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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.07 - Alternative Method of Crediting Coverage

Current through Rules and Regulations filed through June 27, 2024
(a) Pursuant to O.C.G.A. §
									33-30-15(c)(2),
				insurers offering group health insurance coverage may apply the preexisting
				condition exclusion crediting method described in this Rule within any category
				of benefits described in paragraph (b) and not based on coverage for any other
				benefits. Insurers may elect to use all or any of the categories in counting
				certain benefits within a category against a preexisting condition exclusion
				related to such benefits.
(b) The
				alternative method for counting creditable coverage may be used for the
				following categories of benefits:
(1) mental
				health;
(2) substance abuse
				treatment;
(3) prescription
				drugs;
(4) dental care;
				and
(5) vision care.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.08 - Special Enrollment

Current through Rules and Regulations filed through June 27, 2024
(a) Individuals who decline group health
				insurance coverage when first eligible and satisfy subparagraphs (1) or (2)
				shall be considered newly eligible employees and not late enrollees, and must
				be offered coverage under the group policy or contract as newly eligible
				employees in accordance with paragraph (b), if such eligible individuals elect
				to enroll within the specified period in each subparagraph. Such individuals
				are:
(1) Existing employees or group members,
				and existing dependents of such existing employees or group members, who
				declines coverage when first eligible or when first offered because of coverage
				under other creditable coverage, provided that:
(A) the employee or group member stated in
				writing that existing creditable coverage was the reason for the employee,
				group member, or dependent declining enrollment, but only if such statement is
				required by the insurer, and the insurer has provided the employee or group
				member notice of such a requirement at the time of declination and included in
				such notice the consequences of not making a statement;
(B)
(i)
				federal or state continuation coverage has been exhausted; or
(ii) other coverage unrelated to continuation
				has terminated as a result of loss of eligibility for such other coverage under
				the terms of that coverage or; (iii) contributions for such other coverage from
				a former or current employer have terminated;
(C) such other creditable coverage was not
				terminated in accordance with the Rules and Regulations of the Office of
				Commissioner of Insurance Rule
				120-2-67-.10(b)(2)
				or for failure of the employee, group member, or dependent to pay premiums or
				contributions on a timely basis in accordance with the terms of coverage and
				the Georgia Insurance Code or the Rules and Regulations of the Office of
				Commissioner of Insurance; and
(D)
				the employee or group member requests enrollment for the employee or group
				member and/or dependents not later than thirty (30) days after the effective
				date of the event described in subparagraph (B).
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.11 - Liabilities and Duties of Prior Insurers

Current through Rules and Regulations filed through June 27, 2024
(a) A prior insurer shall remain liable only
				to the extent of its accrued liabilities and extensions of benefits.
(b) In accordance with O.C.G.A. §
									33-30-15(b)(2),
				an insurer must offer a conversion policy to any insured whose group health
				insurance coverage terminates, including termination of such group health
				insurance coverage after any period of continuation required under §
									33-24-21.1 or the provisions of
				the federal Consolidated Omnibus Budget Reconciliation Act (COBRA) Section 601,
et seq.
of the Employee Retirement Income Security Act of
				1974, as amended, 29 U.S.C. Section 1611
et seq.
O.C.G.A. Sec.
				  33-2-9,
				  33-30-15.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.12 - Certification of Creditable Coverage

Current through Rules and Regulations filed through June 27, 2024
(a) Any insurer issuing a group health
				insurance policy or contract or individual insurance policy or contract must
				furnish a certification of creditable coverage described in subparagraph (1) in
				accordance with subparagraphs (2) through (6) of this paragraph.
(1) The certification of creditable coverage
				must be in writing and include the following information:
(A) the date the certification is
				issued;
(B) the name of the insurer
				that provided the coverage described in the certification;
(C) the name of the insured (including any
				covered dependents) with respect to whom the certification applies, and any
				other information necessary for the insurer providing the coverage specified in
				the certification to identify the insured, such as the insured's insurance
				indentification number and the name of the employee or group member under group
				health insurance coverage, or the policyholder under individual health
				insurance coverage, if the certification is for (or includes) a
				dependent;
(D) the name, address,
				and telephone number of the insurer or plan administrator required to provide
				the certification;
(E) the
				telephone number to call for further information regarding the
				certification;
(F) either;
(i) a statement that an insured has at least
				eighteen (18) months of creditable coverage, or
(ii) the date any applicable waiting or
				affiliation period began, and the date creditable coverage began; and
(G) the date creditable coverage
				ended, unless the certification indicates that creditable coverage is
				continuing as of the date of the certification.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.13 - Prohibitions on Use of Health Status; Rating

