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 120-2-24 - REPLACEMENT OF LIFE INSURANCE POLICIES
Rule 120-2-24-.04 - Exemptions
Universal Citation: GA Rules and Regs r 120-2-24-.04
Current through Rules and Regulations filed through March 20, 2024
Unless otherwise specifically included, this Regulation shall not apply to:
(1) Replacement of annuity contracts;
(2) Credit life insurance;
(3) Group life insurance;
(4) Life insurance issued in connection with a pension, profit-sharing or other benefit plan qualifying for tax deductibility of premiums, provided that
(a) a portion or all of the premium is paid
by someone other than the policyholder, certificate holder, insured,
beneficiary, or no individual underwriting is required with respect to any
proposed insurance policy, and
(b)
as to any plan otherwise qualifying for exemption by this subsection, full and
complete disclosure of all material facts shall be provided the administrator
of the plan subject to replacement.
Ga. L. 1960, pp. 289, 305, 1972, pp. 1261, 1264.
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