Rule 120-2-21-.04 - Termination and Transfer of Licenses(1) Death of a proprietor shall terminate the license; provided, however, that if notice of such death is furnished to the Commissioner and the Commissioner is satisfied, by examination or otherwise, that the interests of insureds and insurers have been adequately protected, he may issue a temporary license: (a) To the executor or administrator of the estate of a deceased proprietor;(b) To a surviving next of kin of such deceased proprietor if no administrator or executor has been appointed or qualified, but any such license issued shall be revoked upon issuance of a license to an administrator or executor under subsection (1)(a) of this section.(2) Death or withdrawal of a partner shall suspend the license if the licensee is a partnership; provided, however, that if notice of such death or withdrawal is provided to the Commissioner within 30 days of the event and the Commissioner is satisfied by examination or otherwise, that the interests of insured and insurers have been adequately protected, he may reinstate the suspended license.(3) Licenses are not transferable, except that the withdrawal of a partner from a licensed partnership or the admission of a new partner shall not require a new license for the new partnership provided that the new partnership complies with Rule 120-2-21-.04(4).(4) When a partner retires from a licensed partnership or a new partner is admitted, or when a person ceases to be an officer, director, or 10% stockholder of a licensed corporation or a person becomes an officer, director or 10% stockholder of a licensed corporation, the Commissioner shall, within ten (10) days after the event, be advised of the facts in detail by letter. The letter shall be accompanied by a duly completed Biographical Questionnaire (on Form GID-23) of any new partner or any new officer, director or 10% stockholder. Each licensee shall supply such additional information as the Commissioner may request.Ga. Comp. R. & Regs. R. 120-2-21-.04
O.C.G.A. Sees. 33-2-9, 33-22-1 et seq.
Original Rule entitled "Changes in Composition of Licensee" adopted. F. Aug. 29, 1969; eff July 16, 1969.Repealed: New Rule entitled Termination and Transfer of Licenses" adopted. F. Jun. 10, 1997; eff Jun. 30, 1997.