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-.06 - Duties of All Insurers

(1) Inform its agents and other personnel responsible for compliance with this Regulation of the requirements of this Regulation.

(2) Require with or as a part of each completed application for life insurance or annuity a statement signed by the applicant as to whether such proposed insurance or annuity will replace existing life insurance.

(3) Maintain copies of the Replacement Notice, all written communications required under Rule 120-2-24-.07 and -.08, the applicant's signed statement with respect to replacement, and a replacement register, cross indexed, by replacing agent and existing insurer to be replaced, in its home office for at least three years or until the conclusion of the next succeeding regular examination by the Insurance Department of its state of domicile, whichever is later.

(4) Any insurer which receives a Replacement Notice and written communication that its existing insurance may be replaced shall maintain copies thereof on its premises, indexed by insurer, notifying it of such replacement, for three years or until the conclusion of the next regular examination conducted by the Insurance Department of its state of domicile, whichever is later.

(5) Any insurer which receives a Replacement Notice and written communication that its existing insurance may be replaced shall, within ten (10) working days after receipt thereof, furnish a policy summary statement to their present policyholder if so indicated or requested.