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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION › Rule 120-2-90-.04 - 2001 CSO Mortality Table and 2001 CSO Preferred Class Structure Mortality Table

Current through Rules and Regulations filed through June 27, 2024
(1) At the election of the company for any
				one of more specified plans of insurance and subject to the conditions stated
				in this regulation, the 2001 CSO Mortality Table may be used as the minimum
				standard for policies issued on or after the effective date of this regulation
				and before the date specified in subsection (2) to which O.C.G.A. §§
									33-10-13(d)(1)(B)(iii)
				 and
				33-25-4(e)(8)(F) 
				and Appendix A-830 are applicable. If the company elects to use the 2001 CSO
				Mortality Table, it shall do so for both valuation and nonforfeiture
				purposes.
(2) Subject to the
				conditions stated in this regulation, the 2001 CSO Mortality Table shall be
				used in determining minimum standards for policies issued on and after January
				1, 2009, to which O.C.G.A. §§
									33-10-13(d)(1)(B)(iii)
				 and
				33-25-4(e)(8)(F) 
				and Appendix A-830 are applicable.
(3) At the election of the company, for each
				calendar year of issue, for any one or more specified plans of insurance and
				subject to satisfying the conditions stated in this regulation, the 2001 CSO
				Preferred Class Structure Mortality Table may be substituted in place of the
				2001 CSO Smoker or Nonsmoker Mortality Table as the minimum valuation standard
				for policies issued on or after January 1, 2007. No such election shall be made
				until the company demonstrates at least 20% of the business to be valued on
				this table is in one or more of the preferred classes. A table from the 2001
				CSO Preferred Class Structure Mortality Table used in place of a 2001 CSO
				Mortality Table, pursuant to the requirements of this rule, will be treated as
				part of the 2001 CSO Mortality Table only for purposes of reserve
				valuation.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13,
				  33-25-4.
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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION › Rule 120-2-90-.05 - Conditions

Current through Rules and Regulations filed through June 27, 2024
(1) For each plan
				of insurance with separate rates for smokers and nonsmokers an insurer may use:
(a) Composite mortality tables to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits;
(b)
				Smoker and nonsmoker mortality tables to determine the valuation net premiums
				and additional minimum reserves, if any, required by O.C.G.A. §
										33-10-13(j)  and
				use composite mortality tables to determine the basic minimum reserves, minimum
				cash surrender values and amounts of paid-up nonforfeiture benefits;
				or
(c) Smoker and nonsmoker
				mortality to determine minimum reserve liabilities and minimum cash surrender
				values and amounts of paid-up nonforfeiture benefits.
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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION › Rule 120-2-90-.07 - Gender-Blended Tables

Current through Rules and Regulations filed through June 27, 2024
(1) For any ordinary life insurance policy
				delivered or issued for delivery in this state on and after the effective date
				of this regulation, that utilizes the same premium rates and charges for male
				and female lives or is issued in circumstances where applicable law does not
				permit distinctions on the basis of gender, a mortality table that is a blend
				of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table (F) may,
				at the option of the company for each plan of insurance, be substituted for the
				2001 CSO Mortality Table for use in determining minimum cash surrender values
				and amounts of paid-up nonforfeiture benefits. No change in minimum valuation
				standards is implied by this subsection of the regulation.
(2) The company may choose from among the
				blended tables developed by the American Academy of Actuaries CSO Task Force
				and adopted by the NAIC in December 2002.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13,
				  33-25-4.
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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION › Rule 120-2-90-.08 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this regulation or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the regulation and the application of the provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13,
				  33-25-4.
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 120-2-90 - STANDARD NONFORFEITURE AND VALUATION FOR USE IN DETERMINING MINIMUM RESERVE LIABILITIES AND NONFORFEITURE BENEFITS REGULATION › Rule 120-2-90-.09 - Effective Date

