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 120-2-25 - EXEMPTION FROM FILING CERTAIN LIFE AND HEALTH POLICY FORMS
Rule 120-2-25-.06 - General Information-Unfair Practices

(a) This Order is not intended to relieve any insurer from complying with the terms of Chapter 33-6 of the Georgia Code Annotated, and the use of any policy or contract form, or the inclusion in any policy or contract forms of any language which violates the provisions of (b) through (g) of this Rule is hereby deemed and determined to be an unfair method of competition and an unfair and deceptive act or practice described by said Code Chapter, and the same is hereby prohibited.

(b) The insurer shall see that all forms comply with all required provisions in the Statutes, and Regulations of this Department.

(c) The insurer shall be held responsible for, and shall see that no forms contain any ambiguous, deceptive or misleading terms.

(d) The insurer shall be responsible for, and shall see that no forms contain any exception, exclusion, limitation or reduction that is unfair or inequitable or that would deceptively affect the risk purported to be assumed in the general coverage of the contract, or would, because of such provisions being unclear or deceptively worded, encourage misrepresentation.

(e) The insurer shall be responsible for, and shall see that no form is printed or otherwise reproduced in such a manner as to render any provision of the form substantially illegible or not easily legible to persons of normal vision.

(f) No life insurance policy issued in this State shall have incorporated therein an interest rate on policy loans in excess of eight (8%) percent.

(g) Any form which contains provisions, conditions, or concepts which depart from those used by the industry in general in the State of Georgia, or which may be construed as uncommon or unusual, must be submitted whether or not it falls within one of the exempt filings as set forth herein.

(h) The Commissioner reserves the right to require insurers newly licensed in Georgia to submit all forms proposed for use in Georgia for so long as deemed necessary.

(i) The Commissioner shall have the authority at any time to examine and to require the filing of any or all forms used in this State by any insurer at the expense of said insurer.

{Footnote 1}Amended by order of Hon. Johnnie L. Caldwell, Insurance Commissioner, dated October 2, 1975; effective January 1, 1976.