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 120-2-10 - REGULATIONS REGARDING INSURANCE CONTRACT › Rule 120-2-10-.06 - Filing Requirements-Life and Health Forms

Current through Rules and Regulations filed through June 27, 2024
(1) The submission of any form for approval
				shall be in compliance with this Rule, Section
				33-24-9 of the Georgia Insurance
				Code and any other applicable sections of the Georgia Insurance Code or the
				Rules and Regulations of the Georgia Insurance Department.
(2) Forms must be submitted in duplicate. If
				approval is granted, one copy will be retained by the Insurance Department and
				the other will be returned to the insurer with an appropriate notation
				indicating approval.
(3) Each form
				must be identified by a form number which is unique to that form. This number
				shall be printed in the lower left-hand corner of the first page, and no other
				number shall appear in close proximity to the form number. If any loose leaf or
				alternate pages are submitted, each such page must also be identified by a
				unique form number.
(4) Submissions
				must be made by the insurer's Home Office, Regional Home Office, legal counsel
				or consulting actuary, and not by agents or agencies. Any other arrangements
				must be requested in writing and agreed to by this Department.
(5) Each submission must be accompanied by a
				letter listing by number the forms being submitted together with a brief
				description of each. The letter should also contain or have attached any other
				information required by these rules.
(6) The insurer must indicate whether or not
				the form being submitted has been filed with the insurer's domestic state. If
				it has been so filed, the insurer must indicate whether or not approval has
				been received from the domestic state. If not so filed, or approved, or being
				sold in the domestic state, the reason must be stated.
(7) If the submission is new, the insurer
				should print out the unique features of the form. If the submission is to
				supersede any approved form or where there has been any prior submission, the
				insurer should state which form is being replaced and the date when such
				replaced form was approved or submitted, as the case may be, and should point
				out the material changes in the superseding form.
(8) Each form must be completed with
				representative specimen data in "John Doe" fashion.
(9) If submission is made of a complete
				policy form plus alternate pages, the insurer should clearly indicate what
				substitutions are being proposed.
(10) If the insurer submits pages providing
				alternate or optional benefits under policy forms previously approved,
				reference should be made to the form number and date of approval of the basic
				policy.
(11) If the insurer submits
				a page which is to replace a corresponding page in a previously approved policy
				or policies, reference must be made to the form number and date of approval of
				the basic policy with which the page is proposed to be used. The new page must
				be completed with representative data.
(12) Any rider or endorsement form must have
				affixed the signature of a responsible officer of the insurer as part of such
				form.
(13) No policy, annuity
				contract, rider, endorsement or certificate may contain any advertising or
				underwriting material. It is not the intent of this rule to prohibit the
				imprinting of registered trade marks of the insurer.
(14) No statement may appear in an
				application with respect to a proxy through which one or more members of the
				board of directors is authorized to vote in the election of
				directors.
(15) The following
				information is required for all life policy forms except those life forms for
				which there are minimum values printed in standard actuarial publications.
(a) A detailed development of the actuarial
				formulas for valuation premiums and reserves; non-forfeiture factors and
				values; and dividends, if participating.
(b) Sample calculations for reserves and
				non-forfeiture values for the age illustrated in the John Doe specimen
				policy.
(c) Certification by a
				qualified actuary that reserve factors and non-forfeiture values for all ages
				correctly calculated by the formulas submitted.