Current through Rules and Regulations filed through June 27, 2024
(a) Except for the use of preexisting
				condition exclusions as permitted by this Regulation Chapter, no insurer may
				inpose a limitation of benefits on, or impose or condition the length of any
				waiting period on, or condition rules for eligibility, late, or special
				enrollment for, or decline any employee or group member, or any dependents of
				any employee or group member, for coverage under a group health insurance
				policy or contract solely on the basis of any of the following health status
				related factors:
(1) health status;
(2) medical condition or history;
(3) claims experience;
(4) receipt of health care;
(5) genetic information;
(6) evidence of insurability (such as
				consideration of an avocational factor or conditions arising out of acts of
				domestic violence); or
(7)
				disability.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.14 - Filing Requirements

Current through Rules and Regulations filed through June 27, 2024
Every portability and renewability provision to be included
				  in a group health insurance policy or contract, certificate, rider and/or
				  endorsement issued, delivered, or issued for delivery in this State, and
				  certificates issued to a Georgia resident insured under a multiple employer
				  trust or welfare arrangement issued in another state must be submitted to the
				  Georgia Insurance Department for approval prior to use in this State. Existing
				  group health insurance policies and certificates must be amended by adding an
				  approved portability and renewability provision not later than the first
				  anniversary date of such existing group policies following the effective date
				  of this Regulation Chapter.
O.C.G.A. Sec.
				  33-2-9,
				  33-30-15.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.15 - Effective Dates

Current through Rules and Regulations filed through June 27, 2024
(a) All portability provisions in Rules
				120-2-67-.03 through
				120-2-67-.08 and Rule
				120-2-67-.13 shall become effective
				for a group health insurance policy or contract as of the first day of the
				policy year or renewal date of the policy on or after July 1, 1997.
(b) Rule
				120-2-67-.12 shall become effective
				in accordance with the transition rules specified by the Health Care Financing
				Administration in the Federal Register,
				45 CFR §
										146.125. Specifically, the following apply to
				insurers with regard to their obligations to insureds or former insureds in
				delivering certifications of creditable coverage:
(1) No insurer is required to issue
				certifications for termination or cessation of coverage occurring prior to July
				1, 1996, nor is any insurer required to document coverage prior to July 1, 1996
				on any certification;
(2) For
				termination or cessation of coverage occurring on or after July 1, 1996, and
				before October 1, 1996, a certification is required to be provided in
				accordance with Rule
				120-2-67-.12 only upon a written
				request by or on behalf of the former insured to whom the certification
				applies;
(3) For termination or
				cessation of coverage occurring on or after October 1, 1996, and before June 1,
				1997, a certification must either be furnished in accordance with Rule
				120-2-67-.12 on June 1, 1997, or
				upon request in accordance with Rule
				120-2-67-.12 if written notice was
				delivered on June 1, 1997, indicating the availability of such certification
				upon request; and
(4) For
				termination or cessation of coverage occurring on or after June 1, 1997, a
				certification must be delivered as required by Rule
				120-2-67-.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 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.16 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer failing to comply with the requirements of this
				  Regulation Chapter shall be subject to penalties and other enforcement actions
				  as may be appropriate under the insurance laws of this State.
O.C.G.A. Sec.
				  33-2-9,
				  33-30-15.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-67 - PORTABILITY AND RENEWABILITY › Rule 120-2-67-.17 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance is for any reason held to be
				  invalid by a court of competent jurisdiction, the remainder of the Regulation
				  Chapter or the applicability of such provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Sec.
				  33-2-9,
				  33-30-15.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter is issued pursuant to the authority
				  vested in the Commissioner of Insurance under O. C. G. A. Sections
				  33-2-9,
				  33-29-3.4 and
				  33-30-4.5.
O.C.G.A. Secs.
				  33-2-9,
				  33-29-3.4,
				  33-30-4.5.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation Chapter is to set forth
				  guidelines to assist in the implementation of Section 3.4 of Chapter 29 of
				  Title 33 of the Official Code of Georgia Annotated and Section 4.5 of Chapter
				  30 of Title 33 of the Official Code of Georgia Annotated.
O.C.G.A. Secs.
				  33-2-9,
				  33-29-3.4,
				  33-30-4.5.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.03 - Applicability and Scope

