Rules and Regulations of the State of Georgia
 

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<xmp>.</xmp> <form name="form1" method="post" action="120-2-27?urlRedirected=yes&amp;data=admin&amp;lookingfor=120-2-27" id="form1"> <input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="/wEPDwUKLTY5ODkwOTM2Nw8WAh4Ec3BhbQIIFgJmD2QWAgIFDw8WAh4EVGV4dAUFNyArIDFkZGSF0tRBChdq0EItDbkIdlo3QimFOA==" /> <input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="EEBB6393" /> <input type="hidden" name="__EVENTVALIDATION" id="__EVENTVALIDATION" value="/wEWCAKe0vvJBwLniKOhBALV5cpNAoa5iIEFAoznisYGAsrv5u0MAsrv4u0MAsrv3u0MskxZWdRKCvDsYYe5iwh7mpBDHcg=" /> <div class='popup'> <div class='cnt223'> <div style="margin-bottom:6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif"/> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website. </p> <p> You agree that you will not sell or license anything that you download, print, or copy from this website.</p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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charset=UTF-16"> </HEAD> <div id="infobar"><a href="javascript:;" accesskey="r" Name="Route" title="Route" class="quickkey"><em class="mnemonic">R</em>oute </a>:<div class="searchtips" style="float:right;margin-right:10px;color: rgb(47, 79, 79);"> <a style="text-decoration:none;color: rgb(47, 79, 79);" title="search tips" name="searchtip" href="../help.aspx#searching" target="_blank"><em class="mnemonic">S</em>earch tips</a></div><ul class="breadcrumb"> <li><a href="/GAC" name="GAC" title="GAC">GA R&amp;R</a></li> <li>&raquo; <a href="/GAC/120" title="120">Department 120</a></li> <li>&raquo; <a href="/GAC/120-2" title="120-2">Chapter 120-2</a></li> <li>&raquo; Subject 120-2-27</li> </ul> </div> </div><div id="doc" class="container"> <div id="doc-content" class="content"> <h1><nllsubject>Subject 120-2-27 CREDIT LIFE AND CREDIT ACCIDENT AND SICKNESS INSURANCE FORMS</nllsubject></h1> <h2><a href="/GAC/120-2-27-.01" name="120-2-27-.01" title="120-2-27-.01">Rule 120-2-27-.01 Statutory Authority</a></h2> <P>This Regulation is made and promulgated by the undersigned Insurance Commissioner pursuant to the authority set forth in Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-2-9&amp;title=33#" target="_newtab">33-2-9</a>; Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-7-14&amp;title=33#" target="_newtab">33-7-14</a>; Chapter 33-6; Chapter 33-24; Chapter 33-27; Chapter 33-29; Chapter 33-30; Chapter 33-31 and in particular Sections <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-31-8&amp;title=33#" target="_newtab">33-31-8</a> and <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-31-12&amp;title=33#" target="_newtab">33-31-12</a> of the Georgia Code.</P> <h2><a href="/GAC/120-2-27-.02" name="120-2-27-.02" title="120-2-27-.02">Rule 120-2-27-.02 Purpose</a></h2> <P>The Purpose of this Regulation is:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.02(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> To implement the Insurance Laws of this State with respect to the filing of Credit Life and Credit Accident and Sickness Insurance Forms in this State;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.02(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> To protect the interests of the credit life and credit accident and sickness insurance public by establishing and maintaining guidelines and standards pertaining to Credit Life and Credit Accident and Sickness Insurance Forms for the purpose of maintaining rates which are reasonable in relation to benefits provided, and are not unjust, unfair, inequitable, misleading, deceptive, or which encourage misrepresentation of the policy.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.03" name="120-2-27-.03" title="120-2-27-.03">Rule 120-2-27-.03 Credit Life Insurance Rates</a></h2> <P>The following standards shall be observed and followed in the use of Credit Life Insurance Forms in this state:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All credit life insurance forms used in this state shall contain schedules of premium rates to be charged in connection therewith which: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(a)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> are reasonable in relation to the benefits and coverage provided; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(a)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> are neither excessive nor inadequate, nor shall they be unfairly discriminatory.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No credit life insurance form shall be used in this state which contains a schedule of premiums in excess of the applicable premium rates contained in the following subparagraphs 1., 2., and 3., and approval of all credit life insurance forms heretofore given is hereby withdrawn: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(b)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> For decreasing term credit life insurance, where the insured indebtedness is repayable in substantially equal installments during the term of the coverage, and the premium rate is based on initial insured indebtedness, a single premium of $.45 per annum, per $100.00 of initial insured indebtedness. For premiums not based on initial insured indebtedness, a monthly premium rate of $.70 per $1,000.00 of outstanding insured loan balance.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(b)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> For net decreasing term credit life insurance, where the premium is not based on the initial insured indebtedness, the rate charged shall not exceed $.70 per month per $1,000, and the single premium shall not exceed the premium as calculated using the formula illustrated in Exhibit A of this Regulation.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(b)3.">3.</a></td> <td valign="top" style="text-align:left" class="leftalign"> For level term credit life insurance, a single premium rate of $.84 per annum, per $100.00 of initial insured indebtedness.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(b)4.">4.