Current through Rules and Regulations filed through June 27, 2024
The effective date of this regulation regarding the
				  recognition of the use of the 2001 CSO Preferred Class Structure Mortality
				  Table in determining reserve liabilities shall be January 1,
				  2007.
O.C.G.A. Secs.
				  33-2-9,
				  33-10-13,
				  33-25-4.
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 120-2-91 - MINIMUM NONFORFEITURE VALUES FOR INDIVIDUAL DEFERRED ANNUITIES › Rule 120-2-91-.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 and
				  33-28-3.
O.C.G.A. Secs.
				  33-2-9,
				  33-28-3.
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 120-2-91 - MINIMUM NONFORFEITURE VALUES FOR INDIVIDUAL DEFERRED ANNUITIES › Rule 120-2-91-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation is to set forth the minimum
				  values of any paid-up annuity, cash surrender, or death benefits available
				  under an annuity contract pursuant to O.C.G.A. Section
				  33-28-3(e) through (h) and
				  (j).
O.C.G.A. Secs.
				  33-2-9,
				  33-28-3.
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 120-2-91 - MINIMUM NONFORFEITURE VALUES FOR INDIVIDUAL DEFERRED ANNUITIES › Rule 120-2-91-.03 - Applicability

Current through Rules and Regulations filed through June 27, 2024
The minimum values of any paid-up annuity, cash surrender or
				  death benefits available under an annuity contract shall be based upon minimum
				  nonforfeiture amounts as defined in this Regulation Chapter.
O.C.G.A. Secs.
				  33-2-9,
				  33-28-3.
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 120-2-91 - MINIMUM NONFORFEITURE VALUES FOR INDIVIDUAL DEFERRED ANNUITIES › Rule 120-2-91-.04 - Minimum Values

Current through Rules and Regulations filed through June 27, 2024
(1) The minimum nonforfeiture amount at any
				time at or prior to the commencement of any annuity payments shall be equal to
				an accumulation up to such time at rates of interest as indicated in Subsection
				(3) of the net considerations (as hereinafter defined) paid prior to such time,
				decreased by the sum of Paragraphs (a) through (d) below:
(a) Any prior withdrawals from or partial
				surrenders of the contract accumulated at rates of interest as indicated in
				Subsection (3);
(b) An annual
				contract charge of $50, accumulated at rates of interest as indicated in
				Subsection (3);
(c) Any premium tax
				paid by the company for the contract, accumulated at rates of interest as
				indicated in Subsection (3); and
(d) The amount of any indebtedness to the
				company on the contract, including interest due and accrued.
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 120-2-91 - MINIMUM NONFORFEITURE VALUES FOR INDIVIDUAL DEFERRED ANNUITIES › Rule 120-2-91-.05 - Severability

Current through Rules and Regulations filed through June 27, 2024
If an 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 chapter or the applicability of such
				  provision to other persons or circumstances shall not be
				  affected.
O.C.G.A. Secs.
				  33-2-9,
				  33-28-3.
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 120-2-92 - INDEPENDENT ACCREDITATION OF HEALTH MAINTENANCE ORGANIZATIONS › Rule 120-2-92-.01 - Approved Accrediting Organizations List

Current through Rules and Regulations filed through June 27, 2024
The Commissioner shall establish a list of approved
				  accreditation organizations for purposes of this regulation. A health
				  maintenance organization which is accredited on a continuing basis by an
				  organization on the Approved Accrediting Organizations List and meeting the
				  other requirements of this regulation shall be deemed to have satisfied the
				  requirements of O.C.G.A. §
									33-21-3(b.1).
O.C.G.A. Secs.
				  33-2-9,
				  33-21-3,
				  33-21-18.
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 120-2-92 - INDEPENDENT ACCREDITATION OF HEALTH MAINTENANCE ORGANIZATIONS › Rule 120-2-92-.02 - Qualifications for Approved Accreditation Organizations

