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 March 20, 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
(c) Appropriate penalties and
sanctions.
(2) Any applicable penalty under O.C.G.A. Section 33-2-24for 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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