Current through Rules and Regulations filed through June 27, 2024
Except as otherwise specifically provided, this Regulation
				  Chapter shall apply to all insurers issuing policies or contracts of individual
				  or group accident and sickness insurance, including conversion policies or
				  contracts, which provide basic medical or hospital expenses, major medical, and
				  comprehensive medical expense coverages.
O.C.G.A. Secs.
				  33-2-9,
				  33-29-3.4,
				  33-30-4.5.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purpose of this Regulation Chapter, the following
				  definitions shall apply:
(a) Child
				Wellness services shall mean the periodic review of a child's physical and
				emotional status conducted by a physician or conducted pursuant to a
				physician's supervision, but shall not include periodic dental examinations or
				other dental services. The review shall include a medical history, complete
				physical examination, developmental assessment, appropriate immunizations,
				anticipatory guidance for the parent or parents, and laboratory testing in
				keeping with the standards outlined in the prevailing Recommendations for
				Preventive Pediatric Health Care as established by the American Academy of
				Pediatrics.
(b) Periodic Review
				shall mean at intervals outlined in the prevailing Recommendations for
				Preventive Pediatric Health Care as established by the American Academy of
				Pediatrics.
O.C.G.A. Secs.
				  33-2-9,
				  33-29-3.4,
				  33-30-4.5.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.05 - Basic Coverage for Child Wellness Services

Current through Rules and Regulations filed through June 27, 2024
Benefits for the preventive care of children from birth
				  through the age of five (5) years shall be consistent with the prevailing
				  Recommendations for Preventive Pediatric Health Care. The following services
				  shall be included in basic coverage for child wellness services:
(a) Medical history;
(b) Measurement of height, weight and head
				circumference;
(c) Testing of blood
				pressure;
(d) Sensory screening
				including vision and hearing;
(e)
				Hereditary and metabolic screening in accordance with state law;
(f) Developmental/behavioral
				assessment;
(g) Immunizations
				consistent with prevailing American Academy of Pediatric Committee
				statements;
(h) Tuberculin
				test;
(i) Hematocrit or
				hemoglobin;
(j)
				Urinalysis;
(k) Anticipatory
				guidance.
O.C.G.A. Secs.
				  33-2-9,
				  33-29-3.4,
				  33-30-4.5.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.06 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, representative, officer, or employee of such
				  insurer failing to comply with the requirements of this Regulation Chapter
				  shall be subject to such penalties and other enforcement actions as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Secs.
				  33-2-9,
				  38-2-24.
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 120-2-68 - CHILD WELLNESS › Rule 120-2-68-.07 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application thereof to any person or circumstance is for any reason held to be
				  invalid by a court of competent jurisdiction, the remainder of the Regulation
				  Chapter or the applicability of such provision to other persons or
				  circumstances shall not be affected.
O.C.G.A. Sec.
				  33-2-9.
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 120-2-69 - REQUIREMENTS FOR INSURANCE COMPANY CUSTODIAL ACCOUNTS › Rule 120-2-69-.01 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation Chapter is to set forth
				  guidelines for certificated and uncertificated securities eligible for
				  investment as set forth in O.C.G.A. §
									33-11-2 for domestic insurers and
				  O.C.G.A §
									33-11-42 for foreign insurers and
				  to enable domestic insurers to comply with O.C.G.A. §
									33-14-13.
O.C.G.A. Secs.
				  33-2-9,
				  33-11-2,
				  33-11-42,
				  33-14-13.
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 120-2-69 - REQUIREMENTS FOR INSURANCE COMPANY CUSTODIAL ACCOUNTS › Rule 120-2-69-.04 - Assets

