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 120-2-3 - REGULATIONS REGARDING AGENTS, SUBAGENTS, COUNSELORS, ADJUSTERS, SURPLUS LINES BROKERS, AND AGENCIES
Rule 120-2-3-.23 - Resident Variable Products
Current through Rules and Regulations filed through September 23, 2024
(1) In order for resident applicants to be eligible for the Variable Products Line of Authority in accordance with Chapter 23 of Title 33 of the Official Code of Georgia Annotated and this Regulation, the applicant must make proper application to the Commissioner and pay all required fees.
(2) New applicants, excluding active licensees and individuals that apply for reinstatement within 6 months of expiration date, shall be required to submit electronic fingerprints through a vendor selected by the Department for a criminal background check. The applicant shall bear the cost for electronic fingerprinting.
(3) Resident applicants and licensees must hold a valid resident agent license for life insurance. Failure to maintain a current agent's license for life insurance will result in the cancellation of the variable products license.
(4) Resident applicants and licensees must maintain an active registration with the Financial Industry Regulatory Authority (FINRA). Applicant must have successfully completed the Securities Industry Essentials (SIE) exam; and either the FINRA Series 6 or 7 examinations. Failure to maintain an active FINRA registration a current agent's license for life insurance will result in the cancellation of the variable products license.
(5) All resident applicants must complete an approved 8 hour prelicensing course in variable products and provide proof of completion in conjunction with the required application. The applicant must pass the required examination for licensure within 12 months of the completion of the prelicensing course. All applicants must pass the required variable products examination and apply for licensure within 12 months from receiving a passing grade on the examination. The only applicants exempt from the prelicensing and examination requirements are those who qualify for exemption under O.C.G.A. §§ 33-23-5(a)(5)(A) and 33-23-5(a)(5)(B).
(6) All continuing education requirements as outlined in Rule 120-2-3-.15 and all renewal requirements as outlined in Rule 120-2-3-.16 apply to the Variable Products Line of Authority.
(7) Upon issuance of the agent license, the licensee must obtain a certificate of authority from each insurer that they will represent.
O.C.G.A. §§ 33-2-9, 33-8-1, 33-11-66, 33-11-67, 33-23-5, 33-23-5.1, 33-23-10, 33-23-12, 33-23-18, 33-23-28, 33-23-44.