Current through Rules and Regulations filed through June 27, 2024
(1) An organization
				may become an approved accrediting organization for purposes of this regulation
				when it meets the following requirements:
(a)
				The organization has been in existence for a minimum of 10 years. An
				organization in existence for less than 10 years may petition the Commissioner
				for a waiver of this requirement;
(b) The organization is not owned or operated
				by a health maintenance organization and performs its accrediting functions
				independently from the control of health maintenance organizations;
(c) The organization operates on a national
				basis;
(d) The organization's board
				of directors is comprised of diverse health care, business and consumer
				interests, including but not limited to representatives of the medical
				profession, hospital industry, consumers, and health maintenance
				organizations;
(e) The organization
				has a process for regularly reviewing its own accreditation standards for
				health maintenance organizations;
(f) The organization has provisions to
				perform regular on-site reviews of health maintenance organizations;
(g) The organization establishes standards
				for performance and uses those standards to examine and measure the performance
				of health maintenance organizations in the following areas:
1. Quality Assurance and
				Improvement
2. Member
				Satisfaction
3. Appeals
				Processes
4. Clinical
				Oversight
5. Provider
				Credentialing
6. Utilization
				Review
7. Delegation
				Oversight
8. Confidentiality of
				Member Information
9. Access to
				Services.
(h) A copy of
				the organization's standards for accreditation must be made available to the
				Department of Insurance upon request. Revisions to such standards shall also be
				communicated to the Department. Such standards may be reviewed by the
				Department of Insurance on a triennial basis. The Department may request
				additional standards to be included within any approved organization's
				standards for accreditation.
(i) In
				each accreditation review, the organization must utilize a physician
				experienced in health maintenance organization quality assurance
				management;
(j) Upon request, the
				Department may review the accreditation review files for a licensed health
				maintenance organization.
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 120-2-92 - INDEPENDENT ACCREDITATION OF HEALTH MAINTENANCE ORGANIZATIONS › Rule 120-2-92-.03 - Certification Pursuant to Accreditation by a National Accrediting Organization

Current through Rules and Regulations filed through June 27, 2024
(1) A health maintenance organization seeking
				certification for purposes of O.C.G.A. §
									33-21-3(b.1) through proof of
				accreditation by a national accreditation organization shall:
(a) Submit to the Commissioner a copy of the
				certificate of provisional or final accreditation issued by a national
				accreditation agency qualified under this regulation; and
(b) Submit evidence that its services are
				reasonably available and accessible in its service area or proposed service
				area according to its written standards for establishing and measuring
				appropriate member access to health care services.
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 120-2-92 - INDEPENDENT ACCREDITATION OF HEALTH MAINTENANCE ORGANIZATIONS › Rule 120-2-92-.04 - Loss of Accreditation, Review and Action by the Commissioner of Insurance

Current through Rules and Regulations filed through June 27, 2024
(1) A health maintenance organization shall
				notify the Commissioner of Insurance of the loss of accreditation within 15
				days of such occurrence.
(2) Upon
				receipt of notice of a health maintenance organization's accreditation, the
				Commissioner of Insurance shall notify the Commissioner of the Department of
				Human Resources.
(3) The
				Commissioner of Insurance may investigate and review specific issues relating
				to access and availability at any time.
O.C.G.A. Secs.
				  33-2-9,
				  33-21-3,
				  33-21-18.
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 120-2-92 - INDEPENDENT ACCREDITATION OF HEALTH MAINTENANCE ORGANIZATIONS › Rule 120-2-92-.05 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this regulation or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the regulation and the application of the provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Secs.
				  33-2-9,
				  33-21-3,
				  33-21-18.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is promulgated by the Commissioner of
				  Insurance pursuant to the authority set forth in O.C.G.A. §§
									33-59-1
et
				  seq.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.02 - Scope and Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) This regulation applies to any Provider
				of a Life Settlement Contract and any Life Settlement Broker as those terms are
				defined in O.C.G.A. §
									33-59-2 as well as any person who
				enters into a life settlement contract with an owner of a policy or who
				facilitates any life settlement contract unless that person is defined as being
				specifically excluded from registration or licensure by O.C.G.A. §
									33-59-2(10)  or
				O.C.G.A. §
									33-59-2(18). The
				purposes of this regulation include:
(a)
				Providing for required disclosures by the provider or life settlement broker to
				the owner of the life insurance policy in accordance with O.C.G.A. §
										33-59-9;
(b) Providing for the licensure of life
				settlements providers and registration of a life settlement broker as defined
				in O.C.G.A. §
										33-59-2;
(c) Regulating life settlements providers'
				and life settlement brokers' practices in conformity with the general purposes
				of the Georgia Insurance Code;
(d)
				Regulating the use of forms approved by the Commissioner of
				Insurance;
(e) Regulating the
				relationship between all persons involved in the business of life settlements
				including but not limited to life settlement brokers, providers of life
				settlement contracts and domestic stock life insurance companies; and
(f) Making it unlawful for a person to engage
				in the business of life settlements, act as a provider of life settlement
				contracts or a life settlement broker with an owner or multiple owners who are
				residents of this state without first having obtained a provider license or
				acknowledgment of broker registration from the Commissioner or to otherwise
				commit a fraudulent life settlement act.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.03 - Definitions

