Ga. Comp. R. & Regs. R. 120-2-27-.07 - Credit Accident and Sickness Insurance Rates
The following standards shall be observed and followed in the use of Credit Accident and Sickness Insurance Forms in this State:
(1) All credit accident and sickness
insurance forms used in this State shall contain schedules of premium rates to
be charged in connection therewith which:
(a)
are reasonable in relation to the benefits and coverages provided;
(b) are neither excessive nor inadequate, nor
shall they be unfairly discriminatory; and
(c) have been determined after due
consideration has been given to past and prospective loss experience within and
outside this State, to a reasonable margin for underwriting profits and
contingencies, to past and prospective expenses both within and outside this
State, to all other factors including judgment factors deemed relevant within
and outside this State, and to such other relevant factors and data as the
Commissioner may from time to time require.
(2) No credit accident and sickness insurance
shall be used in this State which provides for a waiting period less than
fourteen (14) days, except for loans made pursuant to the Georgia Industrial
Loan Act and Rules and Regulations of such Act.
Notes
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