Rule 120-2-24-.07 - Duties of Insurers That Use AgentsEach insurer that uses an agent in a life insurance or annuity sale shall:
(1) Require with or as part of each completed application for life insurance or annuity, a statement signed by the agent as to whether he or she knows replacement is or may be involved in the transaction.(2) Where a replacement is involved: (a) Require from the agent with the application for life insurance or annuity (i) a list of all of the applicant's existing life insurance to be replaced and (ii) a copy of the Replacement Notice provided the applicant pursuant to Section 120-2-24-.05(2)(a). Such existing life insurance shall be identified by name of insurer, insured, and policy number. If a policy number has not been assigned by the existing insurer, alternative identification, such as an application or receipt number, shall be listed.(b) Send to the existing insurer a copy of the Replacement Notice and written communication advising of the replacement or proposed replacement, including the name of the replacing insurer, the insured, and the identification information with respect to the existing life insurance to be replaced obtained pursuant to Section 120-2-24-.07(2)(a). The Replacement Notice and written communication shall be mailed within three (3) working days of the date the application is received in the replacing insurer's home or regional office, or the date the proposed policy is issued, whichever is sooner.Ga. Comp. R. & Regs. R. 120-2-24-.07
Ga. L. 1960, pp. 289, 305, 1972, pp. 1261, 1264.
Original Rule entitled "Penalties for Failure of Insurer or Agents to Comply with Rules and Regulations" adopted. F. June 5, 1972; eff. June 25, 1972.Repealed: New Rule entitled "Duties of Insurers That Use Agents" adopted. F. Apr. 28, 1982; eff. Jun. 1, 1982, as specified by the Agency.Submitted for Publishing: Apr. 6, 2007.