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 120-2-99 - SALE OF INDIVIDUAL HEALTH INSURANCE PRODUCTS APPROVED IN OTHER STATES
Rule 120-2-99-.03 - Filing Requirements

Universal Citation: GA Rules and Regs r 120-2-99-.03

Current through Rules and Regulations filed through September 23, 2024

(1) All individual health insurance products offered or sold pursuant to Article 3 of Chapter 29A of Title 33 shall be filed for prior review and approval and subject to the applicable SERFF filing and policy form filing fees.

(2) Proof of current approval and product line authority in domicile state is required of foreign insurers.

(3) Proof of current state approval other than Georgia, if different from domicile state should be furnished and referenced in filing.

(4) Outlines of coverage must be prepared and filed for approval with the policy forms filing.

(5) Insurer filings shall conform to applicable actuarial standards set forth by the National Association of Insurance Commissioners or regulations promulgated by the Commissioner including, but not limited to:

(a) Assumptions and rating processes;

(b) Presumed loss ratio in the pricing of any such product; and

(c) Any other appropriate actuarial standards of practice under comprehensive major medical coverage for medical and surgical benefits, or for high deductible health plans sold under the applicable provisions of Section 223 of the Internal Revenue Code.

(6) Insurers shall include a cover letter describing the relationship between the insurer making the filing and the affiliate, if any, which currently has approval for the issuance of the individual health insurance product in another state, the original state where the proposed product was approved, and the date of such approval. Any insurer authorized to transact insurance in this state seeking to offer an individual health insurance product with benefits equivalent to those of individual health insurance product already approved pursuant to Article 3 of Chapter 29A of Title 33 shall disclose the name of the insurer, the policy form number of such insurer, and the date approved in this state.

(7) All policies delivered or issued for delivery in Georgia are subject to Georgia jurisdiction and all legal disputes arising under the policy shall be resolved in accordance with applicable Georgia law, including specifically the requirements of Title 9 and Title 33.

O.C.G.A. §§ 33-2-9 and 33-29A-30et seq.

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