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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.13 - Definition, Availability and Maintenance of CPA Workpapers

Current through Rules and Regulations filed through June 27, 2024
(1) Workpapers are
				the records kept by the independent certified public accountant of the
				procedures followed, the tests performed, the information obtained, and the
				conclusions reached pertinent to the audit of the financial statements of an
				insurer. Workpapers, accordingly, may include audit planning documentation,
				work programs, analyses, memoranda, letters of confirmation and representation,
				abstracts of company documents and schedules or commentaries prepared or
				obtained by the independent certified public accountant in the course of his or
				her audit of the financial statements of an insurer and which support his or
				her opinion thereof.
(2) Every
				insurer required to file an Audited financial report pursuant to this rule
				shall require the accountant to make available for review by insurance
				department examiners all workpapers prepared in the conduct of the accountant's
				audit and any communications related to the audit between the accountant and
				the insurer, at the offices of the insurer, at the insurance department or at
				any other reasonable place designated by the Commissioner. The insurer shall
				require that the accountant retain the audit workpapers and communications
				until the insurance department has filed a report on examination covering the
				period of the audit but no longer than seven (7) years from the date of the
				audit report.
(3) In the conduct of
				the aforementioned review by insurance department examiners, it shall be agreed
				that photocopies of pertinent audit workpapers may be made and retained by the
				Department. Such reviews by the Department examiners are examinations and all
				working papers and communications obtained during the course of such
				examinations shall be afforded the same confidentiality as other examination
				workpapers generated by the Department or Department examiners.
O.C.G.A. Secs.
				  33-2-9,
				  33-2-11,
				  33-2-13,
				  33-2-14,
				  33-3-21.
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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.15 - Internal Audit Function Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) Exemption - An insurer is exempt from the
				requirements of this section if:
(a) The
				insurer has annual direct written and unaffiliated assumed premium, including
				international direct and assumed premium but excluding premiums reinsured with
				the Federal Crop Insurance Corporation and Federal Flood Program, less than
				$500,000,000; and,
(b) If the
				insurer is a member of a group of insurers, the group has annual direct written
				and unaffiliated assumed premium including international direct and assumed
				premium, but excluding premiums reinsured with the Federal Crop Insurance
				Corporation and Federal Flood Program, less than $1,000,000,000.
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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.16 - Conduct of Insurer in Connection with the Preparation of Required Reports and Documents

Current through Rules and Regulations filed through June 27, 2024
(1) No director or officer of an insurer
				shall, directly or indirectly:
(a) Make or
				cause to be made a materially false or misleading statement to an accountant in
				connection with any audit, review or communication required under this
				regulation; or
(b) Omit to state,
				or cause another person to omit to state, any material fact necessary in order
				to make statements made, in light of the circumstances under which the
				statements were made, not misleading to an accountant in connection with any
				audit, review or communication required under this regulation.
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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.18 - Exemptions and Effective Dates

Current through Rules and Regulations filed through June 27, 2024
(1) Upon written application of any insurer,
				the Commissioner may grant an exemption from compliance with this rule if the
				Commissioner finds, upon review of the application, that compliance with this
				rule would constitute a financial or organizational hardship upon the insurer.
				An exemption may be granted at any time and from time to time for a specified
				period or periods. Within ten (10) days from a denial of an insurer's written
				request for an exemption from this rule, such insurer may request in writing a
				hearing on its application for an exemption. Such hearing shall be conducted in
				accordance with Chapter 2 of Title 33 of the Official Code of Georgia Annotated
				and the applicable Rules and Regulations of the Georgia Insurance
				Department.
(2) Domestic insurers
				retaining a certified public accountant on the effective date of this
				regulation who qualify as independent shall comply with this regulation for the
				year ending December 31, 2010, and each year thereafter unless the Commissioner
				permits otherwise.
(3) Domestic
				insurers not retaining a certified public accountant on the effective date of
				this rule who qualify as independent may meet the following schedule for
				compliance unless the Commissioner permits otherwise.
(a) As of December 31, 2010, file with the
				Commissioner:
1.Report of independent
				certified public accountant;
2.Audited balance sheet;
3.Notes to audited balance sheet.
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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.19 - Canadian and British Companies

