GA - GAC
Rules and Regulations of the State of Georgia
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Subject 120-2-13 CREDIT LIFE, ACCIDENT AND SICKNESS INSURANCE

Rule 120-2-13-.01 Establishing Claims Account

It is hereby ordered that on and after July 1, 1955 any and all insurance companies writing Life and/or Health and Accident or Hospitalization Insurance in connection with loans made under the Georgia Industrial Loan Act shall place in a reserve account created and carried on the books of the company as "claims account," an amount not less than 20% of each premium dollar received on such insurance written in connection with said loans.

Rule 120-2-13-.02 Purpose of Claims Account

It is further ordered that such funds as placed in said "claims account" shall be used for no other purpose other than the payment of benefits accruing under such policy or policies as issued in connection with loans made under the Georgia Industrial Loan Act.

Rule 120-2-13-.03 Reinsuring Liability for Credit Life, Accident and Sickness Insurance

In the event any insurance company writing Life and/or Health and Accident or Hospitalization Insurance in connection with loans made under the Georgia Industrial Loan Act shall reinsure its liability under such policies, such direct writing company shall, notwithstanding such reinsurance, maintain the reserve required by this regulation, as if such reinsurance contract had not been entered upon and shall, notwithstanding such reinsurance contract or treaty, continue primarily responsible on all life and/or Health and Accident or Hospitalization Insurance issued in connection with such loans.