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Single premiums for credit life insurance covering joint lives on either of the bases in subparagraph 1., 2., or 3. of this rule shall not exceed 150 percent of the appropriate single life rate specified in subparagraph 1., 2., or 3. of this rule.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any agency agreement or agency contract for the payment of any commissions, service fees, or other forms of compensation of any kind, directly or indirectly, to any agent or broker for the writing of credit life insurance in this state may not provide for all such payments in the aggregate to exceed twenty-five percent (25%) of the net written premium. For the purpose of this Rule, the term "net written premium" shall mean gross written premium minus refunds due to terminations of coverage.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any agency agreement in effect prior to the effective date of this regulation, providing for the additional payment of commissions above the 25% soliciting commissions for credit life policies written or credit life certificates issued prior to the effective date of this regulation, shall remain in effect for coverage commencing prior to March 1, 1993.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.03(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The term "initial insured indebtedness" shall mean the total payments as that term is defined under the Federal Consumer Credit Protection Act. This Act defines the 'total of payments' as the amount you will have paid when you have made all scheduled payments.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.04" name="120-2-27-.04" title="120-2-27-.04">Rule 120-2-27-.04 Requirements for Standard Credit Life Premium Rates</a></h2> <P>The premium rates set forth in Rule <a href="https://links.casemakerlegal.com/states/ga/books/Rules and Regulations/browse?ci=25&amp;id=gasos&amp;codesec=120-2-27-.03&amp;title=120#" target="_newtab">.03</a> of this Regulation assume at least the following minimum policy provisions and requirements:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.04(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The policy contains no provision which excludes or restricts liability for death other than as a result of suicide occurring within one year of the incurred indebtedness.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.04(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The policy contains no age restrictions whatsoever, or the only age restrictions contained in the policy are those which make ineligible for coverage debtors who have attained age seventy (70) at the time the indebtedness is incurred or debtors who will have attained age seventy-one (71) prior to the maturity date of the indebtedness. However, coverage shall remain in effect and benefits shall be payable to the beneficiaries under the policy or certificate, notwithstanding the age of the debtor, in cases where an individual policy or certificate is issued to a debtor who has correctly stated his age on the application for insurance.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.05" name="120-2-27-.05" title="120-2-27-.05">Rule 120-2-27-.05 Disability Benefit Provisions in Credit Life Insurance Policies</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.05(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If a credit life insurance policy otherwise meeting the requirements of Rule <a title="120-2-27-.04" href="120-2-27-.04">120-2-27-.04</a>, also provides for payment of the policy proceeds in the event of the loss of two limbs or in the event of the complete loss of eyesight, the insurer may charge a rate not to exceed one percent (1%) more than the rates set forth in Rule <a title="120-2-27-.03" href="120-2-27-.03">120-2-27-.03</a>.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.05(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If a credit life insurance policy otherwise meeting the requirements of Rule <a title="120-2-27-.04" href="120-2-27-.04">120-2-27-.04</a> provides for payment of the policy proceeds in the event of the loss of a single limb or in the event of the loss of the sight of one eye, the insurer may charge a rate not to exceed three percent (3%) more than the rates set forth in Rule <a title="120-2-27-.03" href="120-2-27-.03">120-2-27-.03</a>.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.05(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If a credit life insurance policy otherwise meeting the requirements of Rule <a title="120-2-27-.04" href="120-2-27-.04">120-2-27-.04</a> provides for payment of the policy proceeds in the event of total and permanent disability, other than as set forth in subsections <a title="120-2-27" href="120-2-27">120-2-27</a>-.05(1) and <a title="120-2-27-.05" href="120-2-27-.05">120-2-27-.05</a> (2) above, the Commissioner may authorize an appropriate increase in the premium rates set forth in Rule <a title="120-2-27-.03" href="120-2-27-.03">120-2-27-.03</a>.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.06" name="120-2-27-.06" title="120-2-27-.06">Rule 120-2-27-.06 Joint Credit Insurance Policies</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.06(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Where a credit life insurance policy or certificate is issued to cover two lives jointly, the amount of credit life insurance shall be made payable upon the death of the first to die during the term of the policy, and the policy or certificate will then terminate. The phrase "two lives" as used in the preceding sentence means only persons who are jointly and severally liable for repayment of the single indebtedness and are joint signers of the instrument of indebtedness. Endorsers and guarantors are not eligible for such credit insurance coverage covering joint lives. Joint life coverage shall not be written covering more than two lives. Jointly indebted persons shall not be covered separately at single life rates.