Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-10 - REGULATIONS REGARDING INSURANCE CONTRACT
Rule 120-2-10-.05 - Describing Premiums as "Deposits", "Savings", or "Investments"
Current through Rules and Regulations filed through September 23, 2024
The use of the words "deposit," "savings," or "investments" in any insurance or annuity contract, other printed material, or oral presentation to refer to an amount where, in fact, the amount referred to is a premium as defined in Section 33-24-1 of the Georgia Insurance Code is prohibited unless:
(1) The premium payment establishes a debtor-creditor relationship between the insurance company and the policyholder; or
(2) The terms are used in conjunction with the word "premium" in such a manner as to clearly indicate the true character of the premium payment; or
(3) The terms are used in conjunction with a deposit administration plan.
Ga. L. 1960, pp. 289, 305; O.C.G.A. Sec. 33-2-9.
