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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-.06 - Optional Coverage

Current through Rules and Regulations filed through June 27, 2024
(1) Insurers may offer other optional
				coverage as set forth in O.C.G.A. §
									33-34-3.1(b)
				 provided that the optional coverage provided
				for in this paragraph shall not be referenced in a way that is ambiguous,
				misleading, or could be easily confused with other optional coverages. Medical
				payments coverage should be offered at a limit of at least $2,000. Insurers
				shall not be prohibited from offering medical payment limits in addition to, or
				less than, those specified herein. Insurers shall be required to file rates and
				rating plans on such additional optional coverages with the Commissioner for
				such approval as required by law.
(2) As of January 15, 2008 for new business
				and April 1, 2008 for any policy of insurance renewal, and that policy includes
				uninsured motorist coverage as defined in O.C.G.A. §
									33-7-11, a Notice must be given to
				the insured that contains the following language:
"If you have chosen to accept Uninsured Motorists coverage
				  from your automobile insurance company, and have any questions after reading
				  this statement regarding Uninsured Motorists coverage or the amount of coverage
				  you have selected, your agent or company representative will be able to assist
				  you. You should have chosen the amount of Uninsured Motorists coverage you want
				  based on this question: If I get hit by someone with little or no liability
				  insurance, how much protection do I need to cover the cost associated with car
				  repair, medical bills, other expenses, and lost wages? If the person who hits
				  your automobile has no liability coverage or liability coverage equal to or
				  less than the Uninsured Motorists amount you chose, your total automobile
				  insurance recovery (from all companies involved) may not exceed the amount of
				  Uninsured Motorists coverage you chose.
The purpose of this notice is informational. This notice does
				  not change or replace the wording in your policy."
(3) Notice shall be provided to all
				applicants as provided below:
(a) If at the
				time of application, the applicant is physically present, written and signed
				confirmation that notice was provided shall be maintained by the
				insurer;
(b) If the application is
				taken over the phone or by other electronic means, this notice shall be mailed
				to the insured and/or made available by other electronic means for the
				applicant's physical or electronic signature. Such confirmation shall be
				maintained by the insurer; or
(c)
				At or prior to renewal. Signatures are not required on renewals.
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-.07 - Motorcycle Liability Insurance

Current through Rules and Regulations filed through June 27, 2024
No insurer shall issue a policy providing coverage for
				  liability arising from the operation or use of a motorcycle on public streets
				  or highways unless the policy provides liability coverage 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 of two (2) or more
				  persons in any one accident; and $10,000 because of injury or destruction of
				  property of others in any one accident, including its loss of
				  use.
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-.08 - Good Student Premium Reduction

Current through Rules and Regulations filed through June 27, 2024
(1) For each personal or family-type policy
				of private passenger motor vehicle insurance there shall be offered by the
				insurer a reduction in the premium for motor vehicle liability, first-party
				medical, and collision coverage for each named driver under 25 years of age, as
				listed on the policy application or provided in information subsequent to such
				application, of each motor vehicle covered by such policy, if that driver:
(a) is unmarried:
(b) is enrolled as a full-time student in:
1. high school;
2. academic courses in a college or
				university; or
3. vocational
				technical school;
(c) is
				an honor student because the scholastic records for the immediately preceding
				quarter, semester, or comparable segment show that such person:
1. ranks scholastically in the upper 20
				percent of the class;
2. has a "B"
				average or better;
3. has a 3.0
				average or better; or
4. is on the
				"Dean's List" or "Honor Roll"; and
(d) is a driver whose use of the automobile
				is considered by the insurer in determining the applicable
				classification.
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-.09 - Applicability of the Good Student Premium Reduction and Other Statutory Premium Reduction(s)

Current through Rules and Regulations filed through June 27, 2024
(1) The good student premium reduction as
				contained in this Regulation Chapter shall apply to each driver who qualifies.
				The good student premium reduction shall conform with the following:
(a) The good student premium reduction shall
				apply to any qualifying driver whose use of the automobile was considered in
				determining the applicable classification; and
(b) An insured eligible for the good student
				premium reduction or any other statutory premium reduction(s) shall receive all
				such reductions.
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-.10 - Insurers Obligations to Cooperate With the Department of Public Safety

