Ga. Comp. R. & Regs. R. 120-2-22-.01 - Definitions and Scope
(1) The term "variable annuity contract"
shall mean any individual or group contract issued by an insurance company
providing for annuity benefits and incidental contractual payments or values
which vary in whole or in part so as to reflect investment results of any
segregated portfolio of investments or of a designated separate account or
accounts in which amounts received or retained in connection with any of such
contracts have been placed.
(2)
"Agent," when used in this Regulation, shall mean any person, who, under the
laws of this State, is licensed as a life insurance agent.
(3) "Variable annuity agent," when used in
this Regulation, shall mean an agent who shall sell or offer to sell any
variable annuity contract.
(4) A
"satisfactory alternative examination" to Part I of the written examination
called for by paragraph (3) of Section
120-2-22-.07 shall include any
securities examination which is declared by the Commissioner to be an
equivalent examination on the basis of content and administration. The
following examinations are deemed to be a satisfactory alternative examination:
(a) any State Securities Examination accepted
by the Securities and Exchange Commission;
(b) the National Association of Securities
Dealers, Inc. Examination for Principals, or Examination for Qualification as a
Registered Representative;
(c) the
various securities examinations required by the New York Stock exchange, the
American Stock Exchange, Pacific Stock exchange, or any other registered
national securities exchange;
(d)
the Securities and Exchange Commission test given pursuant to Section 15(b)(8)
of the Securities Exchange Act of 1934;
(e) the examination recommended for the
testing of variable annuity agents by the National Association of Insurance
Commissioners, when adopted by the Insurance Department of any State or
Territory of the United States and approved for use by such Department by the
Securities and Exchange Commission.
(5) The scope of this Regulation shall be
limited to those variable annuity contracts which are provided for in Section
33-11-35 of the Code of Georgia, as amended, and does not apply to variable
annuity benefit contracts provided for in Section
33-11-34 of the Code of Georgia,
as amended, nor to agents who sell variable annuity benefit contracts described
in said Section only.
Notes
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