Georgia Administrative Code

Unless proxies, consents or authorizations in respect of any class of equity security of a domestic insurer subject to Rule hereof are solicited by or on behalf of the management of such insurer from the holders of record of such security in accordance with this regulation prior …

(1) The definitions and instructions set out in "Stockholder Information Supplement to Annual Statement" as promulgated by the Commissioner, shall be applicable for purposes of this regulation. (2) The terms "solicit" and "solicitation" for purposes of this regulation shall inclu…

(1) No solicitation subject to this regulation shall be made unless each person solicited is concurrently furnished or has previously been furnished with a written proxy statement containing the information specified in Rule hereof. (2) If the solicitation is made on behalf of th…

(1) The form of proxy: (a) shall indicate in bold-face type whether or not the proxy is solicited on behalf of the management, (b) shall provide a specifically designated blank space for dating the proxy and (c) shall identify clearly and impartially each matter or group of relat…

(1) Two preliminary copies of the information statement or proxy statement and form of proxy and any other soliciting material to be furnished to the securityholders concurrently therewith shall be filed with the Commissioner at least ten days prior to the date definitive copies …

No proxy statement, form of proxy, notice of meeting, information statement, or other communication, written or oral, subject to this regulation, shall contain any statement which at the time and in the light of the circumstances under which it is made, is false or misleading wit…

No person making a solicitation which is subject to this regulation shall solicit any undated or postdated proxy or any proxy which provides that it shall be deemed to be dated as of any date subsequent to the date on which it is signed by the securityholder.

(1) Applicability. This section shall apply to any solicitation subject to this regulation by any person or group for the purpose of opposing a solicitation subject to this regulation by any other person or group with respect to the election or removal of directors at any annual …

(1) Revocability of Proxy. State whether or not a person giving the proxy has the power to revoke it. If the right of revocation before the proxy is exercised is limited or is subject to compliance with any formal procedure, briefly describe such limitation or procedure. (2) Diss…

(1) Insurer. State the name and address of the insurer. (2) Identity and Background. (a) state the following: 1. participant's name and business address. 2. participant's present principal occupation or employment and the name, principal business and address of any corporation or…

(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 ag…

As used in this Regulation Chapter, the term: (a) "Agent" means a person, including corporations, subsidiary corporations, partnerships, non-natural persons, etc., associated with or in the form of a financial institution who represents one or more insurers and is engaged in the …

(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/a…

(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 . (2) Each financial institution where a licensed and appointed insurance/annuity agent is en…

(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 Reg…

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.

(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 confusio…

(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 gros…

(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 wh…

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 r…

(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'…

(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 …

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.

(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 avail…

(1) Advertisements of fixed and variable annuities marketed pursuant to this regulation shall be subject to the provisions of O.C.G.A. § 33-6-1et seq. and Georgia Insurance Department Regulation 120-2-11 and the applicable provisions of Department of Banking and Finance Regulatio…

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.

Disclosures to the customer must be made in accordance with Department of Banking and Finance Regulation .

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…

(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 cred…

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.

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…

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 provisio…

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.

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 Insur…

This Regulation Chapter shall apply to foreign, alien and domestic insurance companies doing business in the State of Georgia.

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 …

(1) On July 1 of the year of the approval of the appropriation specified in O.C.G.A. § 33-1-17, the Commissioner shall assess each foreign, alien and domestic insurance company doing business in Georgia on the following basis: (a) Each insurer whose Georgia written premium is les…

(1) The Commissioner may utilize the funds from the Special Insurance Fraud Fund for the investigation of insurance fraud. For purposes of this Regulation, investigation of insurance fraud shall include but not be limited to investigations carried out under official authority by …

Any person failing to comply with the requirements of this Regulation Chapter shall be subject to penalties and other enforcement action as may be appropriate under the insurance laws of this State as well as any other applicable Georgia law.

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 circu…

(1) The purpose of this Chapter of the Rules and Regulation of the Office of Commissioner of Insurance is to require insurers to deliver to prospects for annuity contracts, for annuity riders to life insurance policies, or for deposit funds accepted in conjunction with life insur…

(1) To the extent hereinafter provided, this regulation shall apply to any solicitation, negotiation or procurement of annuity contracts, or deposit funds accepted in conjunction with individual life insurance policies or with annuity contracts which are subject to this regulatio…

For purposes of this regulation, "Buyer's Guide to Annuities" means the document which contains, and is limited to, the language set forth in the Appendix to this regulation or language approved by the Commissioner of Insurance.

(1) The Contract Summary must be a separate document. All information required to be disclosed must be set out in such a manner as not to minimize or render any portion thereof obscure. Any amounts which remain level for two or more contract years may be represented by a single n…

(1) The insurer shall provide to all prospective purchasers a Buyer's Guide to Annuities and a Contract Summary prior to accepting the applicant's initial consideration for the annuity contract, or in the case of a deposit fund, prior to acceptance of the applicant's initial cons…

(1) Each insurer shall maintain at its home office or principal office, a complete file containing one copy of each document authorized by the insurer for use pursuant to this regulation. Such file shall contain one copy of each authorized form for a period of at least three year…