Current through Rules and Regulations filed through June 27, 2024
Insurers shall be required to:
(a) cooperate fully with the Department of
				Public Safety;
(b) furnish their
				insureds with a satisfactory proof of insurance in accordance with the Rules
				and Regulations of the Commissioner of Public Safety; and
(c) notify the Department of Public Safety,
				in a form acceptable to the Department of Public Safety, of cancellation of the
				minimum insurance coverage required by the Act in accordance with the Rules and
				Regulations of the Commissioner of Public Safety.
O.C.G.A. Secs.
				  33-2-9,
				  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-.11 - 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
				  Chapter shall be subject to such penalties as may be appropriate under the
				  insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  33-34-11.
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-.12 - 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 held invalid by a court
				  of competent jurisdiction, the remainder of the Regulation Chapter or the
				  applicability of such provision to other persons or circumstances shall not be
				  affected.
O.C.G.A. Secs.
				  33-2-9, Chap.
				  33-34.
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-.13 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs.
				  33-2-9, Chap.
				  33-34.
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-.14 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs.
				  33-2-9, Chap.
				  33-34.
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 › Exhibit (120-2-28) 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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.04 - Application for License

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.05 - Bond or Deposit Requirement

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 as p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.06 - Biographical Questionnaire

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960), p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.07 - Termination. and Transfer of Licenses

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975. p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.08 - Changes in Composition of a Sponsor

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.09 - Changes in Condition

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975. p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.10 - Rates, Underwriting Rules

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.11 - Contracts; Forms and Contents

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.12 - Annual Statement; Other Filings

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.13 - Examination; Books and Records

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.14 - Advertising

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.15 - Hearings

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.16 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-29 - PREPAID LEGAL SERVICES PLAN › Rule 120-2-29-.17 - Effective Date

Current through Rules and Regulations filed through June 27, 2024
Ga. L. 1960, p. 289 at
				  p. 305; 1975, p. 1268 at p. 1284.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.01 - Statutory Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Insurance
				  Commissioner pursuant to the authority set forth in Section
				  33-2-9 and Section
				  33-14-45 of the Georgia Insurance
				  Code.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is to establish guidelines and
				  procedures for the issuance and repayment of surplus loans of mutual insurers
				  issued pursuant to Section
				  33-14-15 of the Georgia Insurance
				  Code.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Commissioner"
				shall mean the Georgia Insurance Commissioner.
(2) "Domestic mutual insurer" shall mean an
				insurance company incorporated under the laws of Georgia without capital stock
				or shares, and is owned and governed by its policyholders.
(3) "Earned surplus" shall mean those funds
				remaining after deducting required liabilities and contingent liabilities,
				special surplus, gross paid in and contributed surplus from net admitted assets
				of a domestic mutual insurer.
(4)
				"Surplus loan" shall mean money borrowed to defray the expenses of an insurer's
				organization, to provide it with surplus funds, or for any purpose required by
				its business, upon a written agreement that such money is required to be repaid
				only out of the insurer's surplus in excess of that stipulated in such
				agreement.
(5) "Surplus note" or
				"surplus certificate" shall mean the written agreement referred to in
				subsection
				.03(4) of this
				Chapter.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.04 - Issuance of Notes or Certificates

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to the making of any surplus loan,
				the borrowing insurer must file with the Georgia Insurance Department a sample
				copy of each series and type of surplus note or certificate to be issued and a
				statement which relates the purposes of the loan and reasons why such loan
				should be approved.
(2) The loan
				and the note or certificate shall be subject to the Commissioner's approval.
				Without the approval of both the loan and the note or certificate, the loan
				cannot be made and no note or certificate may be issued.
(a) The Commissioner shall disapprove any
				proposed loan if he finds the loan is unnecessary or excessive for the purpose
				intended, or that the information filed by the insurer which relates the
				purposes and reasons why such loan should be approved is inadequate.
(b) The Commissioner shall disapprove a note
				or certificate if its terms are not fair to the policyholders of the issuing
				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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.05 - Required Provisions on all Notes or Certificates

