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-.07 - Duties of Insurers That Use Agents

(a) Require from the agent with the application for life insurance or annuity (i) a list of all of the applicant's existing life insurance to be replaced and (ii) a copy of the Replacement Notice provided the applicant pursuant to Section 120-2-24-.05(2)(a). 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.

(b) Send to the existing insurer a copy of the Replacement Notice and written communication advising of the replacement or proposed replacement, including the name of the replacing insurer, the insured, and the identification information with respect to the existing life insurance to be replaced obtained pursuant to Section 120-2-24-.07(2)(a). The Replacement Notice and written communication shall be mailed within three (3) working days of the date the application is received in the replacing insurer's home or regional office, or the date the proposed policy is issued, whichever is sooner.