Current through Rules and Regulations filed through June 27, 2024
All terms defined in O.C.G.A. §
									33-59-1
et seq.
,
				  hereinafter referred to as the "Life Settlements Act" or "Act" which are used
				  in this Regulation shall have the same meaning as in the Act.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.05 - Annual Statement and Renewal

Current through Rules and Regulations filed through June 27, 2024
(1) Each provider shall file with the
				Commissioner an annual renewal application by May 1st of every year. The
				renewal application shall include information and documents and other materials
				the Commissioner deems necessary to adequately assess the renewal
				application.
(2) Each provider
				shall file with the Commissioner an annual statement by May 1 of every year.
				The statement shall include all of the following information and documents and
				any other materials the Commissioner deems necessary.
(a) For policies settled during the
				immediately preceding calendar year, where the insured was a Georgia resident:
1. The total number, aggregate face amount,
				and life settlement proceeds of those policies, together with a breakdown of
				the information by policy year;
2.
				The names of the insurance companies whose policies have been
				settled;
3. The life settlement
				brokers receiving compensation related to those policies;
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.06 - Examination

Current through Rules and Regulations filed through June 27, 2024
(1) The
				Commissioner may conduct an examination of the business affairs of any
				licensee, registrant or applicant under this chapter as often as the
				Commissioner in his or her sole discretion deems appropriate with all expenses
				incurred to be paid by the licensee, registrant or applicant. All such
				examinations shall comply with the requirements of O.C.G.A. §
									33-59-7 and all other applicable
				laws and regulations.
(2) Nothing
				in this rule shall limit or abridge any other investigatory powers of the
				Commissioner vested in him or her by Title 33 of the Georgia Insurance
				Code.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.07 - General Rules

Current through Rules and Regulations filed through June 27, 2024
(1) A provider shall comply with the
				requirements of this Chapter and O.C.G.A. §§
									33-59-1
et seq.
and shall not engage and or deal with any person to perform the functions of a
				life settlement broker as defined at O.C.G.A. §
									33-59-2(10)
				 unless such person holds a current, valid
				registration as a life settlement broker.
(2) Any person or life settlement broker
				shall comply with the requirements of this Chapter and O.C.G.A. §§
									33-59-1
et seq.
and shall not present a policy to, solicit bids or offers from, engage and or
				deal with any person or entity to perform the functions of a provider as
				defined at O.C.G.A. §
									33-59-2(18)
				 unless such person or entity holds a current,
				valid license as a provider.
(3)
				Any fee paid by a provider, party, individual, or an owner to a life settlement
				broker in exchange for services provided to the owner pertaining to a life
				settlement contract shall be computed as a percentage of the offer obtained,
				not the face value of the policy.
(4) No person shall enter into a life
				settlement contract during a two-year period commencing with the date of
				issuance of the policy unless the owner provides the provider with the
				certification required under O.C.G.A. §
									33-59-11(n)(1) 
				or the owner submits to the provider the independent evidence required pursuant
				to O.C.G.A. §
									33-59-11(n)(2).
(a) If the owner submits to the provider the
				independent evidence required pursuant to O.C.G.A. §
										33-59-11(n)(2)
				 then the provider shall submit copies of such
				evidence, accompanied by the provider's letter of attestation that the copies
				are true and correct copies of the documents received by the provider, to the
				insurer when the provider submits the request for verification of coverage to
				the 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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.08 - Insurance Company Practices

Current through Rules and Regulations filed through June 27, 2024
(1) Life insurance companies are permitted to
				ask questions of any life insurance applicant as to whether the proposed owner
				is intending to finance the premiums with the assistance of financing from a
				lender that will use the policy as collateral to support the financing. The
				life insurance company may reject the application if it can be shown that the
				premium financing provides funds which can be used for a purpose other than
				paying for the premiums, costs, and expenses associated with obtaining and
				maintaining the life insurance policy and loan as described in O.C.G.A. §
									33-59-10(b). If
				the financing does not violate O.C.G.A. §
									33-59-13, life insurance companies
				may issue the disclosures and affirmations set forth in O.C.G.A. §
									33-59-10(c).
(2) Life insurance companies authorized to do
				business in this state shall respond to a request for verification of coverage
				from a provider within 30 days of the date a request is received. The
				verification of coverage must be on a form prescribed by the Commissioner's
				office.
(3) A life insurance
				company shall not unreasonably delay effecting either a change of policy
				ownership or of a beneficiary under a policy that is subject to a life
				settlement contract lawfully entered into in this state or with a resident of
				this state.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.09 - Penalties

