Ga. Comp. R. & Regs. R. 120-2-10-.06 - Filing Requirements-Life and Health Forms

(1) The submission of any form for approval shall be in compliance with this Rule, Section 33-24-9 of the Georgia Insurance Code and any other applicable sections of the Georgia Insurance Code or the Rules and Regulations of the Georgia Insurance Department.

(2) Forms must be submitted in duplicate. If approval is granted, one copy will be retained by the Insurance Department and the other will be returned to the insurer with an appropriate notation indicating approval.

(3) Each form must be identified by a form number which is unique to that form. This number shall be printed in the lower left-hand corner of the first page, and no other number shall appear in close proximity to the form number. If any loose leaf or alternate pages are submitted, each such page must also be identified by a unique form number.

(4) Submissions must be made by the insurer's Home Office, Regional Home Office, legal counsel or consulting actuary, and not by agents or agencies. Any other arrangements must be requested in writing and agreed to by this Department.

(5) Each submission must be accompanied by a letter listing by number the forms being submitted together with a brief description of each. The letter should also contain or have attached any other information required by these rules.

(6) The insurer must indicate whether or not the form being submitted has been filed with the insurer's domestic state. If it has been so filed, the insurer must indicate whether or not approval has been received from the domestic state. If not so filed, or approved, or being sold in the domestic state, the reason must be stated.

(7) If the submission is new, the insurer should print out the unique features of the form. If the submission is to supersede any approved form or where there has been any prior submission, the insurer should state which form is being replaced and the date when such replaced form was approved or submitted, as the case may be, and should point out the material changes in the superseding form.

(8) Each form must be completed with representative specimen data in "John Doe" fashion.

(9) If submission is made of a complete policy form plus alternate pages, the insurer should clearly indicate what substitutions are being proposed.

(10) If the insurer submits pages providing alternate or optional benefits under policy forms previously approved, reference should be made to the form number and date of approval of the basic policy.

(11) If the insurer submits a page which is to replace a corresponding page in a previously approved policy or policies, reference must be made to the form number and date of approval of the basic policy with which the page is proposed to be used. The new page must be completed with representative data.

(12) Any rider or endorsement form must have affixed the signature of a responsible officer of the insurer as part of such form.

(13) No policy, annuity contract, rider, endorsement or certificate may contain any advertising or underwriting material. It is not the intent of this rule to prohibit the imprinting of registered trade marks of the insurer.

(14) No statement may appear in an application with respect to a proxy through which one or more members of the board of directors is authorized to vote in the election of directors.

(15) The following information is required for all life policy forms except those life forms for which there are minimum values printed in standard actuarial publications.

(a) A detailed development of the actuarial formulas for valuation premiums and reserves; non-forfeiture factors and values; and dividends, if participating.

(b) Sample calculations for reserves and non-forfeiture values for the age illustrated in the John Doe specimen policy.

(c) Certification by a qualified actuary that reserve factors and non-forfeiture values for all ages correctly calculated by the formulas submitted.

Notes

Ga. Comp. R. & Regs. R. 120-2-10-.06

Ga. L. 1960, pp. 289, 305; O.C.G.A. Sec. 33-2-9.

Original Rule entitled "Misleading Statements, Representations and Illustrations Prohibited" was filed November 13, 1967; effective November 1, 1967. Amended: Rule repealed and a new Rule entitled "Filing Requirements in Life and Health Forms" adopted. Filed April 11, 1980; effective July 1, 1980, as specified by the Agency. Repealed: New Rule of same title adopted. F. Aug. 24, 1989; eff. Jan. 1, 1990, as specified by the Agency.