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-.05 - Annual Statement and Renewal

Universal Citation: GA Rules and Regs r 120-2-93-.05

Current through Rules and Regulations filed through September 23, 2024

(1) Each provider shall file with the Commissioner an annual renewal application by May 1st of every year. The renewal application shall include information and documents and other materials the Commissioner deems necessary to adequately assess the renewal application.

(2) Each provider shall file with the Commissioner an annual statement by May 1 of every year. The statement shall include all of the following information and documents and any other materials the Commissioner deems necessary.

(a) For policies settled during the immediately preceding calendar year, where the insured was a Georgia resident:

1. The total number, aggregate face amount, and life settlement proceeds of those policies, together with a breakdown of the information by policy year;

2. The names of the insurance companies whose policies have been settled;

3. The life settlement brokers receiving compensation related to those policies;

(b) An audited financial statement as of the current year proving that the provider possesses and maintains a minimum net worth of $300,000; unless the Commissioner has required a higher net worth. If the Provider is an entity, the minimum net worth must be on the balance sheet of the entity holding the license. Letters of credit, backstop guarantees and special corporate structures will not be taken into consideration by the Commissioner in determining the net worth requirement; and

(2) Any provider that willfully fails to file an annual renewal application and statement shall be subject to fines and other penalties as set forth at O.C.G.A. § 33-59-6(a)(3).

(3) The term of a provider license shall be equal to that of a domestic stock life insurance company and the term of a life settlement broker registration shall be equal to that of an insurance producer license. Licenses or registrations requiring periodic renewal may be renewed on their anniversary date upon payment of the periodic renewal fee as specified in this Chapter. Failure to pay the fees on or before the renewal date shall result in expiration of the license or registration.

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

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.