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 March 20, 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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