Current through Rules and Regulations filed through June 27, 2024
(1) In the case of Canadian and British
				insurers, the Annual audited financial report shall be defined as the annual
				statement of total business on the form filed by such companies with their
				domiciliary supervision authority duly audited by an independent chartered
				accountant.
(2) For such insurers,
				the letter required in
				120-2-60-.06 shall state that the
				accountant is aware of the requirements relating to the annual audited
				statement filed with the Commissioner pursuant to
				120-2-60-.04 and shall affirm that
				the opinion expressed is in conformity with such requirements.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-21.
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 120-2-60 - CPA ANNUAL AUDITED FINANCIAL REPORTS › Rule 120-2-60-.20 - Severability Provisions

Current through Rules and Regulations filed through June 27, 2024
If any section or portion of a section of this rule or the
				  applicability thereof to any person or circumstance is held invalid by a court,
				  the remainder of the rule or the applicability of such provision to other
				  persons or circumstances shall not be affected thereby.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-21.
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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This rule is adopted and promulgated by the Commissioner of
				  Insurance pursuant to Sections
				  33-2-9 and
				  33-7-14 of the Georgia Insurance
				  Code.
O.C.G.A. Secs.
				  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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.02 - Preamble

Current through Rules and Regulations filed through June 27, 2024
(1) The Georgia
				Insurance Department recognizes that licensed insurers routinely enter into
				reinsurance agreements that yield legitimate relief to the ceding insurer from
				strain to surplus.
(2) However, it
				is improper for a licensed insurer, in the capacity of ceding insurer, to enter
				into reinsurance agreements for the principal purpose of producing significant
				surplus aid for the ceding insurer, typically on a temporary basis, while not
				transferring all of the significant risks inherent in the business being
				reinsured. In substance or effect, the expected potential liability to the
				ceding insurer remains basically unchanged by the reinsurance transaction,
				notwithstanding certain risk elements in the reinsurance agreement, such as
				catastrophic mortality or extraordinary survival. The terms of such agreements
				referred to herein and described in Section
				120-2-61-.04(1)
				(excluding the provisions found in
				120-2-61-.04(1)(g)1.
				and 120-2-61-.04(1)(g)2.)
				violate:
(a) O.C.G.A. Section
				33-3-21 relating to financial
				statements which do not properly reflect the financial condition of the ceding
				insurer;
(b) O.C.G.A. Section
				33-7-14 relating to reinsurance
				reserve credits, thus, resulting in a ceding insurer improperly reducing
				liabilities or establishing assets for reinsurance ceded; and
(c) O.C.G.A. Section
				33-3-17, relating to creating a
				situation that may be hazardous to policyholders and the people of 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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.03 - Scope

Current through Rules and Regulations filed through June 27, 2024
This Regulation shall apply to all domestic life and accident
				  and health insurers and to all other licensed life and accident and health
				  insurers which are not subject to a substantially similar regulation in their
				  domiciliary state. This regulation shall also similarly apply to licensed
				  property and casualty insurers with respect to their accident and health
				  business. This regulation shall not apply to assumption reinsurance, yearly
				  renewable term reinsurance or certain nonproportional reinsurance such as stop
				  loss or catastrophe reinsurance.
O.C.G.A. Secs.
				  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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.05 - Written Agreements

Current through Rules and Regulations filed through June 27, 2024
(1) No reinsurance agreement or amendment to
				any agreement may be used to reduce any liability or to establish any asset in
				any financial statement filed with the Department, unless the agreement,
				amendment or a letter of intent has been duly executed by both parties no later
				than the "as of date" of the financial statement.
(2) In the case of a letter of intent, a
				reinsurance agreement or an amendment to a reinsurance agreement must be
				executed within a reasonable period of time, not exceeding ninety (90) days
				from the execution date of the letter of intent, in order for credit to be
				granted for the reinsurance ceded.
(3) The reinsurance agreement shall contain
				provisions which provide that:
(a) The
				agreement shall constitute the entire agreement between the parties with
				respect to the business being reinsured thereunder and that there are no
				understandings between the parties other than as expressed in the agreement;
				and
(b) Any change or modification
				to the agreement shall be null and void unless made by amendment to the
				agreement and signed by both parties.
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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.06 - Existing Agreements

