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 120-2-76 - SALE OF INSURANCE BY FINANCIAL INSTITUTIONS
Rule 120-2-76-.01 - Sale of Insurance by Financial Institutions
Current through Rules and Regulations filed through September 23, 2024
(1) Insurance may be sold by certain lending institutions, bank holding companies, or subsidiaries or affiliates of either of the foregoing doing business in this State. However, insurance is underwritten by insurers and sold by insurance agents. Therefore, the purpose of this Regulation Chapter is to specify the requirements for the sale of insurance products by lending institutions, bank holding companies, and their subsidiaries and affiliates.
(2) Nothing in this Regulation Chapter shall authorize any of the following activities by a lending institution, bank holding company, or subsidiary or affiliate of either:
(3) These regulations do not negate or affect the following: exceptions set out in O.C.G.A. § 33-3-23 such as sale and underwriting of credit insurance (O.C.G.A. § 33-3-23(b)); sale of products regulated by O.C.G.A. § 33-23-12(b)(3); and insurance sold pursuant to Regulation §120-2-11, all of which are otherwise regulated by the Office of Commissioner of Insurance.
O.C.G.A. Secs. 33-2-9, 33-3-23.
