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 120-2-49 - ADMINISTRATOR REGULATION
Rule 120-2-49-.08 - Premium Collection
Current through Rules and Regulations filed through September 23, 2024
All insurance charges, fees, or premiums collected by an administrator on behalf of or for an insurer, insurers, or self-insurer, and return premiums received from such insurer, insurers, or self-insurer, shall be held by the administrator in a fiduciary capacity. Such funds shall be immediately remitted to the person or persons entitled thereto, or shall be deposited promptly in a fiduciary bank account established and maintained by the administrator. If charges or premiums so deposited have been collected on behalf of or for more than one insurer, or self-insurer, the administrator shall cause the bank in which such fiduciary account is maintained to keep records clearly recording the deposits in and withdrawals from such account on behalf of or for each insurer and for each self-insurer. The administrator shall promptly obtain and keep copies of all such records and, upon request of an insurer, or self-insurer, shall furnish such insurer or self-insurer with copies of such records pertaining to deposits and withdrawals on behalf of or for such insurer or self-insurer. The administrator shall not pay any claim by withdrawals from such fiduciary account. Withdrawals from such account shall be made, as provided in the written agreement between the administrator and the insurer, or self-insurer, for
(a) Remittance to an insurer, or self-insurer, entitled thereto;
(b) Deposit in an account maintained in the name of such insurer or self-insurer;
(c) Transfer to and deposit in a claims paying account, with claims to be paid as provided in 120-2-49-.09;
(d) Payment to a group policyholder for remittance to the insurer or self-insurer entitled thereto;
(e) Payment to the administrator of its fees or charges; or
(f) Remittance of return premiums to the person or persons entitled thereto.
O.C.G.A. Secs. 33-2-9, 33-23-100et seq., 33-23-104, 33-23-105.