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.06(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Where a credit disability insurance policy or certificate is issued to cover two persons jointly, the credit disability insurance benefits shall be payable as provided in the policy, upon the disability of one of the persons. The phrase "two persons" as used in the preceding sentence means only persons who are jointly and severally liable for repayment of the single indebtedness and are joint signers of the instrument of indebtedness. Endorsers and guarantors are not eligible for joint disability insurance coverage. Joint disability coverage shall not be written covering more than two persons. Jointly indebted persons shall not be covered separately at single disability rates.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.06(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If a credit life policy containing a suicide exclusion is issued on joint lives, the policy must be specific regarding termination of the policy, or continuation of the policy on the life of the survivor, and appropriate refunds to be made in the event suicide does occur.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.06(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All joint credit insurance policy forms and rates must be filed with and approved by the Commissioner prior to their use.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.07" name="120-2-27-.07" title="120-2-27-.07">Rule 120-2-27-.07 Credit Accident and Sickness Insurance Rates</a></h2> <P>The following standards shall be observed and followed in the use of Credit Accident and Sickness Insurance Forms in this State:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.07(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All credit accident and sickness insurance forms used in this State shall contain schedules of premium rates to be charged in connection therewith which: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.07(1)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> are reasonable in relation to the benefits and coverages provided;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.07(1)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> are neither excessive nor inadequate, nor shall they be unfairly discriminatory; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.07(1)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> have been determined after due consideration has been given to past and prospective loss experience within and outside this State, to a reasonable margin for underwriting profits and contingencies, to past and prospective expenses both within and outside this State, to all other factors including judgment factors deemed relevant within and outside this State, and to such other relevant factors and data as the Commissioner may from time to time require.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.07(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No credit accident and sickness insurance shall be used in this State which provides for a waiting period less than fourteen (14) days, except for loans made pursuant to the Georgia Industrial Loan Act and Rules and Regulations of such Act.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.08" name="120-2-27-.08" title="120-2-27-.08">Rule 120-2-27-.08 Minimum Requirements for Credit Accident and Sickness Insurance Forms</a></h2> <P>All credit accident and sickness insurance forms filed with the Commissioner pursuant to the provisions of Sections <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-24-9&amp;title=33#" target="_newtab">33-24-9</a> and <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-31-8&amp;title=33#" target="_newtab">33-31-8</a> of the Georgia Code for use in this State which do not meet the following minimum standards shall be deemed to be forms which contain provisions which are unjust, unfair, inequitable, misleading, deceptive or which encourage misrepresentation of the policy and therefore shall be disapproved by the Commissioner or the previous approval thereof withdrawn:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall not contain any exclusions for preexisting conditions except conditions which, within six months prior to the effective date of the coverage, manifested themselves to the insured debtor by requiring medical consultation, diagnosis, or treatment, provided that such preexisting conditions cause loss commencing within six months following the effective date of the coverage. However, disability commencing six months or more after the effective date of the coverage shall not be excluded regardless of whether or not such disability results from any preexisting condition.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form must contain a definition of "total disability" which provides coverage during the first 12 months of such disability even though the insured is able to perform an occupation other than the one he held at the time such disability occurred. During the first 12 months of such disability, the definition of "total disability" must relate such disability, to the occupation of the debtor at the time the disability occurred. After such disability continues for more than 12 months, the definition of "total disability" may relate such continuing disability to the inability to perform any occupation for which the debtor is reasonably fitted by education, training or experience. The provisions of this subsection shall not apply to credit accident and sickness insurance policies which provide exclusively for payment of the policy proceeds in a lump sum in the event of "total disability."</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall provide that in event the indebtedness covered by the policy results from the refinancing in whole or in part of a prior debt with the same creditor, any period of exclusion for preexisting conditions shall be reduced by any period that creditor-debtor disability coverage was in force in connection with the prior indebtedness.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall provide for the payment of a daily benefit equal in amount to at least one-thirtieth of the scheduled monthly payments on the indebtedness or their equivalent if the debt is repayable periodically at terms differing from monthly.