Rule 120-2-31-.05 - Disclosure Requirements(1) Prior to soliciting, procuring or receiving an application, the insurer shall provide, to all prospective purchasers, a Buyer's Guide. The insurer shall also provide to all prospective purchasers a Policy Summary prior to accepting the applicant's initial premium or premium deposit, unless the policy for which application is made contains an unconditional refund provision of at least ten days or unless the Policy Summary contains such an unconditional refund offer, in which event, the Policy Summary must be delivered with the policy or prior to delivery of the policy.(2) The insurer shall provide a Buyer's Guide and a Policy Summary to any prospective purchaser or present policyholder upon request.(3) In the case of policies whose Equivalent Level Death Benefit does not exceed $5,000, the requirement for providing a Policy Summary will be satisfied by delivery of a written statement containing the information described in Rule 120-2-31-.04(8), items (b), (c), (d), (e)1., (e)2., (e)3., (f), (g), (j) and (k).Ga. Comp. R. & Regs. R. 120-2-31-.05
Ga. L. 1960, pp. 289, 305, 394, 395.
Original Rule entitled "Disclosure Requirements" adopted. F. Apr. 11, 1980; eff. July 1, 1980, as specified by the Agency.Submitted for Publishing: Apr. 6, 2007.