Current through Rules and Regulations filed through June 27, 2024
Insurers subject to this Regulation shall reduce to zero by
				  December 31, 1995, any reserve credits or assets established with respect to
				  reinsurance agreements entered into prior to the effective date of this
				  regulation which, under the provisions of this regulation would not be entitled
				  to recognition of the reserve credits or assets; provided, however, that the
				  reinsurance agreements shall have been in compliance with laws or regulations
				  in existence immediately preceding the effective date of this
				  Regulation.
O.C.G.A. Secs.
				  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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.07 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer which violates or fails to comply with any
				  provision of this regulation will be subject to fines and penalties applicable
				  to licensed insurers generally, including revocation of its license or right to
				  do business in this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-17,
				  33-3-18,
				  33-3-19,
				  33-3-20.
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 120-2-61 - LIFE AND HEALTH REINSURANCE AGREEMENTS › Rule 120-2-61-.08 - Severability Provision

Current through Rules and Regulations filed through June 27, 2024
If any section or portion of a section of this rule or the
				  applicability thereof to any person or circumstance is held invalid by a court,
				  the remainder of the rule or the applicability of such provision to other
				  persons or circumstances shall not be affected thereby.
O.C.G.A. Secs.
				  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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is adopted and promulgated by the
				  Commissioner of Insurance pursuant to the authority set forth in O.C.G.A.
				  Sections 33-2-9,
				  33-52-3 and
				  33-52-6.
O.C.G.A Secs.
				  33-2-9,
				  33-52-3,
				  33-52-6.
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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to implement Chapter 52 of
				  Title 33 of the Official Code of Georgia Annotated to provide for the
				  regulation of the transfer and novation of contracts of insurance by way of
				  assumption reinsurance. This chapter sets forth a "Notice of Transfer" and
				  "Second Notice of Transfer" pursuant to O.C.G.A Section
				  33-52-3(a)  and
				  an "Application for Approval of Assumption Reinsurance Agreement" pursuant to
				  O.C.G.A. Sections
				  33-52-3(b)  and
				  33-52-6.
O.C.G.A. Secs.
				  33-2-9,
				  33-52-3,
				  33-52-6.
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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.03 - Definition

Current through Rules and Regulations filed through June 27, 2024
"Applicant" means either the transferring or the assuming
				  insurer required to submit the "Application for Approval of Assumption
				  Reinsurance Agreement" based on the following criteria:
(a) If both insurers are licensed to transact the business of
				  insurance in the State of Georgia, the transferring insurer shall submit the
				  required filings; otherwise
(b) The insurer licensed to transact the business of
				  insurance in the state of Georgia shall submit the required filings.
O.C.G.A. Secs.
				  33-29-9,
				  33-52-3,
				  33-52-6.
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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.04 - Notice Requirements

Current through Rules and Regulations filed through June 27, 2024
Notice in forms identical or substantially similar to the
				  "Notice of Transfer" and "Second Notice of Transfer," attached hereto and
				  incorporated herein as "EXHIBIT A" and "EXHIBIT B" respectively, shall be
				  deemed to comply with the requirements of O.C.G.A. Section
				  33-52-3(a).
O.C.G.A. Secs.
				  33-2-9,
				  33-52-3,
				  33-52-6.
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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.05 - Required Filings