Current through Rules and Regulations filed through June 27, 2024
(1) Certificated
				and uncertificated securities shall be maintained in depositories within this
				State by domestic insurers and may be maintained outside of this State by
				foreign insurers provided that the appropriate affidavits or model custodian
				agreement, substantially in the form attached to this Regulation Chapter, be
				utilized as evidence of ownership whenever required by the Commissioner, his
				staff or his duly appointed examiners:
(a)
				Exhibit A: for use by a custodian bank where securities entrusted to its care
				have not been redeposited elsewhere;
(b) Exhibit B: for use in instances where a
				Custodian bank maintains securities on deposit with The Depository Trust
				Company or like entity;
(c) Exhibit
				C: for use where ownership is evidenced by book-entry at a Federal Reserve
				Bank;
(d) Exhibit D: for use by
				custodians who hold all or a majority of the assets of a domestic
				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 120-2-69 - REQUIREMENTS FOR INSURANCE COMPANY CUSTODIAL ACCOUNTS › Rule 120-2-69-.05 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any insurer, representative, officer, or employee of such
				  insurer failing to Comply with the requirements of this Regulation Chapter
				  shall be subject to such penalties and other enforcement actions as may be
				  appropriate under the insurance laws of this State.
O.C.G.A. Sec.
				  33-2-9,
				  33-2-24.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.01 - Sale of Annuities by Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) Fixed and variable annuities may be sold
				by certain lending institutions, bank holding companies, or subsidiaries or
				affiliates of either of the foregoing doing business in this State. However,
				fixed and variable annuities are underwritten by insurers and sold by insurance
				agents. Therefore, the purpose of this Regulation Chapter is to specify the
				requirements for the sale of fixed and variable annuities by lending
				institutions, bank holding companies, and their subsidiaries and
				affiliates.
(2) Nothing in this
				Regulation Chapter shall authorize any of the following activities by a lending
				institution, bank holding company, or subsidiary or affiliate of either.
(a) The sale of any fixed or variable annuity
				that is not underwritten by an insurer which has a certificate of authority to
				transact business in Georgia;
(b)
				The sale of any insurance product, not including a fixed or variable annuity,
				except as specifically authorized pursuant to O.C.G.A. §
										33-3-23;
(c) Failure to comply with the licensing
				requirements for agents and agencies;
(d) Failure to comply with any other
				provisions of this Regulation Chapter with respect to the sale of fixed or
				variable annuities.
(e) Failure to
				comply with Title 33 of the Official Code of Georgia Annotated or the Rules and
				Regulations of the Commissioner of Insurance of the State of Georgia.
(f) Failure to comply with Title 7 of the
				Official Code of Georgia or the Rules and Regulations of the Department of
				Banking and Finance.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.03 - Notification to Department of Intent to Sell Annuities In or Through Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) Prior to marketing annuities, a financial
				institution shall provide notification to the Department of Insurance on Form
				GID 323FI and a copy to the Department of Banking and Finance (DBF). Such
				report shall:
(a) Identify any financial
				institution location where an insurance/annuity agent will be physically
				present. Each branch must be identified specifically in the
				registration;
(b) Acknowledge that
				the financial institution has read and understands these rules; and
(c) Identify any insurance company and the
				policy form numbers of the annuities which will be marketed in association with
				the financial institution.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.04 - Financial Institutions Registering as an Agency

Current through Rules and Regulations filed through June 27, 2024
(1) The conduct of annuity transactions in
				association with a financial institution shall be subject to the requirements
				of O.C.G.A. §
									33-23-3 and Georgia Insurance
				Department Regulation
				120-2-3-.05.
(2) Each financial institution where a
				licensed and appointed insurance/annuity agent is engaged in transactions with
				respect to annuity products shall be considered an insurance agency for
				purposes of O.C.G.A. §
									33-23-3 and must register with
				this Department pursuant to Georgia Regulation Chapter
				120-2-3-.05 using Form GID
				130FI.
(3) GID Form 323FI must
				identify all locations or branches from which annuities will be sold.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-3.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.05 - Licensure of Agents

