Ga. Comp. R. & Regs. R. 120-2-22-.07 - Examination of Agents and Other Persons
(1) No agent shall be eligible to sell or
offer for sale a variable annuity contract unless prior to making any
solicitation or sale of such a contract, be also be licensed as a variable
annuity agent.
(2) Any agent
applying for a license as a variable annuity agent shall do so by filing with
this Department form No. GID-103V A designated "Uniform Form AP for Securities
Salesmen, Variable Contract Salesmen and Other Associated Persons."
(3) The licensing as a variable annuity agent
of any agent complying with paragraph (2) shall not become effective until such
agent shall have satisfactorily passed a written examination upon securities
and variable annuity contracts. Such examination shall be divided into two
parts. Part I shall be on securities generally. Part II shall deal with
variable annuity contracts, and shall be composed of at least fifteen
questions, but not more than fifty questions, concerning the history, purpose,
regulation, and sale of contracts on a variable basis.
(4) The examination will be given in such
places and at such times as the Commissioner shall from time to time designate.
Upon application for license as a variable annuity agent, the applicant shall
be notified of the date of the next examination.
(5) The examination recommended for the
testing of variable annuity agents by the National Association of Insurance
Commissioners is hereby adopted for use in this State in its present form, or
as it may be amended, and it shall be used in all tests given pursuant to this
regulation.
(6) Any applicant for
license as a variable annuity agent shall not be required to take Part I of the
NAIC examination if, at the time of application, evidence is presented that the
applicant (a) has previously passed a satisfactory alternative examination as
defined in paragraph (4) of Section
120-2-22-.01 of these Regulations,
or (b) is currently registered with the Federal Securities and Exchange
Commission as a broker-dealer, or is currently associated with a broker-dealer
and has met qualification requirements with respect to such
association.
(7) Every applicant
applying for license as a variable annuity agent shall satisfactorily complete
Part II of the examination required by paragraph (3) with a grade of at least
seventy percent (70%). The Commissioner may, in his discretion, accept, in lieu
of such examination, evidence of successful completion of either a variable
contract examination given under the supervision of an insurance department of
any state or territory of the United States which has adopted Part II of the
examination recommended for the testing of variable annuity agents by the
National Association of Insurance Commissioners or has been examined and
licensed by any such department pursuant to an examination prior to its
adoption of the National Association of Insurance Commissioners Model
Regulation provided it is substantially equivalent to that given in
Georgia.
(8) Any applicant who
fails to pass Part I or Part II of the examination required by paragraph (3)
may not take Part I or Part II of the examination again until 30 days after
initially taking it. After a second such failure, such applicant may not take
the examination again until the expiration of six months from the date of the
last examination in which he failed. If such applicant shall fail to pass Part
I or Part II on the third taking of such, he may not take it again for 30 days
after such third failure. If such person shall thereafter fail to pass the
fourth such examination, he shall not be eligible to take any further
examinations until after the expiration of one year from the date of his last
unsuccessful examination.
(9) Every
application for a license as a variable annuity agent shall be accompanied by a
license fee of $15.00 and an examination fee of $10.00. A fee of $5.00 will be
charged for each re-examination administered to an applicant. No fees are
refundable.
(10) Report of the
results of any examination given pursuant to this Regulation shall be made by
the Department on "Commissioner's Report of Examination No.
GID-106VA."
(11) Except as modified
by these regulations, the regulations of this Department governing the
licensing of life insurance agents including examinations therefor shall apply
hereto.
(12) Part I of the written
examination provided for in paragraph (3) may also be administered to other
persons who are not required to be licensed to sell life insurance in this
State upon their submission of form No. GID-103VA "Uniform Form AP for
Securities Salesmen, Variable Contract Salesmen and Other Associated Persons"
and payment of the examination fee.
(13) Results of the examination administered
pursuant to paragraph (3) will be reported by this Department to the
applicant's company. In addition, examination results will be reported by this
Department to any other State Insurance Department requesting confirmation of
the examination grade, either upon request of such Department or upon request
of the applicant or his company.
(14) Records of the examination grade of each
applicant upon an examination administered by this Department, or upon an
examination deemed to be a satisfactory alternative examination and
administered by another agency or authority and reported to this Department,
will be retained in the file pertaining to said applicant.
(15) Any person licensed in this state as a
variable annuity agent shall immediately report to the Commissioner (a) any
suspension or revocation of his variable annuity agent's license or life
insurance agent's license in any other State or Territory of the United States,
(b) the imposition of any disciplinary sanction (including suspension or
expulsion from membership, suspension or revocation of or denial of
registration) imposed upon him by any national securities exchange, or national
securities association, or any Federal, or State or Territorial agency with
jurisdiction over securities or contracts on a variable basis; (c) any judgment
or injunction entered against him on the basis of conduct deemed to have
involved fraud, deceit, misrepresentation, or violation of any insurance or
securities law or regulation.
(16)
The Commissioner may reject any application or suspend or revoke or refuse to
renew any variable annuity agent's license upon any ground that would bar such
applicant or such agent from being licensed to sell life insurance contracts in
this State. The rules governing any proceeding relating to the suspension or
revocation of a life insurance agent's license shall also govern any proceeding
for suspension or revocation of a variable annuity agent's license.
(17) Renewal of a variable annuity agent's
license shall follow the same procedure established for renewal of an agent's
license to sell life insurance contracts in this State. Applications for
renewal shall be by Form No. GID-101VA.
Notes
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