Current through Rules and Regulations filed through June 27, 2024
The following items shall be submitted to the Commissioner of
				  Insurance:
(a) A completed Form
				GID-67, entitled the "Application for Approval of Assumption Reinsurance
				Agreement," attached hereto and incorporated herein as "EXHIBIT C";
				and
(b) A copy of the proposed
				notices of transfer which comply with the requirements of Rule
				120-2-62-.04 of this regulation and
				bear unique form numbers.
O.C.G.A. Secs.
				  33-2-9,
				  33-52-3,
				  33-52-6.
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 120-2-62 - ASSUMPTION REINSURANCE › Rule 120-2-62-.06 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer which violates or falls to comply with any
				  provision of this regulation will be subject to fines and penalties applicable
				  to licensed insurers generally, including revocation of its license or right to
				  do business in this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-2-24(g),
				  33-3-17.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-63 - PURCHASING GROUPS › Rule 120-2-63-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This rule is adopted and promulgated by the Commissioner of
				  Insurance pursuant to O.C.G.A. Secs.
				  33-2-9 and
				  33-40-1 through
				  33-40-21.
O.C.G.A. Secs.
				  33-2-9,
				  33-40-1,
				  33-40-21.
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 120-2-63 - PURCHASING GROUPS › Rule 120-2-63-.02 - Restrictions on Insurance Purchased by Purchasing Groups

Current through Rules and Regulations filed through June 27, 2024
(1) A purchasing
				group which obtains liability insurance from an insurer not admitted in this
				state or a risk retention group shall inform each of the members of the group
				which have a risk resident located in this state that the risk is not protected
				by an insurance insolvency guaranty fund in this state and that the risk
				retention group or insurer may not be subject to all insurance laws and
				regulations of this state.
(2) No
				purchasing group may purchase insurance providing for a deductible or
				self-insured retention applicable to the group as a whole; however, coverage
				may provide for a deductible or self-insured retention applicable to individual
				members.
O.C.G.A. Secs.
				  33-2-9,
				  33-40-1,
				  33-40-16.
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 120-2-63 - PURCHASING GROUPS › Rule 120-2-63-.03 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any purchasing group which violates or fails to comply with
				  any provision of this regulation will be subject to fines and penalties
				  pursuant to O.C.G.A. Sec.
				  33-3-20.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-20.
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 120-2-63 - PURCHASING GROUPS › Rule 120-2-63-.04 - Severability Provision

Current through Rules and Regulations filed through June 27, 2024
If any provision or portion of a provision of this rule or
				  the applicability thereof to any person or circumstance is held invalid by a
				  court, the remainder of the rule or the applicability of such provision to
				  other persons or circumstances shall not be affected hereby.
O.C.G.A. Secs.
				  33-2-9,
				  33-40-1.
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 120-2-64 - PRODUCER CONTROLLED PROPERTY AND CASUALTY INSURERS REGULATION › Rule 120-2-64-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this regulation is to provide minimum
				  standards for contracts between controlling producers and controlled
				  insurers.
O.C.G.A. Secs.
				  3-2-9,
				  33-48-8.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-64 - PRODUCER CONTROLLED PROPERTY AND CASUALTY INSURERS REGULATION › Rule 120-2-64-.03 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any section or portion of a section of this Regulation or
				  application thereof to any insurer, producer, or circumstances is held invalid
				  by a court of competent jurisdiction, the remainder of the rules or the
				  applicability of such provisions to other insurers, producers, or
				  circumstances, shall not be affected thereby.
O.C.G.A. Secs.
				  33-2-9,
				  33-48-1.
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 120-2-64 - PRODUCER CONTROLLED PROPERTY AND CASUALTY INSURERS REGULATION › Rule 120-2-64-.04 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any controlling producer or controlled insurer failing to
				  comply with the requirements of this Regulation shall be subject to such
				  penalties as prescribed by O.C.G.A. Sec.
				  33-48-4.
O.C.G.A. Secs.
				  33-2-9,
				  33-48-4.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.01 - Intent and Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The intent of this Regulation Chapter is
				to prohibit insurers from engaging in unfair discrimination due to the
				fictitious grouping of risks based on criteria which are not actuarially
				supported and shown to be relevant to risk. As such, it is the purpose of this
				Regulation Chapter that no insurer shall condition the issuance, renewal or
				other continuation of a private passenger automobile insurance policy by
				placing a risk in a fictitious group based on characteristics enumerated
				herein.
(2) Nothing containing
				herein is intended to invalidate actuarially sound rating variables not in
				conflict with any portion of O.C.G.A. Title 33.
(3) Nothing contained herein is intended to
				limit or diminish the scope of prohibited underwriting practices found
				elsewhere in the Georgia Insurance Code or the Rules and Regulations of the
				Georgia Insurance Department.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purpose of this Regulation Chapter, the following
				  definitions shall apply:
(a)
				"Commissioner" shall mean the Commissioner of Insurance of the State of
				Georgia.
(b) "Policy" or "policies"
				shall mean any private passenger automobile policy as defined in O.C.G.A.
				§
									33-24-45(b)(1).
(c) "Underwriting guidelines" shall mean the
				written, oral or electronic statements, guidelines, or criteria of an insurer
				which describe the standards used by an insurer to determine whether to issue a
				policy, decline to issue a policy, non-renew a policy, discontinue or cancel a
				policy, or restrict coverages provided by a policy of automobile insurance to
				persons within this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.03 - Prohibited Practices

