Georgia Rules and Codes Pertinent to Life Insurance Only
An insurer is notified that its existing Georgia policy may be replaced. What must it do with the notice?
Answer and explanation
Answer: C. Rule 120-2-24-.06(4) requires an insurer receiving a Replacement Notice to maintain copies on its premises, indexed by the insurer notifying it of the replacement, for three years or until the conclusion of the next regular examination by its domiciliary Insurance Department, whichever is later. Forwarding, objecting, and destroying are not what the subsection provides.Source: Ga. Comp. R. & Regs. r. 120-2-24-.06 — 120-2-24-.06(4), Existing insurer's records
More georgia rules and codes pertinent to life insurance only questions
- What is Georgia's replacement regulation designed to establish?
- What must accompany each completed Georgia application for life insurance or an annuity?
- When does the existing Georgia insurer's ten working day clock begin?
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- Which records must a Georgia replacing insurer keep under rule 120-2-24-.06?
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