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 120-2-107 - INSURANCE WRITTEN IN CONNECTION WITH LOANS UNDER THE GEORGIA INSTALLMENT LOAN ACT
Rule 120-2-107-.12 - Insurance on Property; Amounts; Terms
Universal Citation: GA Rules and Regs r 120-2-107-.12
Current through Rules and Regulations filed through March 20, 2024
(1) A creditor in a consumer loan transaction may not contract for or receive a charge for insurance against loss or damage to property unless:
(a) the insurance covers a
substantial risk of loss of or damage to property related to the loan
transaction;
(b) the amount, terms,
and conditions of insurance are reasonable in relation to the character and
value of the property insured or to be insured; and
(c) the term of the insurance is reasonable
in relation to the term of credit.
(2) The term of the insurance is reasonable if it is customary and does not extend substantially beyond a scheduled maturity.
(3) No household goods insurance may be written where the maximum premium approved by the Georgia Insurance Department is less than one dollar ($1.00).
O.C.G.A. §§ 33-2-9, 7-3-11(3).
Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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