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall contain either no age restrictions whatsoever, or shall contain only those age restrictions which make ineligible for coverage debtors who have attained age 65 at the time the indebtedness is incurred or who will have attained age 66 prior to the maturity date of the indebtedness. However, coverage will remain in effect and benefits shall be payable to the beneficiaries under the policy or certificate, notwithstanding the age of the debtor, in cases where an individual policy or certificate is issued to a debtor who has correctly stated his age on the application.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall contain either no other exclusions whatsoever or only those exclusions which exclude coverage for disability resulting from normal pregnancy, intentionally self-inflicted injuries, from flight in non-scheduled aircraft, or from war or military service.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.08(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The form shall state that the insurer shall not deny a claim due to the debtor's subsequent unemployment or retirement during the term of the insurance.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.09" name="120-2-27-.09" title="120-2-27-.09">Rule 120-2-27-.09 Mandatory Provisions in Policies and Certificates of Credit Insurance; Disclosure to Debtors; Proper Construction of Certain Policy Provisions Defined</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> On the face of each individual policy, group policy, group certificate or notice of proposed insurance there shall be placed a title which shall briefly and accurately describe the nature and form of the policy.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Every printed portion of the policy, certificate, or notice of proposed insurance and any endorsements thereto or applications therefor must be plainly printed in light-faced type of a style in general use, the size of which shall be uniform and not less than ten-point.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Each individual policy, group policy, and group certificate shall state that the benefits payable thereunder shall only be paid to the creditor to reduce or extinguish the debtor's then outstanding loan balance in the case of credit life insurance coverage or the exact amount of the debtor's covered installment payment due in the case of credit accident and sickness insurance and shall further state that if the amount of insurance benefits payable exceeds the insured's then outstanding insured loan balance in the case of credit life insurance or the exact amount of the debtor's covered installment payment due in the case of credit accident and sickness insurance by an amount of ten dollars ($10.00) or more, such excess amount shall be payable either to the debtor or to a beneficiary named by the debtor other than the creditor or to the debtor's estate. <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(3)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Payment of any such excess amount to the debtor or to any beneficiary named by the debtor other than the creditor or to the debtor's estate shall be made payable by check or draft of the insurer and shall be made payable only to such debtor or to such other beneficiary named by the debtor or to such debtor's estate, provided that at the option of the insurer, the delivery of such excess benefit check or draft may be accomplished by the creditor acting as an authorized agent of the insurer. For the purpose of this Rule, the term "excess amount" shall mean any amount which is payable to the debtor or to the beneficiaries of the debtor other than the creditor or to the debtor's estate under the credit insurance policy which exceeds the amount necessary to extinguish the debtor's then outstanding insured loan balance in the case of the credit life insurance, or the exact amount of the debtor's covered installment payment due in the case of credit accident and sickness insurance by an amount of ten dollars ($10.00) or more.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(4)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No credit insurance form used in this State shall refer to an aggregate maximum amount of insurance for all indebtedness, for all certificates or for all individual policies. However, a company may establish an underwriting maximum amount of insurance per indebtedness, per certificate or per individual policy and, if established, the insurer must clearly set forth on each individual policy and each certificate that the maximum amount of insurance applies to each indebtedness, each certificate, or each individual policy.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(4)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If an insurer fails to comply with the provisions of O.C.G.A. Sections <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-27-1&amp;title=33#33-27-1(2)(d)" target="_newtab">33-27-1(2)(d)</a>, <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-27-1&amp;title=33#33-27-1(3)" target="_newtab">33-27-1(3)</a> and <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-30-1&amp;title=33#33-30-1(4)" target="_newtab">33-30-1(4)</a>by insuring a debtor under a group policy in an amount in excess of the amount authorized by law, or insures a debtor for an amount of credit life insurance or credit accident or sickness insurance greater than the maximum amount set forth in the group policy, and a claim occurs or commences, the full amount of credit life insurance insured under each certificate shall be payable on the death of the debtor, and the full amount of credit disability benefits insured under each certificate shall be payable upon the disability of the debtor. If a certificate has been issued in error to a debtor, under which the amount of insurance exceeds the indebtedness, or the maximum amount set forth in the group policy, or the maximum amount authorized by law, the insurer has the right, before a claim occurs or commences, to correct the amount of insurance not to exceed the maximum amount set forth in the group policy or the maximum amount authorized by law. Where a lower premium results, a refund is required.