Current through Rules and Regulations filed through June 27, 2024
The body of the note or certificate shall provide
				  that:
(a) All payment of interest and
				principal shall be payable only out of earned surplus in excess of that surplus
				required by law to transact the kind(s) of insurance for which the company is
				authorized.
(b) All proposed
				payments of any interest and principal shall be submitted to the Commissioner
				for his approval prior to any payments being made.
(c) The Commissioner may disapprove the
				repayment of any surplus loan if it is found that a reduction of the insurer's
				surplus would be hazardous to its policyholders or to the public.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.06 - Conditions Authorizing Issuing Insurer to Make Repayment

Current through Rules and Regulations filed through June 27, 2024
(1) All payments of
				any interest and principal shall be payable only out of earned surplus in
				excess of that surplus required by law to transact the kind(s) of insurance for
				which the company is authorized, or in excess of the insurer's surplus at the
				time the loan was made, whichever is greater.
(2) All payments are payable only after
				providing for all reserves and other liabilities of the issuing
				insurer.
(3) All proposed payments
				of any interest and principal shall be submitted to the Commissioner for his
				approval prior to payment being made.
(4) The Commissioner may disapprove the
				repayment of any surplus loan if it is found that a reduction of the insurer's
				surplus would be hazardous to its policyholders or to the public.
(5) The issuing insurer may reserve the right
				to repay the principal and any accrued interest or unpaid interest of a surplus
				note or certificate at any time.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-30 - ISSUANCE AND REPAYMENT OF SURPLUS LOANS OF DOMESTIC MUTUAL INSURERS › Rule 120-2-30-.07 - Reporting and Accounting Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) The principal together with the interest
				shall not be considered on the financial statement of the insurer as a legal
				liability or be the basis of any set off.
(2) The total amount of principal for all
				surplus loans, then unpaid, shall be entered in the annual statement, in a form
				approved for current use by the Commissioner, on the
Liabilities,
				Surplus, and Other Funds
page under the caption, "Unassigned Funds
				(Surplus)," with appropriate footnote disclosing the amount of such surplus
				loans therein contained, together with any interest thereon accrued but
				unpaid.
Ga. L. 1960, pp. 289,
				  305, 549, 1969, pp. 490, 491.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Insurance
				  Commissioner pursuant to the authority set forth in Section
				  33-2-9 and Chapter 33-6 of the
				  Georgia Insurance Code.
Ga. L. 1960, pp. 289,
				  305, 394, 395.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The purpose of
				this regulation is to require insurers to deliver to purchasers of life
				insurance information which will improve the buyer's ability to select the most
				appropriate plan of life insurance for his needs, improve the buyer's
				understanding of the basic features of the policy which has been purchased or
				which is under consideration and to improve the ability of the buyer to
				evaluate the relative costs of similar plans of life insurance.
(2) This regulation does not prohibit the use
				of additional material which is not in violation of this regulation or any
				other Georgia statute or insurance regulation.
Ga. L. 1960, pp. 289,
				  305, 394, 395.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.03 - Scope

