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-.11 - Premium Collection
Universal Citation: GA Rules and Regs r 120-2-71-.11
Current through Rules and Regulations filed through September 23, 2024
(1) Only a licensed agent or insurance/annuity agent may accept the initial premium paid for an annuity contract.
(2) A financial institution or affiliate may, at the request of the annuity purchaser, send premium billings or notices to annuity purchasers and debit the purchaser's account or credit arrangement for the payment of annuity premiums subsequent to the initial payment. Upon the written request of the annuity purchaser or insurer to discontinue this form of premium payment, the financial institution shall immediately discontinue such debits.
O.C.G.A. Secs. 33-2-9, 33-3-23.
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