Ga. Comp. R. & Regs. 80-5-4-.07

Current through Rules and Regulations filed through December 24, 2024

Rule 80-5-4-.07 - Advertisements

(1) "Advertisement" for the purposes of these regulations shall mean, consistent with O.C.G.A. § 33-6-1et seq. and related regulations of the Department of Insurance, any oral or written promotional or sales material which is directed to the public and concerns insurance products offered through an insurance 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 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 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 insurance product. Premiums shall not be referred to as deposits. Terminology used in connection with insurance products must be distinguishable from that used in connection with traditional banking products. All advertisements must disclose:

(a) The insurance product is not insured by the FDIC;

(b) The insurance product is not a deposit or other obligation of, and is not underwritten or guaranteed by, the financial institution; and

(c) The insurance product is not a condition to the provision or term of any banking service or activity.

(5) If the product or program name under which an insurance 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 insurance contract.

Ga. Comp. R. & Regs. R. 80-5-4-.07

O.C.G.A. Secs. 7-1-61, 7-1-261(11).

Original Rule entitled "Advertisements" was f. on Feb. 17, 1997; eff. Mar. 10, 1997.