Current through Rules and Regulations filed through June 27, 2024
(1) No insurer, broker or agent shall use
				underwriting criteria or guidelines to determine an applicant's or insured's
				acceptability for policy issuance or continuation of coverage which result in
				the fictitious grouping of risks and result in unfair discrimination.
(2) An insurer, broker or agent engages in
				the grouping of risks when a determination is made concerning an applicant's or
				insured's acceptability for policy issuance or continuation thereof based upon,
				but not limited to, any of the following:
(a)
				Marital status of the applicant, insured or anyone residing in the applicant's
				or insured's household;
(b) The
				applicant's or insured's length of time at an address;
(c) Employment status or lawful occupation of
				the applicant or insured, including the length of time employed with present
				employer, unless vehicle is used in the course of business;
(d) Credit reports of an applicant or insured
				or other credit history by whatever manner obtained;
(e) Number of vehicles to be
				insured;
(f) Status of the
				applicant or insured as a tenant or homeowner;
(g) Level of education of the applicant or
				insured;
(h) Lack of, lack of
				potential for or failure of applicant or insured to agree to a writing of
				additional business, which includes but is not limited to any additional
				coverages or increased liability limits on an automobile which are not
				compulsory according to O.C.G.A. §
										40-9-37;
(i) That the applicant or insured has never
				purchased or been covered by a private passenger automobile policy during any
				specified period preceding the date of application when the need for coverage
				did not exist, or that the applicant or insured has previously been covered by
				a non-standard or residual market issurer; or
(j) The individual's status as a member of
				the United States Armed Forces, the Reserves of the United States Armed Forces
				or the National Guard. Nothing herein shall prohibit the use and enforcement of
				a war exclusion clause if included in the policy at time of issuance.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.04 - Distribution to Agent Requirement

Current through Rules and Regulations filed through June 27, 2024
Each insurer shall provide a complete copy of all available
				  underwriting guidelines and any subsequent revisions to its agents and any
				  authorized representatives. Each insurer shall also provide a copy of this
				  Regulation Chapter to its agents and any authorized
				  representatives.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.05 - Reporting Upon Written Notice