Current through Rules and Regulations filed through June 27, 2024
(1) Except as
				hereafter exempted, this regulation shall apply to any solicitation,
				negotiation or procurement of life insurance occurring within this State. This
				regulation shall apply to any issuer of life insurance contracts.
(2) Unless otherwise specifically included,
				this regulation shall not apply to:
(a)
				Annuities.
(b) Credit life
				insurance.
(c) Group life
				insurance.
(d) Life insurance
				policies issued in connection with pension and welfare plans as defined by and
				which are subject to the federal Employee Retirement Income Security Act of
				1974 (ERISA).
(e) Variable life
				insurance under which the death benefits and cash values vary in accordance
				with unit values of investments held in a separate account.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purpose of this Regulation, the following definitions
				  shall apply:
(1) "Commissioner" means
				the Georgia Insurance Commissioner.
(2) "Buyer's Guide" means a document which
				contains, and is limited to, the language contained in "Exhibit A" attached
				hereto and incorporated herein or language approved by the
				Commissioner.
(3) "Cash Dividend"
				means the current illustrated dividend which can be applied toward payment of
				the gross premium.
(4) Equivalent
				Level Annual Dividend is calculated by applying the following:
(a) Accumulate the annual cash dividends at
				five percent interest compounded annually to the end of the tenth and twentieth
				policy years.
(b) Divide each
				accumulation of Step (a) by an interest factor that converts it into one
				equivalent level annual amount, that, if paid at the beginning of each year,
				would accrue to the values in Step (a) over the respective periods stipulated
				in Step (a). If the period is ten years, the factor is 13.207 and if the period
				is twenty years, the factor is 34.719.
(c) Divide the results of Step (b) by the
				number of thousands of the Equivalent Level Death Benefit to arrive at the
				Equivalent Level Annual Dividend.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.05 - Disclosure Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to soliciting, procuring or
				receiving an application, the insurer shall provide, to all prospective
				purchasers, a Buyer's Guide. The insurer shall also provide to all prospective
				purchasers a Policy Summary prior to accepting the applicant's initial premium
				or premium deposit, unless the policy for which application is made contains an
				unconditional refund provision of at least ten days or unless the Policy
				Summary contains such an unconditional refund offer, in which event, the Policy
				Summary must be delivered with the policy or prior to delivery of the
				policy.
(2) The insurer shall
				provide a Buyer's Guide and a Policy Summary to any prospective purchaser or
				present policyholder upon request.
(3) In the case of policies whose Equivalent
				Level Death Benefit does not exceed $5,000, the requirement for providing a
				Policy Summary will be satisfied by delivery of a written statement containing
				the information described in Rule
				120-2-31-.04(8),
				items (b), (c), (d), (e)1., (e)2., (e)3., (f), (g), (j) and (k).
Ga. L. 1960, pp. 289,
				  305, 394, 395.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.06 - General Rules

Current through Rules and Regulations filed through June 27, 2024
(1) Each insurer shall maintain at its home
				office or principal office, a complete file containing one copy of each
				document authorized by the insurer for use pursuant to this regulation. Such
				file shall contain one copy of each authorized form for a period of three years
				following the date of its last authorized use.
(2) An agent shall inform the prospective
				purchaser, prior to commencing a life insurance sales presentation, that he is
				acting as a life insurance agent and inform the prospective purchaser of the
				full name of the insurance company which he is representing to the buyer. In
				sales situations in which an agent is not involved, the insurer shall identify
				its full name.
(3) Terms such as
				financial planner, investment advisor, financial consultant, or financial
				counseling shall not be used in such a way as to imply that the insurance agent
				is generally engaged in an advisory business in which compensation is unrelated
				to sales unless such is actually the case.
(4) Any reference to policy dividends must
				include a statement that dividends are not guaranteed.
(5) A system or presentation which does not
				recognize the time value of money through the use of appropriate interest
				adjustments shall not be used for comparing the cost of two or more insurance
				policies. Such a system may be used for the purpose of demonstrating the
				cash-flow pattern of a policy if such presentation is accompanied by a
				statement disclosing that the presentation does not recognize that, because of
				interest, a dollar in the future has less value than a dollar today.
(6) A presentation of benefits shall not
				display guaranteed and non-guaranteed benefits as a single sum unless they are
				shown separately in close proximity thereto.
(7) A statement regarding the use of the Life
				Insurance Cost Indexes shall include a prominent explanation to the effect than
				the indexes are useful only for the comparison of the relative costs of two or
				more similar policies.
(8) A Life
				Insurance Cost Index which reflects dividends or an Equivalent Level Annual
				Dividend shall be accompanied by a statement that it is based on the company's
				current dividend scale and is not guaranteed.
(9) For the purposes of this regulation, the
				annual premium for a basic policy or rider, for which the company reserves the
				right to change the premium, shall be the maximum annual premium.
Ga. L. 1960, pp. 289,
				  305, 394, 395.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.07 - 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 waiver 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 or circumstances, shall not
				  be affected thereby.
Ga. L. 1960, pp. 289,
				  305, 394, 395.
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 120-2-31 - LIFE INSURANCE SOLICITATION REGULATION › Rule 120-2-31-.08 - Failure to Comply; Penalties

