Rule 120-2-10-.08 - Participating PoliciesNo participating life insurance or annuity policy shall be sold or approved for sale in Georgia on or after January 1, 1968 unless each of the following requirements has been met:
(a) There shall be filed with the Commissioner a participating scale or formula pursuant to which the right to and extent of participation of policyholders of such participating insurance policy shall be determined. Such participating scale or formula shall be reviewed by the Company's actuary not less frequently than each five years and shall then be amended, if necessary, to reflect the Company's current experience. Any change or amendment of such participating scale or formula shall be filed with a statement of the reasons in support of such proposed change or amendment.(b) There shall be filed with the Commissioner the verified certificate of an actuary attesting that the participating scale or formula required in subsection (a) above was prepared for such policy form or series of policy forms, is actuarially sound and based upon a reasonable classification not unfairly discriminating as between policyholders within such classification.(c) There shall be filed with the Commissioner a verified certificate of a duly authorized officer of the insurer attesting that the participating scale or formula required by subsection (a) above will be the basis upon which the insurer will annually determine the right to and extent of participation by the policyholders of such policy form or series of policy forms.(d) Completion of Schedule M, including the footnote requirement, of the Annual Statement required to be filed with the Commissioner and the certification of the actuary, together with that of other executive officers, to the Annual Statement or specifically Schedule M thereof, shall constitute compliance with (a), (b) and (c) above.Ga. Comp. R. & Regs. R. 120-2-10-.08
O.C.G.A. Sec. 33-2-9.
Original Rule entitled "Participating Policies" was filed on November 13, 1967; effective November 1, 1967.