Ga. Comp. R. & Regs. 120-2-76-.02

Current through Rules and Regulations filed through October 29, 2024

Rule 120-2-76-.02 - Definitions

As used in this Regulation Chapter, the term:

(a) "Agency" means a person, including corporations, subsidiary corporations, partnerships, non-natural persons, etc., associated with or in the form of a financial institution who represents one or more insurers and is engaged in the business of soliciting or procuring or accepting applications for insurance or countersigning, issuing, or delivering contracts of insurance for one or more insurers;

(b) "Agent" means an individual appointed or employed by an insurer who solicits or procures applications for insurance; who in any way, directly or indirectly, makes or causes to be made any insurance contract for or on account of an insurer; or who as a representative of an insurer receives money for transmission to the insurer for an insurance contract, anything in the application or contract to the contrary notwithstanding, and who has on file with the Commissioner a certificate of authority from each insurer with whom the agent places insurance;

(c) "Financial Institution" means a domestic state bank, national bank, building and loan or savings and loan association or other federally insured depository institution which is authorized to accept deposits in the State of Georgia; a bank holding company; or a subsidiary or affiliate of any of the above;

(d) "Insurance Agent" means an individual appointed or employed by a financial institution who solicits or procures applications for insurance; who in any way, directly or indirectly, makes or causes to be made any insurance contract for or on account of an insurer; and who has on file with the Commissioner a certificate of authority from each insurer with whom the agent places insurance;

(e) "Insurance" means a contract which is an integral part of a plan for distributing individual losses whereby one undertakes to indemnify another or to pay a specified amount or benefits upon determinable contingencies. The term does not include credit insurance products referenced in O.C.G.A. § 33-23-12(b).

Ga. Comp. R. & Regs. R. 120-2-76-.02

O.C.G.A. Secs. 33-2-9, 33-3-23.

Original Rule entitled "Definitions" adopted. F. Feb. 18, 1997; eff. Mar. 10, 1997.