Georgia Rules and Codes Pertinent to Life Insurance Only
How long must a Georgia replacing insurer keep the Replacement Notice, the applicant's signed statement, and the replacement register?
Answer and explanation
Answer: A. Rule 120-2-24-.06(3) requires the records to be kept in the home office for at least three years or until the conclusion of the next succeeding regular examination by the Insurance Department of the insurer's state of domicile, whichever is later. The period is therefore a floor that can extend, not a flat one, two, or five years.Source: Ga. Comp. R. & Regs. r. 120-2-24-.06 — 120-2-24-.06(3), Retention
More georgia rules and codes pertinent to life insurance only questions
- A Georgia counselor advertises advice about existing life policies. Is that within the advertising regulation?
- A Georgia insurer receives a Replacement Notice telling it that its existing policy may be replaced, and the policyholder asks for a summary. How long does it have?
- A Georgia insurer set up an advertising control system some years ago and has not maintained it. Does the rule still bind?
- An advertisement for a Georgia insurer's product was written by an independent agency the insurer did not review. Who is responsible under rule 120-2-11?
- An advertisement is prepared outside Georgia but is intended for distribution to Georgia residents. Does rule 120-2-11 apply?
- An existing Georgia insurer receives a Replacement Notice, and the policyholder neither indicates nor requests a summary. What does the rule require?
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