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 120-2-27 - CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS
Rule 120-2-27-.13 - Agency Matters; Agreements; Claims; and Maintenance of File by Insurer

(1) Insurers transacting credit insurance in this State shall only pay directly or indirectly to their agents or managing general agents or to any other person as remuneration for the sale of credit insurance in this State those commissions, service fees, or other forms of compensation as are contained in the written agency agreement or agency contract between such insurer and its agent and is limited by these regulations.

(2) Each insurer shall maintain at its home or principal office a complete file containing copies of all agency agreements or agency contracts between such insurer and its agents who are authorized to collect credit insurance premiums on behalf of said insurer in this State. Such file and its contents shall be subject to regular and periodic inspection by the Office of Commissioner of Insurance. All such agency agreements or agency contracts shall be maintained in said file in a manner suitable for inspection by the Office of Commissioner of Insurance for a period of not less than five (5) years.

(3) Any agent, subagent, agency or creditor writing credit life or credit accident and sickness insurance in this State shall provide forms necessary to file claims within fifteen calendar days of a request with reasonable explanations regarding their use and shall forward such claim to the insurer within twenty (20) business days of receipt of written proof of loss.

(4) No person shall solicit, directly or indirectly, make, or cause to be made, any contract of credit insurance unless such person holds a valid agent, subagent, or a limited subagent license.