Current through Rules and Regulations filed through June 27, 2024
Upon the request by the Commissioner of Insurance or his or
				  her designated representative, each insurer shall provide the Georgia Insurance
				  Department with a true and correct copy of its underwriting guidelines within
				  twenty (20) days of the date requested.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.06 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, representative, officer or employee of such
				  insurer, failing to comply with the requirements of this Regulation Chapter
				  shall be subject to such penalties and other enforcement action as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-65 - PROHIBITED CRITERIA FOR PRIVATE PASSENGER AUTOMOBILE UNDERWRITING GUIDELINES › Rule 120-2-65-.07 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance is for any reason held to be
				  invalid by a court of competent jurisdiction, the remainder of this Regulation
				  Chapter or the applicability of such provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Sec.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-45.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.01 - Intent and Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The intent of this Regulation Chapter is
				to prohibit insurers from engaging in unfair discrimination due to the
				fictitious grouping of risks based on criteria which are not actuarially
				supported and shown to be relevant to risk. As such, it is the purpose of this
				Regulation Chapter that no insurer shall condition the issuance, renewal or
				other continuation of a residential property insurance policy by placing a risk
				in a fictious group based on characteristics enumerated herein.
(2) Nothing contained herein is intended to
				invalidate actuarially sound rating variables not in conflict with any portion
				of O.C.G.A. Title 33.
(3) Nothing
				contained herein is intended to limit or diminish the scope of prohibited
				underwriting practices found elsewhere in the Georgia Insurance Code or the
				Rules and Regulations of the Georgia Insurance Department.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.02 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purpose of this Regulation Chapter, the following
				  definitions shall apply:
(a)
				"Commissioner" shall mean the Commissioner of Insurance of the State of
				Georgia.
(b) "Policy" or "policies"
				shall mean any policy issued to a natural person or persons as the named
				insured which provides coverage for residential property at a specifically
				described location. The term "policy" shall include but not be limited to
				homeowner's, dwelling fire, manufactured housing, tenant, condo-unit owners and
				farmowners policies.
(c)
				"Underwriting guidelines" shall mean the written, oral or electronic
				statements, guidelines, or criteria of an insurer which describe the standards
				used by an insurer to determine whether to issue a policy, decline to issue a
				policy, nonrenew a policy, discontinue or cancel a policy or restrict coverages
				provided by a residential property policy issued to persons residing in this
				State.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.03 - Prohibited Practices

Current through Rules and Regulations filed through June 27, 2024
(1) No insurer, broker or agent shall use
				underwriting criteria or guidelines to determine an applicant's or insured's
				acceptability for policy issuance or continuation of coverage which result in
				the fictitious grouping of risks and result in unfair discrimination.
(2) An insurer, broker or agent engages in
				the grouping of risks when a determination is made concerning an applicant's or
				insured's acceptability for policy issuance or continuation thereof based upon,
				but not limited to, any of the following:
(a)
				Marital status of the applicant, insured or anyone residing in the applicant's
				or insured's household;
(b) The
				applicant's or insured's length of time at an address;
(c) Employment status or lawful occupation of
				the applicant or insured, including the length of time employed with present
				employer;
(d) Level of education of
				the applicant or insured;
(e)
				Failure of applicant or insured to agree to purchase an additional policy which
				is not requested by the insured or applicant;
(f) Age of dwelling without proper
				consideration of updated mechanical and structural systems;
(g) The individual's status as a member of
				the United States Armed Forces, the Reserves of the United States Armed Forces
				or the National Guard. Nothing herein shall prohibit the use and enforcement of
				a war exclusion clause if included in the policy at time of issuance.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.04 - Distribution to Agent Requirement

Current through Rules and Regulations filed through June 27, 2024
Each insurer shall provide a complete copy of all available
				  underwriting guidelines and any subsequent revisions to its agents and any
				  authorized representatives. Each insurer shall also provide a copy of this
				  Regulation Chapter to its agents and any authorized
				  representatives.
O.C.G.A. secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.05 - Reporting Upon Written Notice

Current through Rules and Regulations filed through June 27, 2024
Upon the request by the Commissioner of Insurance or his or
				  her designated representative, each insurer shall provide the Georgia Insurance
				  Department with a true and correct copy of its underwriting guidelines within
				  twenty (20) days of the date requested.
O.C.G.A. secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.06 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, representative, officer or employee of such
				  insurer, failing to comply with the requirements of this Regulation Chapter
				  shall be subject to such penalties and other enforcement action as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-66 - PROHIBITED CRITERIA FOR RESIDENTIAL PROPERTY UNDERWRITING GUIDELINES › Rule 120-2-66-.07 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance is for any reason held to be
				  invalid by a court of competent jurisdiction, the remainder of this Regulation
				  Chapter or the applicability of such provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Sec.
				  33-2-9,
				  33-6-5,
				  33-6-12,
				  33-24-46.
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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter is issued pursuant to the authority
				  vested in the Commissioner of Insurance pursuant to O.C.G.A. §§
									33-2-9 and
				  33-30-15.
O.C.G.A. Sec.. 33-2-9,
				  33-30-15.
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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation Chapter is to implement
				  O.C.G.A. §
									33-30-15 with respect to
				  portability of group health insurance, and other insurance provisions related
				  to the Health Insurance Portability and Accountability Act of 1996 including
				  renewability of group and individual health insurance
				  coverage.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-15.
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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.04 - Portability Eligibility

