Rule 120-2-71-.01 - Sale of Annuities by Financial Institutions(1) Fixed and variable annuities may be sold by certain lending institutions, bank holding companies, or subsidiaries or affiliates of either of the foregoing doing business in this State. However, fixed and variable annuities are underwritten by insurers and sold by insurance agents. Therefore, the purpose of this Regulation Chapter is to specify the requirements for the sale of fixed and variable annuities by lending institutions, bank holding companies, and their subsidiaries and affiliates.(2) Nothing in this Regulation Chapter shall authorize any of the following activities by a lending institution, bank holding company, or subsidiary or affiliate of either. (a) The sale of any fixed or variable annuity that is not underwritten by an insurer which has a certificate of authority to transact business in Georgia;(b) The sale of any insurance product, not including a fixed or variable annuity, except as specifically authorized pursuant to O.C.G.A. § 33-3-23;(c) Failure to comply with the licensing requirements for agents and agencies;(d) Failure to comply with any other provisions of this Regulation Chapter with respect to the sale of fixed or variable annuities.(e) Failure to comply with Title 33 of the Official Code of Georgia Annotated or the Rules and Regulations of the Commissioner of Insurance of the State of Georgia.(f) Failure to comply with Title 7 of the Official Code of Georgia or the Rules and Regulations of the Department of Banking and Finance.Ga. Comp. R. & Regs. R. 120-2-71-.01
O.C.G.A. Secs. 33-2-9, 33-3-23.
Original Rule entitled "Sale of Annuities by Financial Institutions" adopted. F. Jul. 19, 1996; eff. Aug. 8, 1996.