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 120-2-93 - LIFE SETTLEMENTS REGULATION
Rule 120-2-93-.02 - Scope and Purpose

Universal Citation: GA Rules and Regs r 120-2-93-.02

Current through Rules and Regulations filed through September 23, 2024

(1) This regulation applies to any Provider of a Life Settlement Contract and any Life Settlement Broker as those terms are defined in O.C.G.A. § 33-59-2 as well as any person who enters into a life settlement contract with an owner of a policy or who facilitates any life settlement contract unless that person is defined as being specifically excluded from registration or licensure by O.C.G.A. § 33-59-2(10) or O.C.G.A. § 33-59-2(18). The purposes of this regulation include:

(a) Providing for required disclosures by the provider or life settlement broker to the owner of the life insurance policy in accordance with O.C.G.A. § 33-59-9;

(b) Providing for the licensure of life settlements providers and registration of a life settlement broker as defined in O.C.G.A. § 33-59-2;

(c) Regulating life settlements providers' and life settlement brokers' practices in conformity with the general purposes of the Georgia Insurance Code;

(d) Regulating the use of forms approved by the Commissioner of Insurance;

(e) Regulating the relationship between all persons involved in the business of life settlements including but not limited to life settlement brokers, providers of life settlement contracts and domestic stock life insurance companies; and

(f) Making it unlawful for a person to engage in the business of life settlements, act as a provider of life settlement contracts or a life settlement broker with an owner or multiple owners who are residents of this state without first having obtained a provider license or acknowledgment of broker registration from the Commissioner or to otherwise commit a fraudulent life settlement act.

O.C.G.A. Secs. 33-2-9, 33-59-1et seq.

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