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-.11 - Penalties

(1) Any insurer, agent, representative, officer, employee of an insurer, or counselor failing to comply with the requirements of this Regulation shall be subject to such penalties as may be appropriate under the Insurance Laws of Georgia and the Rules and Regulations of the Georgia Insurance Department.

(2) This Regulation does not prohibit the use of additional material other than that which is required that is not in violation of this Regulation or any other Georgia statute or regulation.

(3) Policyholders have the right to replace existing life insurance after indicating in or as part of the application for life insurance or annuity that such is not their intention. However, patterns of such action by policyholders who purchase the replacing policies from the same insurer, agent or counselor shall be deemed prima facie evidence of the insurer's, agent's or counselor's knowledge that replacement was intended in connection with the sale of those policies, and such patterns of action shall be deemed prima facie evidence of the insurer's, agent's or counselor's intent to violate this Regulation.