Current through Rules and Regulations filed through June 27, 2024
(1) Any person
				failing to comply with the requirements of this Chapter and O.C.G.A.
				§§
									33-59-1
et seq.
shall be subject to all such penalties and relief as may be appropriate under
				the laws of this State. Furthermore, a violation of this Chapter shall be
				considered an unfair trade practice pursuant to state law and subject to such
				penalties provided by state law.
(2) It is unlawful for any person, other than
				a licensed provider or a registered life settlement broker, to enter into any
				life settlement contract with an owner of a policy or facilitate any life
				settlement contract unless that party is defined as being specifically excluded
				from registration or licensure by O.C.G.A. §
									33-59-2(10)  or
				O.C.G.A. §
									33-59-2(18). A
				violation of this section shall be considered a fraudulent life settlement act
				and the violator(s) subject to fines and penalties as stipulated at O.C.G.A.
				§
									33-59-15 and O.C.G.A. §
									33-59-16.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-93 - LIFE SETTLEMENTS REGULATION › Rule 120-2-93-.10 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Chapter or the application thereof
				  to any person or circumstance, is held invalid by a court of competent
				  jurisdiction, the remainder of the Chapter or the applicability of such
				  provision to other person or circumstances shall not be
				  affected.
O.C.G.A. Secs.
				  33-2-9,
				  33-59-1
et
				  seq.
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The purpose of
				this regulation is to require producers, as defined in this regulation, to act
				in the best interest of the consumer when making a recommendation of an annuity
				and to require insurers to establish and maintain a system to supervise
				recommendations so that the insurance needs and financial objectives of
				consumers at the time of the transaction are effectively addressed.
(2) Nothing herein shall be construed to
				create or imply a private cause of action for a violation of this regulation or
				to subject a producer to civil liability under the best interest standard of
				care outlined in Section .06 of this regulation or under standards governing
				the conduct of a fiduciary or a fiduciary relationship.
O.C.G.A. §
											33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.02 - Scope

Current through Rules and Regulations filed through June 27, 2024
This regulation shall apply to any sale or recommendation of
				  an annuity.
O.C.G.A. §
											33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.03 - Authority

Current through Rules and Regulations filed through June 27, 2024
This regulation is issued under the authority of O.C.G.A.
				  Sections 33-2-9,
				  33-6-4 and
				  33-6-12.
O.C.G.A. Section
				  33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.04 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
Unless otherwise specifically included, this regulation shall
				  not apply to transactions involving:
(1) Direct response solicitations where there
				is no recommendation based on information collected from the consumer pursuant
				to this regulation;
(2) Contracts
				used to fund:
(a) An employee pension or
				welfare benefit plan that is covered by the Employee Retirement and Income
				Security Act (ERISA);
(b) A plan
				described by sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal
				Revenue Code (IRC), as amended, if established or maintained by an
				employer;
(c) A government or
				church plan defined in section 414 of the IRC, a government or church welfare
				benefit plan, or a deferred compensation plan of a state or local government or
				tax exempt organization under section 457 of the IRC;
(d) A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.05 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) "Annuity" means
				an annuity that is an insurance product under State law that is individually
				solicited, whether the product is classified as an individual or group
				annuity.
(2) "Cash compensation"
				means any discount, concession, fee, service fee, commission, sales charge,
				loan, override, or cash benefit received by a producer in connection with the
				recommendation or sale of an annuity from an insurer, intermediary, or directly
				from the consumer.
(3) "Consumer
				profile information" means information that is reasonably appropriate to
				determine whether a recommendation addresses the consumer's financial
				situation, insurance needs and financial objectives, including, at a minimum,
				the following:
(a) Age;
(b) Annual income;
(c) Financial situation and needs, including
				debts and other obligations;
(d)
				Financial experience;
(e) Insurance
				needs;
(f) Financial
				objectives;
(g) Intended use of the
				annuity;
(h) Financial time
				horizon;
(i) Existing assets or
				financial products including investment, annuity and insurance
				holdings;
(j) Liquidity
				needs;
(k) Liquid net
				worth;
(l) Risk tolerance,
				including but not limited to, willingness to accept non-guaranteed elements in
				the annuity;
(m) Financial
				resources used to fund the annuity; and
(n) Tax status.
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.06 - Duties of Insurers and of Producers

