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-.12 - Utilization of Independent Agents in Financial Institutions
Current through Rules and Regulations filed through September 23, 2024
(1) Any financial institution may contract with agents or an insurance agency on a full-time or part-time basis for the sale of annuity products from bank locations. Such agents shall be appointed by the licensed insurers issuing and underwriting the annuity product. Commissions shall be paid to the agent or agency and may be paid to the financial institution subject to the conditions of paragraphs 2 and 3 of this section.
(2) An insurance agent or agency may not share any commissions with the financial institution and the financial institution shall not accept any such commission unless the financial institution has registered as an agency using the GID Form 130FI.
(3) Any lease of space by a financial institution to an insurance agent under which the amount of the rent is based directly or indirectly on the volume of premium written by the insurance agent entails the sharing of commission.
O.C.G.A. Secs. 33-2-9, 33-3-23, 33-23-4.