Current through Rules and Regulations filed through June 27, 2024
(1) Any individual soliciting, selling or
				marketing annuities to individuals permanently or temporarily residing in this
				state must be licensed and appointed as an insurance agent in accordance with
				the provisions of the Georgia Insurance Code and Georgia Insurance Department
				Regulation Chapter
				120-2-22-.07.
(2) No licensed and appointed
				insurance/annuity agent shall, while working from within and on behalf of a
				financial institution, transact any lines of insurance other than annuities
				except to the extent permitted by O.C.G.A. §
									33-3-23.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.06 - Underwriting of Annuities Prohibited

Current through Rules and Regulations filed through June 27, 2024
A financial institution may not itself directly or indirectly
				  assume the obligation to provide the benefits of an annuity contract or
				  otherwise undertake to perform the obligations of an annuity.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-2,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.07 - Location for the Sale of Annuities

Current through Rules and Regulations filed through June 27, 2024
(1) If annuities are sold on the premises of
				a financial institution, the area utilized by an insurance agent for such
				transactions must be sufficiently segregated and distinct from areas utilized
				by the financial institution for accepting insured deposits so as to avoid
				confusion as to the separate identities and activities of the financial
				institution and the licensed agent.
(2) No insurance agent or employee of the
				financial institution shall under any circumstances conduct annuity
				transactions from the teller area. See DBF Regulation
				80-5-3-.05
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.08 - Insurer Reporting

Current through Rules and Regulations filed through June 27, 2024
(1) Any insurer marketing annuities in
				association with one or more financial institutions shall report the existence
				of such program and the volume of premium written when the gross annualized
				premium for such program or programs exceeds or is projected to exceed 10% of
				the gross annual premium for that line.
(2) Such report shall be made to the
				Commissioner of Insurance on Form GID 323INS and shall include:
(a) the program name;
(b) the name of the associated financial
				institution (including branches);
(c) the form number of each annuity offered;
				and
(d) the total annualized
				premium.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.09 - Agent Activities

Current through Rules and Regulations filed through June 27, 2024
(1) Only a licensed and appointed agent
				shall:
(a) solicit the sale of annuities or
				describe the benefits of the annuity contract or otherwise describe the terms
				of coverage including premiums or rates of return;
(b) provide an application, enrollment form
				or other document by which a purchaser effectuates coverage; or
(c) accept an initial premium payment from
				the annuity purchaser.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.10 - Disclosure of Employment Status for Agents Employed by Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
If employees of the financial institution that have contact
				  with the general public or financial institution customers with respect to
				  lending, checking, deposit taking, or trust activities are licensed as
				  insurance agents to sell annuities, in addition to the other disclosures
				  required by this section, the employee shall disclose verbally at the time a
				  solicitation is made or an application is taken that the employee is acting as
				  an insurance agent representing one or more specifically identified insurance
				  companies, and that the annuity is not issued or guaranteed by the financial
				  institution.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.11 - Premium Collection

Current through Rules and Regulations filed through June 27, 2024
(1) Only a licensed agent or
				insurance/annuity agent may accept the initial premium paid for an annuity
				contract.
(2) A financial
				institution or affiliate may, at the request of the annuity purchaser, send
				premium billings or notices to annuity purchasers and debit the purchaser's
				account or credit arrangement for the payment of annuity premiums subsequent to
				the initial payment. Upon the written request of the annuity purchaser or
				insurer to discontinue this form of premium payment, the financial institution
				shall immediately discontinue such debits.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.12 - Utilization of Independent Agents in Financial Institutions

Current through Rules and Regulations filed through June 27, 2024
(1) Any financial
				institution may contract with agents or an insurance agency on a full-time or
				part-time basis for the sale of annuity products from bank locations. Such
				agents shall be appointed by the licensed insurers issuing and underwriting the
				annuity product. Commissions shall be paid to the agent or agency and may be
				paid to the financial institution subject to the conditions of paragraphs 2 and
				3 of this section.
(2) An insurance
				agent or agency may not share any commissions with the financial institution
				and the financial institution shall not accept any such commission unless the
				financial institution has registered as an agency using the GID Form
				130FI.
(3) Any lease of space by a
				financial institution to an insurance agent under which the amount of the rent
				is based directly or indirectly on the volume of premium written by the
				insurance agent entails the sharing of commission.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-4.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.13 - Compensation of Agents