Current through Rules and Regulations filed through June 27, 2024
Failure of an insurer to provide or deliver a Buyer's Guide,
				  or a Policy Summary as provided in Section
				  .05 of this rule, shall constitute
				  an omission which misrepresents the benefits, advantages, conditions or terms
				  of an insurance policy.
Any 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, 394, 395.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.01 - Statutory 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 Sections
				  33-2-9 and 33-11-36 of the Georgia
				  Insurance Code.
O.C.G.A. Secs.
				  33-2-9,
				  33-11-36.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is to regulate the insurers
				  which issue variable life insurance policies and the agents or other persons
				  who sell such policies in the State of Georgia and to otherwise implement the
				  insurance laws of the State of Georgia with respect to the solicitation, sale
				  and issuance of variable life insurance policies.
O.C.G.A. Secs.
				  33-2-9,
				  33-11-36.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.05 - Insurance Policy Requirements

Current through Rules and Regulations filed through June 27, 2024
The Commissioner shall not approve any variable life
				  insurance form filed pursuant to this Regulation unless it conforms to the
				  following requirements of this Rule:
(1) Filing of Variable Life Insurance
				Policies. All variable life insurance policies, and all riders, endorsements,
				applications and other documents which are to be attached to and made a part of
				the policy, shall be filed with and approved by the Commissioner in writing
				prior to delivery or issuance for delivery in this State, subject to the
				following:
(a) The procedures and requirements
				for such filing and approval shall be, to the extent appropriate and not
				inconsistent with this Regulation, the same as those otherwise applicable to
				other life insurance policies.
(b)
				The Commissioner may approve variable life insurance policies and related forms
				with provisions the Commissioner deems to be not less favorable to the
				policyholder and the beneficiary than those required by 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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.07 - Separate Accounts

Current through Rules and Regulations filed through June 27, 2024
The following requirements apply to the establishment and
				  administration of variable life insurance separate accounts by any domestic
				  insurer:
(1) Establishment and
				Administration of Separate Accounts. Any domestic insurer issuing variable life
				insurance in this State shall establish one or more separate accounts pursuant
				to Section 33-11-36 of the Georgia Insurance Code, subject to the following:
(a) If no law or other regulation provides
				for the custody of separate account assets and if the insurer itself is not the
				custodian of such separate account assets, all contracts for such custody shall
				be in writing and the Commissioner shall have the authority to review and
				approve both the terms of any such contract and the proposed custodian prior to
				the transfer of custody
(b) Such
				insurer shall not without the prior written approval of the Commissioner employ
				in any material connection with the handling of separate account assets any
				person who:
1. within the last ten (10) years
				has been convicted of any felony or a misdemeanor arising out of such person's
				conduct involving embezzlement, fraudulent conversion, or misappropriation of
				funds or securities or involving violation of Sections 1341, 1342, or 1343 of
				Title 18, United States Code; or
2.
				within the last ten (10) years has been found by any state regulatory authority
				to have violated or has acknowledged violation of any provision of any state
				insurance law involving fraud, deceit, or knowing misrepresentation;
				or
3. within the last ten (10)
				years has been found by federal or state regulatory authorities to have
				violated or has acknowledged violation of any provision of federal or state
				securities laws involving fraud, deceit, or knowing
				misrepresentation.
(c)
				All persons with access to the cash, securities, or other assets of the
				separate account shall be under bond in an amount not less than the following
				amounts for each separate account:
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				  here to view
(d)
				The assets of such separate accounts established for variable life insurance
				policies shall be valued at least as often as variable benefits are determined
				but in any event at least monthly.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.08 - Information Furnished to Applicants