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(4)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If an insurer insures a debtor for an amount of credit life insurance or credit accident and sickness insurance greater than the maximum amount set forth in an individual credit insurance policy, and a claim occurs or commences, the full amount of credit life insurance set forth in the individual policy shall be payable on the death of the debtor, and the full amount of credit accident or sickness insurance benefits insured under the individual policy shall be payable upon the disability of the debtor. If an individual credit insurance policy has been issued in error to a debtor, under which the amount of insurance exceeds the indebtedness, or the maximum amount set forth in the individual credit insurance policy, the insurer has the right, before a claim occurs or commences, to correct the amount of insurance not to exceed the maximum amount set forth in the individual policy. Where a lower premium results, a refund is required.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In any refinancing of an insured indebtedness, the effective date of the coverage as it affects any policy provision shall be deemed to be the first date on which the debtor became insured under the initially purchased policy or certificate covering the refinanced indebtedness, at least to the extent of the amount and term of the indebtedness outstanding at the time of refinancing.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Every individual credit insurance policy and certificate of insurance shall contain a schedule of benefits section.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Where insurance is written to cover any of the following transactions, the types of insurance, terms and disclosure notices must conform to the following requirements: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Balloon Transactions and Open-end Lease Agreements. Net decreasing term insurance shall be the only authorized coverage. <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(a)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Where insurance is written to cover balloon transactions and disability insurance is purchased, the balloon payment must be indicated in the schedule and the following disclosure notice, using the same or substantially equivalent language, must appear in bold print on the face of the individual policy or the certificate of insurance: <P>NOTICE: If you are eligible for total disability benefits on the disability insurance expiration date, your balloon payment shown in the schedule will only be insured up to an amount equal to the monthly total disability benefit.</P> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(a)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> The disclosure notice for open-end lease agreements providing for disability coverage, must contain the following notice using the same or substantially equivalent language: <P>NOTICE: If you are eligible for total disability benefits on the disability insurance expiration date, the end of the term residual value shown in the schedule will only be insured up to an amount equal to the monthly disability benefit.</P> <P>This notice must appear in bold print on the face of the individual policy or the certificate of insurance, with the end of the term residual value shown in the schedule. The debtor must have a binding contractual obligation to purchase the item(s) leased at the end of the lease term. Proof of a binding contractual obligation must be submitted with the credit insurance forms.</P> </td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Truncated Term. Net decreasing term insurance shall be the only authorized coverage. The schedule must show the maturity date of the loan and the following notice, using the same or substantially equivalent language, must appear in bold print on the face of the individual policy or certificate of insurance: <P>NOTICE: The life insurance benefit might not completely pay off your loan. If the term of your loan exceeds the terms of insurance, the death benefit is only payable if death occurs during the term of the insurance. Total disability benefits will not be paid for any period of total disability continuing after the termination date shown in the schedule.</P> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Revolving or Open-end Credit Transactions. The following notice, using the same or substantially equivalent language, must appear in bold print on the face of an individual policy or certificate of insurance to address the effective date and termination date of coverage: <P>NOTICE: Coverage will be effective from the time the account has a balance and will continue, subject to policy provisions, as long as there is an open balance. Coverage will cease when the account does not reflect an open balance and will automatically be reinstated when there is an open balance, subject to the termination provisions herein.</P> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.09(7)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Critical Period Disability. The following notice, using the same or substantially equivalent language, must appear in bold print on the face of the individual policy or certificate of insurance: <P>IMPORTANT NOTICE TO DEBTOR: If the term of your loan exceeds thirty-six (36) months, the credit disability coverage provided by this policy is limited. This coverage provides for an aggregate disability benefit which is limited to thirty-six (36) times your monthly disability benefit.