Current through Rules and Regulations filed through June 27, 2024
Licensed independent agents may be paid by an insurer for
				  their activities in connection with the sale of annuities. The insurers and
				  agent shall independently determine the terms of the agent contract including
				  compensation.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-23-4.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.14 - Access to Records and Premises

Current through Rules and Regulations filed through June 27, 2024
(1) An insurance agent marketing annuities is
				responsible for maintaining such records as are necessary to enable the
				Department to determine that transactions under his or her license comply with
				all applicable requirements of the insurance code and for making such records
				available to the Georgia Insurance Department.
(2) If the licensed insurance agent markets
				other products, provides other services, or maintains other information
				regarding the customer which related to other than annuity transactions, all
				records relating to annuity transactions shall be separately
				maintained.
(3) The Commissioner of
				Insurance shall have access to the books and records relating to the sale of
				annuities irrespective of the physical location of such books and
				records.
(4) A contract or
				agreement regarding the sale of annuities between the financial institution and
				any independent insurance agent or other person conducting annuity transactions
				shall be in writing and available for inspection by the Georgia Insurance
				Department.
O.C.G.A. Secs.
				  33-2-9,
				  33-2-11,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.15 - Advertising

Current through Rules and Regulations filed through June 27, 2024
(1) Advertisements
				of fixed and variable annuities marketed pursuant to this regulation shall be
				subject to the provisions of O.C.G.A. §
									33-6-1
et seq.
and
				Georgia Insurance Department Regulation 120-2-11 and the applicable provisions
				of Department of Banking and Finance Regulation
				80-5-3-.07.
(2) No licensed or unlicensed person shall in
				connection with the marketing of annuities refer to coverage available by the
				Georgia Life and Health Insurance Guaranty Association, unless specifically
				asked by the annuity purchaser.
(3)
				If annuity advertisements directed to prospective purchasers are included in
				mailings of bank statements or other documents generated by the financial
				institution relating to products or services provided by the financial
				institution, the mailings shall clearly identify the separate sources of the
				materials.
(4) If the product or
				program named under which an annuity is marketed includes the name of a
				financial institution or the name of a program associated with the financial
				institution, the product or program name must also identify the insurance
				company which is issuing and underwriting the annuity.
(5) Premiums shall not be referred to as
				"deposits." Terminology used in connection with annuities must be sufficiently
				different than that used in connection with traditional banking products and
				services so as to avoid confusion.
(6) Advertisements of annuities are the
				responsibility of the insurer and are subject to review by the Georgia
				Insurance Department. If an advertisement describes annuity products and other
				types of financial services or investments, the entire advertisement must be
				submitted to the Georgia Insurance Department in the form in which it will be
				communicated to consumers.
(7) An
				unlicensed employee of a financial institution may distribute an advertisement
				describing an annuity product to a prospective annuity purchaser or may refer a
				customer to a display containing such advertisements. However, that employee
				shall not recommend the purchase of an annuity, describe the features of an
				annuity, or respond to questions regarding the content of the advertisement. In
				response to any questions, the employee must indicate that the consumer should
				pose that question to the licensed agent.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1
et seq.
,
				  33-38-21.
Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.16 - Communication with Annuitants

Current through Rules and Regulations filed through June 27, 2024
Premium notices, notices of cancellation, renewal notices,
				  statements of annuity values or other communications relating to inforce
				  annuities shall be separated from financial institution account
				  information.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.17 - Disclosures to Prospective and Existing Annuitants

Current through Rules and Regulations filed through June 27, 2024
Disclosures to the customer must be made in accordance with
				  Department of Banking and Finance Regulation
				  80-5-3-.08.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.18 - Joint Announcements