Current through Rules and Regulations filed through June 27, 2024
An insurer delivering or issuing for delivery in this State
				  any variable life insurance policies shall deliver to the applicant for the
				  policy, and obtain a written acknowledgement of receipt from such applicant
				  coincident with or prior to the execution of the application, the following
				  information: The requirements of this Rule shall be deemed to have been
				  satisfied to the extent that a disclosure containing information required by
				  this Rule is delivered, either in the form of (1) a prospectus included in a
				  registration statement relating to the policies which satisfies the
				  requirements of the Securities Act of 1933 and which was declared effective by
				  the Securities and Exchange Commission; or (2) all information and reports
				  required by the Employee Retirement Income Security Act of 1974 if the policies
				  are exempted from the registration requirements of the Securities Act of 1933
				  pursuant to Section (3)(a)(2) thereof.
(1) a summary explanation, in nontechnical
				terms, of the manner in which the variable benefits will reflect the investment
				experience of the separate account and the factors which affect such variation.
				Such explanation must include notices of the provision required by Sections
				(3)(a)5. and (3)(f) of Rule
				120-2-32-.05;
(2) a statement of the investment policy of
				the separate account, including:
(a) a
				description of the investment objective and orientation intended for the
				separate account and the principal types of investments intended to be made;
				and
(b) any restriction or
				limitations on the manner in which the operations of the separate account are
				intended to be conducted.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.09 - Applications

Current through Rules and Regulations filed through June 27, 2024
The application for a variable life insurance policy shall
				  contain:
(1) a prominent statement
				that the death benefit may be variable or fixed under specified
				conditions;
(2) a prominent
				statement that cash values may increase or decrease in accordance with the
				experience of the separate account (subject to any specified minimum
				guarantees);
(3) questions designed
				to elicit information which enables the insurer to determine the suitability of
				variable life insurance for the applicant.
O.C.G.A. Secs.
				  33-2-9,
				  33-11-36.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.10 - Reports to Policyholders

Current through Rules and Regulations filed through June 27, 2024
Any insurer delivering or issuing for delivery in this State
				  any variable life insurance policies shall mail to each variable life insurance
				  policyholder at his or her last known address the following reports:
(1) within thirty (30) days after each
				anniversary of the policy, a statement or statements of the cash surrender
				value, death benefit, any partial withdrawal or policy loan, any interest
				charge, and any optional payments allowed pursuant to Section (4) of Rule
				120-2-32-.05 under the policy
				computed as of the policy anniversary date. Provided, however, that such
				statement may be furnished within thirty (30) days after a specified date in
				each policy year so long as the information contained therein is computed as of
				a date not more than sixty (60) days prior to the mailing of such notice. This
				statement shall state in contrasting color or distinctive type that, in
				accordance with the investment experience of the separate account, the cash
				values and the variable death benefit may increase or decrease, and shall
				prominently identify any value described therein which may be recomputed prior
				to the next statement required by this Section. If the policy guarantees that
				the variable death benefit on the next policy anniversary date will not be less
				than the variable death benefit specified in such statement, the statement
				shall be modified to so indicate. For flexible premium policies, the report
				must contain a reconciliation of the change since the previous report in cash
				value and cash surrender value, if different, because of payments made (less
				deductions for expense charges), withdrawals, investment experience, insurance
				charges and any other charges made against the cash value. In addition, the
				report must show the projected cash value and cash surrender value, if
				different, as of one year from the end of the period covered by the report
				assuming that:
(i) planned periodic premiums,
				if any, are paid as scheduled;
(ii) guaranteed costs of insurance are
				deducted; and
(iii) the net
				investment return is equal to the guaranteed rate or, in the absence of a
				guaranteed rate, is not greater than zero. If the projected value is less than
				zero, a warning message must be included that states that the policy may be in
				danger of terminating without value in the next twelve (12) months unless
				additional premium is paid.
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 120-2-32 - VARIABLE LIFE INSURANCE › Rule 120-2-32-.11 - Foreign Companies

Current through Rules and Regulations filed through June 27, 2024
If the law or regulation in the place of domicile of a
				  foreign company provides a degree of protection to the policyholders and the
				  public which is substantially similar to that provided by this Regulation, the
				  Commissioner to the extent deemed appropriate by him in his discretion, may
				  consider compliance with such law or regulation as compliance with this
				  Regulation.
O.C.G.A. Secs.
				  33-2-9,
				  33-11-36.