</P> </td> </tr> </table> </td> </tr> </table> <h2><a href="/GAC/120-2-27-.10" name="120-2-27-.10" title="120-2-27-.10">Rule 120-2-27-.10 Prohibited Transactions; Unfair Trade Practices Defined</a></h2> <P>The following practices, when engaged in by insurers in connection with the sale or placement of credit insurance in this State or as an inducement thereto, shall constitute unfair methods of competition and unfair or deceptive acts or practices in the business of insurance in this State and shall constitute the establishment or perpetuation of a condition or conditions in this State which are detrimental to free competition in the business of insurance and injurious to the public as provided for and defined in O.C.G.A. § <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-6-4&amp;title=33#33-6-4(b)(8)" target="_newtab">33-6-4(b)(8)</a> and in O.C.G.A. § <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-6-13&amp;title=33#33-6-13(a)" target="_newtab">33-6-13(a)</a>:</P> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.10(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> the offer or grant by an insurer either directly or indirectly, to a creditor agent or managing general agent of any special advantage or service other than the payment of commissions, service fees, or other forms of compensation which are set forth in the agency agreement or agency contract between the insurer and its agent or managing general agent;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.10(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> an agreement by an insurer to deposit with a bank or financial institution money or securities of the insurer with the design or intent that the same shall have an effect on or take the place of a deposit of money or securities which otherwise would be required of such creditor by such bank or financial institution as a compensating balance or offsetting deposit for a loan or other advancement; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.10(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> an agreement by an insurer to deposit money or securities with a creditor bank or financial institution without interest or at a lesser rate of interest than is currently being paid by the creditor bank or financial institution to other depositors of like amounts. This paragraph shall not be construed to prohibit the maintenance by an insurer of such demand deposits or premium deposit accounts deemed reasonably necessary for use in the ordinary course of the insurer's business.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.11" name="120-2-27-.11" title="120-2-27-.11">Rule 120-2-27-.11 Reinsurance of Credit Risks</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.11(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any insurance company writing credit life or credit accident and sickness insurance subject to the provisions of this Regulation, may reinsure its liability under any or all of such insurance with any domestic or foreign or alien insurance company authorized or approved to transact reinsurance in this State in accordance with the provisions of Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-7-14&amp;title=33#" target="_newtab">33-7-14</a> of the Georgia Insurance Code; provided, that in the event such reinsurance is placed with an insurer not so authorized or approved to transact reinsurance in this State, the ceding insurer shall, notwithstanding such unauthorized reinsurance, be required to maintain all of the reserves required by Title 33, the Georgia Insurance Code for such line or lines of insurance ceded as if such reinsurance contract or treaty had not been entered into and no credit shall be allowed, as an asset or as a deduction from liability, to any ceding insurer for such reinsurance nor shall such ceding insurer be authorized to increase the amount it has at risk as a result of such unauthorized reinsurance.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.11(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No reinsurance between insurers, takeover, or other change of insurers over which the debtor has no control shall operate to reduce the benefits or advantages which the insured debtor is entitled to receive under the policy or certificate of insurance in any manner.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.12" name="120-2-27-.12" title="120-2-27-.12">Rule 120-2-27-.12 Collection of Insurance Premiums, Single Premium Basis; Outstanding Balance Basis</a></h2> <P>An insurer may collect premiums on either a single premium basis or on a monthly outstanding balance basis. However, if the creditor adds identifiable insurance charges or premiums for credit insurance to the total amount of indebtedness, the creditor shall be deemed to have loaned the premium or insurance charge to the debtor and the premium or the insurance charge shall be deemed to have been collected by the insurer as soon as it is added to the indebtedness. In that event, the insurer shall be obligated to provide the complete coverage which the debtor is entitled to receive under the policy or certificate for the full period of time which the single premium has been paid. Also, the reserves held by the insurer on such risks must be based on the liability assumed for the entire period of time for which a single premium has been paid by the insured. However, if such insurance charges or premiums are not added to the amount of the loan and do not constitute a part of the insured debtor's outstanding indebtedness, the insurer shall be obligated to provide insurance coverage to the debtor only for the period of time for which such insurance charges or premiums have been paid under the insurance contract and reserves shall be computed accordingly as provided for in the applicable provisions of Title 33, the Georgia Insurance Code.</P> <P>Any refunds applicable in the event of termination of the coverages discussed above shall be made in the manner provided for in subsection (3) of Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-31-9&amp;title=33#" target="_newtab">33-31-9</a> of the Georgia Code.</P> <h2><a href="/GAC/120-2-27-.13" name="120-2-27-.13" title="120-2-27-.13">Rule 120-2-27-.13 Agency Matters; Agreements; Claims; and Maintenance of File by Insurer</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.13(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Insurers transacting credit insurance in this State shall only pay directly or indirectly to their agents or managing general agents or to any other person as remuneration for the sale of credit insurance in this State those commissions, service fees, or other forms of compensation as are contained in the written agency agreement or agency contract between such insurer and its agent and is limited by these regulations.