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 120-2-71 - SALE OF ANNUITIES BY FINANCIAL INSTITUTIONS
Rule 120-2-71-.09 - Agent Activities

Universal Citation: GA Rules and Regs r 120-2-71-.09

Current through Rules and Regulations filed through March 20, 2024

(1) Only a licensed and appointed agent shall:

(a) solicit the sale of annuities or describe the benefits of the annuity contract or otherwise describe the terms of coverage including premiums or rates of return;

(b) provide an application, enrollment form or other document by which a purchaser effectuates coverage; or

(c) accept an initial premium payment from the annuity purchaser.

(2) In connection with the marketing of fixed or variable annuities, employees of a financial institution who are not licensed and appointed as insurance agents shall not:

(a) make general or specific recommendations as to fixed or variable annuities;

(b) qualify or screen a purchaser for such products;

(c) respond to questions from prospective purchasers regarding annuity products. Any individual seeking general or specific information about annuity contracts shall be advised as to the location of the licensed agent or otherwise advise as to how the agent may be contacted; or

(d) refer to fixed or variable annuities as any type of deposit product or insured deposit.

(3) The licensed and appointed insurance/annuity agent shall be identified as an insurance/annuity agent on stationery and business cards utilized by the licensee, on other materials provided to the purchaser as well as in any verbal discussions with the annuity purchaser. If the agent is licensed as a securities broker, the additional license may be disclosed on the materials as well as in any verbal discussions with the annuity purchaser regarding annuity products, provided the marketer is also identified as an insurance/annuity agent.

O.C.G.A. Secs. 33-2-9, 33-3-23, 33-6-12.

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