Current through Rules and Regulations filed through June 27, 2024
(1) Best Interest Obligations. A producer,
				when making a recommendation of an annuity, shall act in the best interest of
				the consumer under the circumstances known at the time the recommendation is
				made, without placing the producer's or the insurer's financial interest ahead
				of the consumer's interest. A producer has acted in the best interest of the
				consumer if they have satisfied the following obligations regarding care,
				disclosure, conflict of interest and documentation:
(a)
(i)
				Care Obligation. The producer, in making a recommendation shall exercise
				reasonable diligence, care and skill to:
(A)
				Know the consumer's financial situation, insurance needs and financial
				objectives;
(B) Understand the
				available recommendation options after making a reasonable inquiry into options
				available to the producer;
(C) Have
				a reasonable basis to believe the recommended option effectively addresses the
				consumer's financial situation, insurance needs and financial objectives over
				the life of the product, as evaluated in light of the consumer profile
				information; and
(D) Communicate
				the basis or bases of the recommendation.
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.07 - Producer Training

Current through Rules and Regulations filed through June 27, 2024
(1) A producer shall not solicit the sale of
				an annuity product unless the producer has adequate knowledge of the product to
				recommend the annuity and the producer is in compliance with the insurer's
				standards for product training. A producer may rely on insurer-provided
				product-specific training standards and materials to comply with this
				subsection.
(a)
(i)
(A) A
				producer who engages in the sale of annuity products shall complete a one-time
				four (4) credit training course approved by the department of insurance and
				provided by the department of insurance-approved education provider.
(B) Producers who hold a life insurance line
				of authority on the effective date of this regulation and who desire to sell
				annuities shall complete the requirements of this subsection within six (6)
				months after the effective date of this regulation. Individuals who obtain a
				life insurance line of authority on or after the effective date of this
				regulation may not engage in the sale of annuities until the annuity training
				course required under this subsection has been completed.
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.08 - Compliance Mitigation; Penalties; Enforcement

Current through Rules and Regulations filed through June 27, 2024
(1) An insurer is responsible for compliance
				with this regulation. If a violation occurs, either because of the action or
				inaction of the insurer or its producer, the commissioner may order:
(a) An insurer to take reasonably appropriate
				corrective action for any consumer harmed by a failure to comply with this
				regulation by the insurer, an entity contracted to perform the insurer's
				supervisory duties or by the producer;
(b) A general agency, independent agency or
				the producer to take reasonably appropriate corrective action for any consumer
				harmed by the producer's violation of this regulation; and
(c) Appropriate penalties and
				sanctions.
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.09 - Recordkeeping

Current through Rules and Regulations filed through June 27, 2024
(1) Insurers,
				general agents, independent agencies and producers shall maintain or be able to
				make available to the commissioner records of the information collected from
				the consumer, disclosures made to the consumer, including summaries of oral
				disclosures, and other information used in making the recommendations that were
				the basis for insurance transactions for five years after the insurance
				transaction is completed by the insurer. An insurer is permitted, but shall not
				be required, to maintain documentation on behalf of a producer.
(2) Records required to be maintained by this
				regulation may be maintained in paper, photographic, micro-process, magnetic,
				mechanical or electronic media or by any process that accurately reproduces the
				actual document.
O.C.G.A. §
											33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Rule 120-2-94-.10 - Effective Date

Current through Rules and Regulations filed through June 27, 2024
The amendments to this regulation shall take effect six (6)
				  months after the date the regulation is adopted or on July 1, 2023, whichever
				  is later.
O.C.G.A. §
											33-2-9.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Appendix (120-2-94) B - CONSUMER REFUSAL TO PROVIDE INFORMATION

Current through Rules and Regulations filed through June 27, 2024
Do Not Sign Unless You Have Read and Understand the
				  Information in this Form.
Why are you being given this form?
You're buying
				  a financial product - an annuity.
To recommend a product that effectively meets your needs,
				  objectives and situation, the agent, broker, or company needs information about
				  you, your financial situation, insurance needs and financial objectives.
If you sign this form, it means you have not given the agent,
				  broker, or company some or all the information needed to decide if the annuity
				  effectively meets your needs, objectives and situation. You may lose
				  protections under the Insurance Code of [this state] if you sign this form or
				  provide inaccurate information.
Statement of Purchaser:
I
REFUSE
to provide this information at this
				  time.
I have chosen to provide LIMITED information at this
				  time.
____________________________
Customer Signature
____________________________
Date
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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS › Appendix (120-2-94) C - Consumer Decision to Purchase an Annuity NOT Based on a Recommendation