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.13(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Each insurer shall maintain at its home or principal office a complete file containing copies of all agency agreements or agency contracts between such insurer and its agents who are authorized to collect credit insurance premiums on behalf of said insurer in this State. Such file and its contents shall be subject to regular and periodic inspection by the Office of Commissioner of Insurance. All such agency agreements or agency contracts shall be maintained in said file in a manner suitable for inspection by the Office of Commissioner of Insurance for a period of not less than five (5) years.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.13(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any agent, subagent, agency or creditor writing credit life or credit accident and sickness insurance in this State shall provide forms necessary to file claims within fifteen calendar days of a request with reasonable explanations regarding their use and shall forward such claim to the insurer within twenty (20) business days of receipt of written proof of loss.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.13(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No person shall solicit, directly or indirectly, make, or cause to be made, any contract of credit insurance unless such person holds a valid agent, subagent, or a limited subagent license.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.14" name="120-2-27-.14" title="120-2-27-.14">Rule 120-2-27-.14 Filing of Forms and Rates</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> All forms and rates to be utilized for the sale of credit insurance shall be filed with the Commissioner of Insurance for review and approval.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No insurer shall use any forms or rates unless they have been filed with and approved by the Commissioner of Insurance.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If an insurer files a request for approval of any rate greater than the prima facie rates, the insurer shall demonstrate to the satisfaction of the Commissioner of Insurance that such rate or rates will satisfy the requirements of O.C.G.A. Section <a href="https://links.casemakerlegal.com/states/ga/books/Code_of_Georgia/browse?ci=25&amp;id=gasos&amp;codesec=33-31-8&amp;title=33#" target="_newtab">33-31-8</a> and this chapter.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The requirements and procedures for filing upward rate deviations shall be as follows: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No insurer shall file deviated rates for approval unless such insurer's statewide loss ratio exceeds 60%, and it can be demonstrated to the satisfaction of the Commissioner of Insurance that such upward deviated rate or rates will not reduce the insurer's statewide loss ratio below 60%.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No deviation request shall be filed unless the forms used by the insurer comply with all requirements of Rule <a title="120-2-27-.04" href="120-2-27-.04">120-2-27-.04</a>, or <a title="120-2-27-.08" href="120-2-27-.08">120-2-27-.08</a> throughout the entire experience period.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No single account rate deviation filing request shall be considered unless a life or accident and sickness medical application or questionnaire was required for all applicants of the creditor during the entire experience period.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Filings for upward rate deviations shall specify the account or accounts to which such rates shall apply, and shall include the policy and application forms in use, and a demonstration and certification by a qualified actuary that such deviated rates are expected to result in a loss ratio of not less than 60%.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(e)">(e)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No approved deviation in rates will be in effect for a period of time longer than the experience period used to establish such rate deviation; however, such period may be shorter in term if so ordered by the commissioner of Insurance. An insurer may file for a new rate before the end of a rate period but not more often than once during any twelve (12) month period. Experience on accounts with approved rate deviations must be filed annually with this office, Life and Health Section, within 90 days after the end of each experience year.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(4)(f)">(f)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If a creditor account changes insurers, any deviated rate approved for use on such account by the prior insurer is the maximum rate to be used by the succeeding insurer for the remainder of the approved deviation term of the prior insurer, or until a new rate is filed by the succeeding insurer and approved by the Commissioner of Insurance, if sooner.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> An insurer may at any time file lower rates and use such rates upon approval by the Commissioner of Insurance.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.14(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Any premiums charged by an insurer shall be deemed to be reasonable and in compliance with Chapter 31 of Title 33 of the Official Code of Georgia Annotated and this regulation if the rate utilized in the calculation of the premium has been approved by the Commissioner of Insurance.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.15" name="120-2-27-.15" title="120-2-27-.15">Rule 120-2-27-.15 Annual Experience Reports</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.15(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Each insurer authorized to transact credit insurance in this state shall compile and maintain a complete file containing adequate detailed statistical information and supporting data which shall be sufficient to indicate to the Commissioner of Insurance or to his authorized representative such insurer's loss experience in Georgia for each line of credit insurance which such insurer transacts in this state and which shall be sufficient to indicate such insurer's compliance with the requirements of this regulation.