer files a request for
				approval of any rate greater than the prima facie rates, the insurer shall
				demonstrate to the satisfaction of the Commissioner of Insurance that such rate
				or rates will satisfy the requirements of O.C.G.A. Section
				33-31-8 and this
				chapter.
(4) The requirements and
				procedures for filing upward rate deviations shall be as follows:
(a) No insurer shall file deviated rates for
				approval unless such insurer's statewide loss ratio exceeds 60%, and it can be
				demonstrated to the satisfaction of the Commissioner of Insurance that such
				upward deviated rate or rates will not reduce the insurer's statewide loss
				ratio below 60%.
(b) No deviation
				request shall be filed unless the forms used by the insurer comply with all
				requirements of Rule
				120-2-27-.04, or
				120-2-27-.08 throughout the entire
				experience period.
(c) No single
				account rate deviation filing request shall be considered unless a life or
				accident and sickness medical application or questionnaire was required for all
				applicants of the creditor during the entire experience period.
(d) Filings for upward rate deviations shall
				specify the account or accounts to which such rates shall apply, and shall
				include the policy and application forms in use, and a demonstration and
				certification by a qualified actuary that such deviated rates are expected to
				result in a loss ratio of not less than 60%.
(e) No approved deviation in rates will be in
				effect for a period of time longer than the experience period used to establish
				such rate deviation; however, such period may be shorter in term if so ordered
				by the commissioner of Insurance. An insurer may file for a new rate before the
				end of a rate period but not more often than once during any twelve (12) month
				period. Experience on accounts with approved rate deviations must be filed
				annually with this office, Life and Health Section, within 90 days after the
				end of each experience year.
(f) If
				a creditor account changes insurers, any deviated rate approved for use on such
				account by the prior insurer is the maximum rate to be used by the succeeding
				insurer for the remainder of the approved deviation term of the prior insurer,
				or until a new rate is filed by the succeeding insurer and approved by the
				Commissioner of Insurance, if sooner.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.15 - Annual Experience Reports

Current through Rules and Regulations filed through June 27, 2024
(1) Each insurer authorized to transact
				credit insurance in this state shall compile and maintain a complete file
				containing adequate detailed statistical information and supporting data which
				shall be sufficient to indicate to the Commissioner of Insurance or to his
				authorized representative such insurer's loss experience in Georgia for each
				line of credit insurance which such insurer transacts in this state and which
				shall be sufficient to indicate such insurer's compliance with the requirements
				of this regulation.
(2) The file
				required to be maintained by the insurer under subsection (1) of this rule and
				its contents shall be maintained in a manner suitable and readily available for
				inspection by the Office of Commissioner of Insurance and shall be maintained
				by such insurer for a period of not less than five (5) years.
O.C.G.A. Secs.
				  33-2-9,
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.16 - Severability Provision

Current through Rules and Regulations filed through June 27, 2024
If any Section or portion of a Section of this Regulation, or
				  the applicability thereof to any person or circumstance is held invalid by the
				  Court of competent jurisdiction, the remainder of the Rules, or the
				  applicability of such provision to other persons or circumstances, shall not be
				  affected thereby.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.17 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, agent, representative, officer, or employee of
				  such insurer, failing to comply with the requirements of this Regulation shall
				  be subject to such penalties as may be appropriate under the insurance laws of
				  this State.
Ga. L. 1960, pp. 289,
				  305, 333, 393, 657, 714, 734, 747, 750.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.18 - Refunds

Current through Rules and Regulations filed through June 27, 2024
(1) In the event of
				termination, no charge for credit insurance shall be made for the first 15 days
				of a loan month and a full month may be charged for 16 days or more of a loan
				month.
(2) If the debt is prepaid
				by the debtor, the refund check or draft shall be made payable to the
				debtor.
(3) The refund method must
				be set forth in the group policy, rider, individual policy and certificate of
				insurance.
(4) No refund of less
				than $10.00 need be made.
O.C.G.A. Secs.
				  33-2-9,
				  33-31-7,
				  33-31-9,
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Rule 120-2-27-.19 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A.
				  33-2-9,
				  33-31-8,
				  33-31-12.
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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS › Exhibit (120-2-27) A