Current through Rules and Regulations filed through June 27, 2024
Do Not Sign This Form Unless You Have Read and
				  Understand It.
Why are you being given this form?
You are
				  buying a financial product - an annuity.
To recommend a product that effectively meets your needs,
				  objectives and situation, the agent, broker, or company has the responsibility
				  to learn about you, your financial situation, insurance needs and financial
				  objectives.
If you sign this form, it means you know that you're buying
				  an annuity that was not recommended.
Statement of Purchaser:
I understand that I am buying an annuity, but the agent,
				  broker or company did not recommend that I buy it. If I buy it
without a
				  recommendation,
I understand I may lose protections under the Insurance
				  Code of [this state].
____________________________
Customer Signature
____________________________
Date
____________________________
Agent/Producer Signature
____________________________
Date
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 120-2-95 - MILITARY SALES PRACTICES › Rule 120-2-95-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation is made and promulgated by the Commissioner
				  of Insurance pursuant to the authority set forth in Sections O.G.G.A.
				  §§
									33-2-9,
				  33-6-12, and
				  33-6-4(b)(14.1).
O.C.G.A. Secs.
				  33-2-9,
				  33-6-4,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-95 - MILITARY SALES PRACTICES › Rule 120-2-95-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
(1) The purpose of
				this regulation is to set forth standards to protect active duty service
				members of the United States Armed Forces from dishonest and predatory
				insurance sales practices by declaring certain identified practices to be
				dishonest, unfair, or deceptive.
(2) Nothing herein shall be construed to
				create or imply a private cause of action for a violation of this
				regulation.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-4,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-95 - MILITARY SALES PRACTICES › Rule 120-2-95-.03 - Scope

Current through Rules and Regulations filed through June 27, 2024
This regulation shall apply only to the solicitation or sale
				  of any life insurance or annuity product by an insurer or insurance producer to
				  an active duty service member of the United States Armed
				  Forces.
O.C.G.A. Secs.
				  33-2-9,
				  33-6-4,
				  33-6-12.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-95 - MILITARY SALES PRACTICES › Rule 120-2-95-.04 - Exemptions

Current through Rules and Regulations filed through June 27, 2024
(1) This regulation
				shall not apply to solicitations or sales involving:
(a) Credit insurance;
(b) Group life insurance or group annuities
				where there is no in-person, face-to-face solicitation of individuals by an
				insurance producer or where the contract or certificate does not include a side
				fund;
(c) An application to the
				existing insurer that issued the existing policy or contract when a contractual
				change or a conversion privilege is being exercised; or, when the existing
				policy or contract is being replaced by the same insurer pursuant to a program
				filed with and approved by the commissioner; or, when a term conversion
				privilege is exercised among corporate affiliates;
(d) Individual stand-alone health policies,
				including disability income policies;
(e) Contracts offered by Servicemembers'
				Group Life Insurance (SGLI) or Veterans' Group Life Insurance (VGLI), as
				authorized by 38 U.S.C.
				Section 1965
et seq.
, and
				contracts offered by State Sponsored Life Insurance (SSLI) as authorized by
				37 U.S.C. Section
				707
et seq.
;
(f) Life insurance contracts offered through
				or by a non-profit military association, qualifying under Section 501(c)(23) of
				the Internal Revenue Code (IRC), and which are not underwritten by an insurer;
				or
(g) Contracts used to fund:
1. An employee pension or welfare benefit
				plan that is covered by the Employee Retirement and Income Security Act
				(ERISA);
2. A plan described by
				Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the IRC, as amended, if
				established or maintained by an employer;
3. A government or church plan defined in
				Section 414 of the IRC, a government or church welfare benefit plan, or a
				deferred compensation plan of a state or local government or tax exempt
				organization under Section 457 of the IRC;
4. A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
5. Settlements of or assumptions of
				liabilities associated with personal injury litigation or any dispute or claim
				resolution process; or
6.
				Prearranged funeral contracts.