Ga. Comp. R. & Regs. R. 120-2-24-.11 - Penalties
(1) Any insurer,
agent, representative, officer, employee of an insurer, or counselor failing to
comply with the requirements of this Regulation shall be subject to such
penalties as may be appropriate under the Insurance Laws of Georgia and the
Rules and Regulations of the Georgia Insurance Department.
(2) This Regulation does not prohibit the use
of additional material other than that which is required that is not in
violation of this Regulation or any other Georgia statute or
regulation.
(3) Policyholders have
the right to replace existing life insurance after indicating in or as part of
the application for life insurance or annuity that such is not their intention.
However, patterns of such action by policyholders who purchase the replacing
policies from the same insurer, agent or counselor shall be deemed prima facie
evidence of the insurer's, agent's or counselor's knowledge that replacement
was intended in connection with the sale of those policies, and such patterns
of action shall be deemed prima facie evidence of the insurer's, agent's or
counselor's intent to violate this Regulation.
Notes
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