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.15(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The file required to be maintained by the insurer under subsection (1) of this rule and its contents shall be maintained in a manner suitable and readily available for inspection by the Office of Commissioner of Insurance and shall be maintained by such insurer for a period of not less than five (5) years.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.16" name="120-2-27-.16" title="120-2-27-.16">Rule 120-2-27-.16 Severability Provision</a></h2> <P>If any Section or portion of a Section of this Regulation, or the applicability thereof to any person or circumstance is held invalid by the Court of competent jurisdiction, the remainder of the Rules, or the applicability of such provision to other persons or circumstances, shall not be affected thereby.</P> <h2><a href="/GAC/120-2-27-.17" name="120-2-27-.17" title="120-2-27-.17">Rule 120-2-27-.17 Penalties</a></h2> <P>Any insurer, agent, representative, officer, or employee of such insurer, failing to comply with the requirements of this Regulation shall be subject to such penalties as may be appropriate under the insurance laws of this State.</P> <h2><a href="/GAC/120-2-27-.18" name="120-2-27-.18" title="120-2-27-.18">Rule 120-2-27-.18 Refunds</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.18(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In the event of termination, no charge for credit insurance shall be made for the first 15 days of a loan month and a full month may be charged for 16 days or more of a loan month.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.18(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> If the debt is prepaid by the debtor, the refund check or draft shall be made payable to the debtor.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.18(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> The refund method must be set forth in the group policy, rider, individual policy and certificate of insurance.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="120-2-27-.18(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> No refund of less than $10.00 need be made.</td> </tr> </table> <h2><a href="/GAC/120-2-27-.19" name="120-2-27-.19" title="120-2-27-.19">Rule 120-2-27-.19 Repealed</a></h2> <h2><a href="/GAC/Exhibit(120-2-27) A" name="(120-2-27) A" title="(120-2-27) A">Exhibit (120-2-27) A </a></h2> <P> <P><img class="ImageLink" src="/pdf/ga/admin/2019/120-2-27_001.jpg" alt=" image: ga/admin/2019/120-2-27_001.jpg"></P> </P> <P> <P><img class="ImageLink" src="/pdf/ga/admin/2019/120-2-27_002.jpg" alt=" image: ga/admin/2019/120-2-27_002.jpg"></P> </P> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/120-2-27-.01" name="120-2-27-.01" title="120-2-27-.01">Rule 120-2-27-.01 Statutory Authority</a></li><li><a href="/GAC/120-2-27-.02" name="120-2-27-.02" title="120-2-27-.02">Rule 120-2-27-.02 Purpose</a></li><li><a href="/GAC/120-2-27-.03" name="120-2-27-.03" title="120-2-27-.03">Rule 120-2-27-.03 Credit Life Insurance Rates</a></li><li><a href="/GAC/120-2-27-.04" name="120-2-27-.04" title="120-2-27-.04">Rule 120-2-27-.04 Requirements for Standard Credit Life Premium Rates</a></li><li><a href="/GAC/120-2-27-.05" name="120-2-27-.05" title="120-2-27-.05">Rule 120-2-27-.05 Disability Benefit Provisions in Credit Life Insurance Policies</a></li><li><a href="/GAC/120-2-27-.06" name="120-2-27-.06" title="120-2-27-.06">Rule 120-2-27-.06 Joint Credit Insurance Policies</a></li><li><a href="/GAC/120-2-27-.07" name="120-2-27-.07" title="120-2-27-.07">Rule 120-2-27-.07 Credit Accident and Sickness Insurance Rates</a></li><li><a href="/GAC/120-2-27-.08" name="120-2-27-.08" title="120-2-27-.08">Rule 120-2-27-.08 Minimum Requirements for Credit Accident and Sickness Insurance Forms</a></li><li><a href="/GAC/120-2-27-.09" name="120-2-27-.09" title="120-2-27-.09">Rule 120-2-27-.09 Mandatory Provisions in Policies and Certificates of Credit Insurance; Disclosure to Debtors; Proper Construction of Certain Policy Provisions Defined</a></li><li><a href="/GAC/120-2-27-.10" name="120-2-27-.10" title="120-2-27-.10">Rule 120-2-27-.10 Prohibited Transactions; Unfair Trade Practices Defined</a></li><li><a href="/GAC/120-2-27-.11" name="120-2-27-.11" title="120-2-27-.11">Rule 120-2-27-.11 Reinsurance of Credit Risks</a></li><li><a href="/GAC/120-2-27-.12" name="120-2-27-.12" title="120-2-27-.12">Rule 120-2-27-.12 Collection of Insurance Premiums, Single Premium Basis; Outstanding Balance Basis</a></li><li><a href="/GAC/120-2-27-.13" name="120-2-27-.13" title="120-2-27-.13">Rule 120-2-27-.13 Agency Matters; Agreements; Claims; and Maintenance of File by Insurer</a></li><li><a href="/GAC/120-2-27-.14" name="120-2-27-.14" title="120-2-27-.14">Rule 120-2-27-.14 Filing of Forms and Rates</a></li><li><a href="/GAC/120-2-27-.15" name="120-2-27-.15" title="120-2-27-.15">Rule 120-2-27-.15 Annual Experience Reports</a></li><li><a href="/GAC/120-2-27-.16" name="120-2-27-.16" title="120-2-27-.16">Rule 120-2-27-.16 Severability Provision</a></li><li><a href="/GAC/120-2-27-.17" name="120-2-27-.17" title="120-2-27-.17">Rule 120-2-27-.17 Penalties</a></li><li><a href="/GAC/120-2-27-.18" name="120-2-27-.18" title="120-2-27-.18">Rule 120-2-27-.18 Refunds</a></li><li><a href="/GAC/120-2-27-.19" name="120-2-27-.19" title="120-2-27-.19">Rule 120-2-27-.19 Repealed</a></li><li><a href="/GAC/Exhibit(120-2-27) A" name="(120-2-27) A" title="(120-2-27) A">Exhibit (120-2-27) A </a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a href="http://livechat.casemakerlegal.com/client.php?locale=en" target="_blank" onclick="if(navigator.userAgent.toLowerCase().indexOf('opera') != -1 && window.event.preventDefault)window.event.preventDefault();this.newWindow = 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