Rule 80-5-3-.07 - Advertisements(1) "Advertisement" for the purposes of these regulations shall mean, consistent with Chapter 120-2-11 of the regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns annuity products offered through an insurance/annuity agent in association with a financial institution.(2) Such advertisement shall conform to all the applicable law and regulations of the Department of Insurance, in addition to the regulations herein.(3) All advertisements sent to prospective customers shall clearly reflect the source of the communication. If the insurance/annuity agent is an employee of the financial institution, he/she shall be identified as representing both the financial institution and the insurer. If the insurance/annuity agent is an independent agent not employed by the financial institution, he/she must disclose that fact.(4) No advertisement shall suggest or convey any inaccurate or misleading impression about the nature of the annuity product. Premiums shall not be referred to as deposits. Terminology used in connection with annuity contracts must he distinguishable from that used in connection with traditional banking products. All advertisements must conspicuously disclose: (a) The annuity product is not insured by the FDIC;(b) The annuity product is not a deposit or other obligation of, and is not underwritten or guaranteed by, the financial institution; and(c) The annuity product is subject to investment risks. The market value of the investment may fluctuate, causing possible loss of the principal amount invested.(5) If the product or program name under which an annuity contract is marketed includes the name of a financial institution or the name of a program associated with the financial institution, the product or program name must also identify the insurance company which is issuing and underwriting the annuity contract.Ga. Comp. R. & Regs. R. 80-5-3-.07
O.C.G.A. Secs. 7-1-61, 7-1-261(11), 7-1-288.
Original Rule entitled "Advertisements" adopted. F. July 18, 1996; eff. August 7, 1996.