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 120-2-22 - GEORGIA VARIABLE ANNUITY CONTRACT REGULATION
Rule 120-2-22-.01 - Definitions and Scope

Universal Citation: GA Rules and Regs r 120-2-22-.01

Current through Rules and Regulations filed through September 23, 2024

(1) The term "variable annuity contract" shall mean any individual or group contract issued by an insurance company providing for annuity benefits and incidental contractual payments or values which vary in whole or in part so as to reflect investment results of any segregated portfolio of investments or of a designated separate account or accounts in which amounts received or retained in connection with any of such contracts have been placed.

(2) "Agent," when used in this Regulation, shall mean any person, who, under the laws of this State, is licensed as a life insurance agent.

(3) "Variable annuity agent," when used in this Regulation, shall mean an agent who shall sell or offer to sell any variable annuity contract.

(4) A "satisfactory alternative examination" to Part I of the written examination called for by paragraph (3) of Section 120-2-22-.07 shall include any securities examination which is declared by the Commissioner to be an equivalent examination on the basis of content and administration. The following examinations are deemed to be a satisfactory alternative examination:

(a) any State Securities Examination accepted by the Securities and Exchange Commission;

(b) the National Association of Securities Dealers, Inc. Examination for Principals, or Examination for Qualification as a Registered Representative;

(c) the various securities examinations required by the New York Stock exchange, the American Stock Exchange, Pacific Stock exchange, or any other registered national securities exchange;

(d) the Securities and Exchange Commission test given pursuant to Section 15(b)(8) of the Securities Exchange Act of 1934;

(e) the examination recommended for the testing of variable annuity agents by the National Association of Insurance Commissioners, when adopted by the Insurance Department of any State or Territory of the United States and approved for use by such Department by the Securities and Exchange Commission.

(5) The scope of this Regulation shall be limited to those variable annuity contracts which are provided for in Section 33-11-35 of the Code of Georgia, as amended, and does not apply to variable annuity benefit contracts provided for in Section 33-11-34 of the Code of Georgia, as amended, nor to agents who sell variable annuity benefit contracts described in said Section only.

O.C.G.A. Secs. 33-2-9, 33-11-35.

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