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 120-2-73 - Appendix - .05
Rule 120-2-73-.02 - Scope

Universal Citation: GA Rules and Regs r 120-2-73-.02

Current through Rules and Regulations filed through September 23, 2024

(1) To the extent hereinafter provided, this regulation shall apply to any solicitation, negotiation or procurement of annuity contracts, or deposit funds accepted in conjunction with individual life insurance policies or with annuity contracts which are subject to this regulation, occurring within this state. The regulation shall apply to any issuer of life insurance policies or annuity contracts, including fraternal benefit societies. For the purpose of this regulation, annuity contracts include annuity riders to life insurance policies.

(2) This regulation shall apply to:

(a) Individual deferred annuities and group annuities.

(b) Deposit funds (i.e. arrangements under which amounts to accumulate at interest are paid in addition to life insurance premiums or annuity considerations under provisions of individual life insurance policies or annuity contracts).

(3) This regulation shall not apply to:

(a) Group annuity contracts whose cost is borne in whole or in part by the annuitant's employer or by an association of which the annuitant is a member. The cost of a contract shall be deemed to be borne by an annuitant's employer to the extent the annuitant's salary is reduced or the annuitant forgoes a salary increase;

(b) Immediate annuity contracts;

(c) Policies or contracts issued in connection with employee benefit plans as defined by Section 3(3) of the federal Employee Retirement Income Security Act of 1974 (ERISA) as amended from time to time;

(d) Individual retirement accounts and individual retirement annuities as described in Section 408 of the federal Internal Revenue Code;

(e) A single advance payment of specific premiums equal to the discounted value of such premiums;

(f) A policyholder's deposit account established primarily to facilitate payment of regular premiums and where the anticipated balance of such account does not exceed twice the sum of the premiums payable in one year on all policies for which premiums are being paid from such account.

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

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