Georgia Laws, Rules and Regulations Common to All Lines of Authority

domestic insurer

incorporated in Georgia

foreign insurer

organized in another state

alien insurer

organized in another country

the Insurance Commissioner is elected by

the people of Georgia

term of the Insurance Commissioner

4 years

all rules and regulations written by the Insurance Commissioner must be approved by

the Attorney General

the state Insurance Code regulates

insurers and producers

Commissioner must examine all domestic insurers atleast once every

5 years

the licensing exam must be taken within

12 months of completing prelicensing education

salaried employees of an agency who only perform clerical functions

are not required to be licensed

resident life and health agents must complete

24 hours of continuing education every license renewal, including 3 hours in ethics

temporary licenses may be issued for

an initial term of 6 months, may be renewed at discretion of the Insurance Commissioner for 3 months at a time

all changes of address mut be reported to the Insurance Commissioner within

30 days

insurance commission may not be paid to

unlicensed persons

any person who has had an insurance license denied or revoked must wait atleast

5 years before reapplying for a license

insurance license may be suspended or revoked for

misrepresentation of facts on an application, committing fraud, or any felony

an agent will be in violation of the law against controlled business anytime

the total amount of controlled business is 25% or more of the premiums collected

twisting

making incomplete or misleading policy comparisons in order to induce the replacement of life insurance

unfair trade practice

misrepresenting facts or policy provisions

it is not misrepresentation to

point out that a competitor’s policy is difference than the one an agent is selling

rebating

giving part of commission to a client as inducement to a sale

unfair discrimination

refusing to write a policy of insurance on the basis of sexual orientation (or others)

defamation

misstating the financial status of an insurer

premiums collected must be reported to

the insurer promptly

all funds representing premiums received or return premiums due the insured must be held in a

fiduciary capacity, may not be commingled with the licensee’s personal funds, and must be promptly accounted for an paid to the insurer, etc

the Georgia Life and Health Insurance Guaranty Association was formed to

detect and prevent life and health insurer insolvencies

all admitted life and health insurer must participate in the

Guaranty Association, as a condition to maintaining their Certificate of Authority

it is an unfair trade practice to make any statements that say that an insurer’s policies are guaranteed by

the existence of the Insurance Guaranty Association