Georgia Laws Rules & Regulations
Parties may request a hearing within how many days?
30 days
Producers must report name or address changes within how many days?
30 days
Minors age what and older can purchase ins.?
Age 15
Guaranty Association's max liability for any one life...
$100k - Life ins. net cash surrender and withdrawal value $300k - Life ins. death benefits. Present value of annuity benefits. Health ins. benefits not otherwise defined. Disability ins. Long-term care ins. $500k - Basic hospital, med., and surgical ins. or major med. ins.
Max fine for ins. fraud?
$10k
Max fine for violating a cease and desist order?
$10k
Max fine for each nonwillful ins. code violation?
$2k
Max fine for each willful ins. code violation?
$5k
Agents and Subagents
- Agent - An individual appointed or employed by an insurer who sells, solicits, or negotiates insurance is an agent.
Agent's Certificate of Authority
- Agent applicants must be sponsored by an authorized insurer - Applicants for subagent licenses must be appointed by an agent - Insurers must obtain a COA for agents who sell insurance or negotiate contracts for the insurer in Georgia
Insurance Dept. sections include the following
- Agent licensing - Consumer services - Regulatory services - Life, accident, and sickness insurance - Property and casualty insurance - Examinations
Insurance Fraud (Felony)
- An individual convicted of insurance fraud is guilty of a felony and may be punished by: o Imprisonment for at least 2, but no more than 10 years o A fine of up to $10k
The agent licensing sections include the following
- Approves formal classroom training courses - Prepares and conducts all licensing examinations - Issues licenses
Replacement
- Changing, forfeiting, or surrendering the policy
Unfair Trade Practices
- False advertising - It is illegal for any producer to formulate or use an advertisement or statement that is untrue, deceptive, or misleading regarding any insurance company or persons associated with that company. - Defamation - It is illegal to make any statement, written or oral, that is false or maliciously critical of the financial condition of an insurance company or a producer representing that company.
Rebating (illegal inducements)
- It is illegal to offer valuable consideration, other than that which is offered in the contract, as an inducement to purchase a policy
Orders & Notices
- Orders and notices issued by the Commissioner must state: o Its effective date o Its intent or purpose o The grounds upon which it is based o The provisions of the insurance code
Annual Report
- The Commissioner must compile an annual report containing the following information: o Names and financial statements of authorized insurers o Names of insurers whose businesses were closed during the year, the reason the businesses were closed, and the amount of the insurers' assets and abilities
Commissioner of Insurance
- The Commissioner of Insurance is the chief officer of the Insurance Department enforces Georgia's insurance laws. - The Commissioner has the authority to: o Appoint personnel to help the Insurance Department carry out its duties o Maintain Georgia's official insurance records o Make rules and regulations to carry out the Georgia insurance code o Conduct hearings o Examine affairs of insurers
Controlled Business
- The sale of an insurance product by an agent on the agent's own life, on the life of a family member, or on the life of an employee of the agent or family member. o Such sales are not prohibited but may not exceed 25% of something
Unfair Discrimination
- Unfairly discriminate between individuals of the same class and equal life expectancy in the rates, dividends, benefits, or terms of any life or life annuity contract; - Unfairly discriminate between neighborhoods within a municipality and of essentially the same hazard; or - Use sexual orientation in the underwriting process or in the determination of insurability
Free-look period for life insurance?
10 days
How many days for written notice to all interested parties for a hearing?
10 days
Max prison time in addition to $10k for ins. fraud?
10 years
Applicant min. age?
18 years
Employer must cover at least how many employee at date of issue?
2 employees
Min prison time in addition to $10k for ins. fraud?
2 years
Time frame for the commissioner to provide the examinee a copy of the written report
20 days
Applicants must complete how many hours of pre-licensing edu. per line of authority?
20 hours
How many required CE hours every 2 years? (If licensed 20 years or more)
20 hours
How many required CE hours every 2 years? (If licensed fewer than 20 years)
24 hours
Min benefit period for LTC ins.?
24 months
Labor union groups must cover at least how many members at date of issue?
25 members
How many days notice required to temp. suspend a license?
3 days
How many CE hours must be in ethics?
3 hours
Agents must renew their subagent's COA every how many years?
3 years
Insurers must maintain copies of replacement notices for at least how many years? (Or until after the next regular ins. dept. examination; whichever is later)
3 years
Commissioner must make an order on hearing within how many days?
30 days
Grace period for ind. life ins.?
30 days
Hearing must be held no later than how many days after request was received?
30 days
Insurers must report an agent's COA termination within how many days?
30 days
Newborn children are covered from moment of birth. Must notify insurer within how many days to continue coverage?
31 days
How many hours is the one-time annuity suitability training course?
4 hours
How many hours of biennial LTCP refresher course?
4 hours
The period of time in which the commissioner must conduct an examination of every authorized insurer
5 years
How long are temp. licenses effective? (Can be renewed up to a total of 15 months)
6 months
Max pre-existing exclusion period for LTC ins.?
6 months
Max pre-existing exclusion period for Medicare supplements?
6 months
Open enrollment within how many months of enrolling in Medicare part B and being age 65 or older?
6 months
Must pass licensing exam with what percentage?
70%
How many hours of initial LTCP training?
8 hours
Non-resident producers moving to GA have this long to establish themselves as a resident producer?
90 days
Insurers must renew their agent's COA how often?
Annually
