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-.05 - Duties of Agents

Universal Citation: GA Rules and Regs r 120-2-24-.05

Current through Rules and Regulations filed through September 23, 2024

(1) Each agent shall submit to the insurer to whom an application for life insurance is presented, with or as part of the application:

(a) a statement signed by the applicant as to whether replacement of existing life insurance is involved in the transaction; and

(b) a statement signed by the agent as to whether the agent knows replacement is or may be involved in the transaction.

(2) Where a replacement is involved, the agent shall:

(a) Present to the applicant, not later than at the time of taking the application, a Replacement Notice as described in Exhibit A or other substantially similar form approved by the Commissioner. The Replacement Notice shall be signed by both the applicant and the agent and left with the applicant.

(b) Obtain with or as part of each application a list of all existing life insurance to be replaced. Such existing life insurance shall be identified by name of insurer, insured, and policy number. If a policy number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.

(c) Leave with the applicant the original or a copy of all written or printed advertisement used in the presentation to the applicant.

(d) Submit to the replacing insurer with the application a copy of the Replacement Notice provided pursuant to Section 120-2-24-.05(2)(a) of this Regulation and a statement containing the information described in Section 120-2-24-.05(2)(b) of this Regulation.

(3) Each agent who uses written or printed advertisement material in a conservation shall leave with the applicant the original or a copy of the written or printed advertisement used in the conservation.

Ga. L. 1960, pp. 289, 305, 1972, pp. 1261, 1264.

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