Current through Rules and Regulations filed through June 27, 2024
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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 120-2-28 - GEORGIA MOTOR VEHICLE ACCIDENT REPARATIONS ACT › Rule 120-2-28-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Commissioner
				  of Insurance pursuant to the authority set forth in O.C.G.A. §
									33-2-9 and
				  33-34-1
et
				  seq.)
O.C.G.A. Secs.
				  33-2-9,
				  33-34-1
et seq.
,
				  33-34-11.
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 120-2-28 - GEORGIA MOTOR VEHICLE ACCIDENT REPARATIONS ACT › Rule 120-2-28-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation Chapter is to implement the
				  insurance laws of this State with respect to the Georgia Motor Vehicle Accident
				  Reparations Act (O.C.G.A. §§
									33-34-1
et seq.
)
				  by:
(a) developing minimum
				requirements and suggested forms for the coverages required by the
				Act;
(b) establishing procedures
				and forms for the filing and approval of rates, rating plans, forms, and
				amnuals;
(c) developing minimum
				standards and forms for the handling of motor vehicle liability insurance
				claims; and
(d) establishing
				minimum requirements for cooperation by insurers with the Department of Public
				Safety.
O.C.G.A. Secs.
				  33-2-9,
				  33-34-1
et seq.
,
				  33-34-11.
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 120-2-28 - GEORGIA MOTOR VEHICLE ACCIDENT REPARATIONS ACT › Rule 120-2-28-.03 - Applicability

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter shall apply to all insurers
				  transacting motor vehicle liability insurance in this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-34-1
et seq.
,
				  33-34-11.
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 120-2-28 - GEORGIA MOTOR VEHICLE ACCIDENT REPARATIONS ACT › Rule 120-2-28-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
The following terms shall have the meaning set forth in this
				  Regulation Chapter and in the Georgia Motor Vehicle Accident Reparations Act
				  (O.C.G.A. §§
									33-34-1
et seq.
)
				  Unless a different meaning or construction is clearly required by the
				  context:
(a) "Act" shall mean the
				Georgia Motor Vehicle Accident Reparations Act.
(b) "Commissioner" shall mean the
				Commissioner of Insurance.
(c)
				"Medical Payments Coverage" shall be defined as set forth in O.C.G.A. §
									33-34-2(1).
(d) "Motor vehicle" shall be defined as
				provided for in O.C.G.A. §§
									33-34-1
et seq.
,
				provided however that the term "motor vehicle" shall not include:
1. vehicles owned by the federal government
				which are not required to be registered in this State:
2. farm vehicles, mobile equipment and other
				vehicles not designed primarily for use on the public roads and which are not
				required to be registered in this State.
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 120-2-28 - GEORGIA MOTOR VEHICLE ACCIDENT REPARATIONS ACT › Rule 120-2-28-.05 - Minimum Insurance Coverage Required: Filing of Rates and Forms

Current through Rules and Regulations filed through June 27, 2024
(1) No insurer
				transacting motor vehicle liability insurance in this State shall offer, or
				cause to be offered, or sold, any new or renewal policy of motor vehicle
				liability insurance with a policy term of less than six (6) months and any
				policy of motor vehicle liability insurance coverage in an amount less than
				that required by the Motor Vehicle Safety Responsibility Act (O.C.G.A.
				§§
									40-9-1
et seq.
),
				in the amounts as follows:
(a) Damage for
				liability on account of accidents of not less than $15,000 because of bodily
				injury or death of one person in any one accident; and subject to such limit
				for one person, to a limit of not less than $30,000 because of bodily injury or
				death to two (2) or more persons in any one accident; and $10,000 because of
				injury to or destruction of property of others in any one accident, including
				its loss of use.