Current through Rules and Regulations filed through June 27, 2024
The requirements for an insured to be eligible for
				  portability under a group health insurance benefit plan as required in O.C.G.A.
				  §
									33-30-15 are as follows:
(a) The newly eligible insured was enrolled
				under similar coverage within the previous 90 days and is a "newly eligible
				employee" as defined in O.C.G.A. §
									33-30-15(a)(4)(A) and
				(B), or a late enrollee subject to all
				provisions of this Regulation Chapter which apply to late enrollees and subject
				to the terms of coverage; or
(b)
				The insured was subject to an exclusion or waiver for a preexisting condition
				under the group health insurance policy or contract prior to the effective date
				of the Rule for that policy or contract.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-15.
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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.05 - Preexisting Conditions

Current through Rules and Regulations filed through June 27, 2024
Group health insurance policies subject to O.C.G.A. §
									33-30-15 and this Regulation
				  Chapter shall not include a limitation for preexisting conditions for
				  individuals without previous creditable coverage in excess of twelve (12)
				  months following the eligibility date of a newly eligible insured's coverage or
				  the first day of any applicable waiting period, whichever is earlier, and
				  eighteen (18) months following the effective date of coverage for late
				  enrollees. Limitations on coverage include any form of exclusion rider or
				  waiver for preexisting conditions. Conditions pertaining to preexisting
				  limitations are as follows:
(a) The
				time period applicable to preexisting condition limitations under the new group
				health insurance benefit plan shall be reduced by the amount of time any newly
				eligible insured was previously covered by creditable coverage, or a
				combination of creditable coverages not separated by any gap in coverage
				greater than 90 days;
(b) If an
				insured was covered under prior creditable coverage, or a combination of
				creditable coverages, for twelve (12) months when first eligible, or eighteen
				(18) months if a late enrollee, no preexisting conditions limitation or
				exclusion period shall be applicable to any preexisting condition under the
				group health insurance benefit plan;
(c) An insurer may provide a maximum
				limitation of less than twelve months for preexisting conditions;
(d) Any preexisting exclusion or limitation
				must run concurrently with any applicable waiting period; and
(e) No preexisting condition exclusion or
				limitation may be placed on a newborn child or newly adopted child, if that
				child is enrolled within thirty (30) days following the date of birth,
				adoption, placement for adoption, or within thirty-one (31) days following such
				dates if dependent or family coverage was not previously elected or payment of
				additional specific premium is required to provide coverage for the
				child.
O.C.G.A. Secs.
				  33-2-9,
				  33-24-22,
				  33-30-15.
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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.06 - Affiliation Periods

Current through Rules and Regulations filed through June 27, 2024
A group health insurance policy offered by a health
				  maintenance organization may impose an affiliation period to employees,
				  enrollees, or group members in lieu of any and all pre-existing condition
				  exclusions or limitations only if the following are satisfied:
(a) The affiliation period is applied
				uniformly to all employees, enrollees, or members of the group, without regard
				to any health status related factor;
(b) The affiliation period does not exceed
				two months for newly eligible employees, group members and dependents, or three
				months for late enrollees;
(c) The
				affiliation period begins on the first day of any waiting period, or on the
				first day of employment, whichever is earlier, and runs concurrently with any
				waiting period;
(d) No premium is
				charged for the affiliation period; and
(e) A health maintenance organization
				electing to use an affiliation period in their group health policies or
				contracts must fully disclose the terms of such affiliation period in all
				policies or contracts and certificates.
O.C.G.A. Secs.
				  33-2-9,
				  33-30-15.