Current through Rules and Regulations filed through June 27, 2024
Endorsements, announcements, or advertisements, regarding
				  annuities by a financial institution in conjunction with an agent or insurer,
				  communicated to financial institution customers or prospective customers by
				  direct mail or otherwise shall be subject to the requirements of O.C.G.A.
				  §
									33-6-1
et
				  seq..
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23,
				  33-6-1
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.19 - Anti-Tying Provisions

Current through Rules and Regulations filed through June 27, 2024
(1) No person may by words, actions, or
				distribution of written materials require or create the impression that the
				purchase of an annuity by a borrower or prospective borrower is required as a
				condition of or is in any way related to the lending of money or the extension
				of credit, the establishment or maintenance of a trust account, the
				establishment or maintenance of an insured deposit account, or the provision of
				services related to such activities.
(2) If annuities are marketed in connection
				with or in conjunction with any activities described in this section:
(a) The marketer shall disclose both verbally
				and in writing that the purchase of an annuity is unrelated to and not a
				condition to the provision or term of any banking services or activity. The
				written disclosure required by this section shall be part of the disclosures
				required by the Department of Banking and Finance Regulation
				80-5-3-.08.
(b) If an annuity product is offered in a
				package with other services described in (1) above, the financial institution
				shall offer the annuity product available separately, subject to the terms and
				conditions no less favorable to the consumer than in the package
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.20 - Related Laws and Rules

Current through Rules and Regulations filed through June 27, 2024
In addition to the statutes and rules referenced herein
				  products and transactions addressed by these Rules shall be subject to all
				  applicable provisions of Title 33 and Title 7 of the Official Code of Georgia
				  Annotated.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.21 - Penalties

Current through Rules and Regulations filed through June 27, 2024
Any person, insurer, agent, agency, or financial institution
				  violating the provisions of this Regulation Chapter shall be subject to the
				  administrative actions and procedures, including but not limited to suspension,
				  fine, revocation of license, as provided to the Commissioner of Insurance
				  and/or the Commissioner of Banking and Finance pursuant to O.C.G.A. §
									33-23-21 and §
									7-1-91.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS › Rule 120-2-71-.22 - Severability

Current through Rules and Regulations filed through June 27, 2024
If any provision of this Regulation Chapter or the
				  application of it to any person or circumstance is held invalid, such
				  invalidity shall not affect the provisions or applications of the rules herein
				  which can be given effect without the invalid portion. To that end, the
				  provisions of this rule are declared to be severable.
O.C.G.A. Secs.
				  33-2-9,
				  33-3-23.
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 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.01 - Authority

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter is made and promulgated by the
				  Commissioner of Insurance pursuant to the authority set forth in O.C.G.A.
				  §
									33-1-17.
O.C.G.A. Secs.
				  33-1-17,
				  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 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.02 - Purpose

Current through Rules and Regulations filed through June 27, 2024
The purpose of this Regulation Chapter is:
(a) to provide for the proper and expeditious
				investigation and prosecution of fraudulent insurance acts through the
				establishment of a Special Insurance Fraud Fund;
(b) to establish guidelines for the
				administration of the Special Insurance Fraud Fund, including the annual
				assessment of insurers doing business in this State;
(c) to provide terms and conditions for the
				use of the funds of the Special Insurance Fraud Fund.
O.C.G.A. Secs.
				  33-1-17,
				  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 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.03 - Applicability

Current through Rules and Regulations filed through June 27, 2024
This Regulation Chapter shall apply to foreign, alien and
				  domestic insurance companies doing business in the State of
				  Georgia.
O.C.G.A. Secs.
				  33-1-17,
				  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 120-2-72 - SPECIAL INSURANCE FRAUD FUND › Rule 120-2-72-.04 - Definitions

Current through Rules and Regulations filed through June 27, 2024
For the purposes of this Regulation Chapter, the following
				  words shall be defined as follows:
(a)
				"Commissioner" shall mean the Commissioner of Insurance of the State of
				Georgia; and
(b) "Special Insurance
				Fraud Fund" shall mean the fund established by O.C.G.A. §
									33-1-17 for the purpose of funding
				the investigation of insurance fraud.
O.C.G.A. Secs.
				  33-1-17, and
				  33-2-9.