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 120-2-94 - SUITABILITY IN ANNUITY TRANSACTIONS
Rule 120-2-94-.08 - Compliance Mitigation; Penalties; Enforcement

Universal Citation: GA Rules and Regs r 120-2-94-.08

Current through Rules and Regulations filed through September 23, 2024

(1) An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:

(a) An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with this regulation by the insurer, an entity contracted to perform the insurer's supervisory duties or by the producer;

(b) A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of this regulation; and

(2) Any applicable penalty under O.C.G.A. Section 33-2-24 for a violation of this regulation may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

(3) The authority to enforce compliance with this regulation is vested exclusively with the commissioner.

O.C.G.A. § 33-2-9.

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